Retrospective amendment – Finance Bill, 2012 – Advisory, Tax and Regulatory Compliance in India, Singapore and USA

Retrospective amendment – Finance Bill, 2012

Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017

Underlisted is the exhaustive list of all the Retrospective amendment brought into force by Finance Bill, 2012

Amendment proposed in Section	Description of the Retrospective amendment	Effective date of amendment
Income tax Act, 1961
2(14)	Insertion of Explanation in the definition of the ‘Capital asset’	01-Apr-62
2(16)	Inclusion of ‘Director’ in the definition of ‘Commissioner’	01-Apr-88
2(47)	Insertion of Explanation in the definition of the ‘Transfer’	01-Apr-62
9(1)(i)	Insertion of Explanations in the provisions for ‘Income deemed to accrue or arise in India’	01-Apr-62
9(1)(vi)	Insertion of Explanations in the provisions for taxability of royalty income	01-Jun-76
10(23C)	Insertion of a proviso to make applicable the provisions of Sec. 2(15)	01-Apr-09
13(8)	New insertion to restrict benefit of Sec. 11 & 12 if provisions of Sec. 2(15) are attracted	01-Apr-09
35AD(6A)	Allowability of deduction even if operation of the hotel business is transferred to another person while continuing to own the hotel	01-Apr-11
44AD(6)	Exclusion of certain persons from the applicability of the presumptive taxation scheme	01-Apr-11
49(1)(iii)(e)	Additions in the list for determination of cost with reference to certain modes of acquisition	01-Apr-99
56(2)(vii), Explanation (e)	Insertion of HUF in the meaning of ‘relative’	01-Oct-09
90, Explanation 3	Determination of meaning with reference to the notification	01-Oct-09
90A -Explanation 3	Determination of meaning used in treaty with reference to the notification	01-Jun-06
92B	Change in the meaning of ‘International transaction’	01-Apr-02
92C(2), Explanation	Insertion of explanation for applicability of threshold limit of 3%	01-Oct-09
92C(2A)	The option to take the benefit of first proviso of Section 92C(2) (as stood before amendment by Finance Act, 2009) is not available if price at which international transaction took place exceeds 5%	01-Apr-02
92CA(2B)	If report under Sec. 92E is not furnished in respect of international transaction, such transaction shall be automatically referred to TPO	01-Jun-02
111A(1)	Tax rates for taxability of short term capital gain from transfer of shares, on which STT has been paid, increased from ‘10%’ to ‘15%’	01-Apr-09
143(3), IIIrd Pro	Insertion of a proviso to make applicable the provisions of Sec. 2(15)	01-Apr-09
144C(4)	In case of reference to DRP, the assessment shall be completed within the specified period and the period specified for assessment in case of search shall have an overriding effect	01-Oct-09
144C(8), Explanation	Authorisation of DRP to increase the assessment	01-Apr-09
144C(13)	In case of reference to DRP, the assessment shall be completed within the specified period and the period specified for assessment in case of search shall have an overriding effect	01-Oct-09
195(1),Explanation s. 1 & 2	The provisions of this section shall be applicable to a non-resident also	01-Apr-62
201(3)(ii)	The specified period for deeming the payer as assessee in default is increased from 4 years to 6 years	01-Apr-10
234D, Explanation 1,2	Change in the provision for interest on excess refund	01-Jun-03
246A(1)(ba)	Change in the provision of ‘appealable orders before CIT(A)	01-Oct-09
253(1)(d)	Change in the provisions for ‘appeal to the Appellate Tribunal’	01-Oct-09
292CC	New insertion – New provisions for ‘Authorisation and assessment in case of search or requisition.’	001-Apr-76
Wealth tax Act, 1957
45(k)	Exemption to RBI from payment of wealth tax	01-Apr-57

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Underlisted is the exhaustive list of all the Retrospective amendment brought into force by Finance Bill, 2012

Amendment proposed in Section	Description of the Retrospective amendment	Effective date of amendment
Income tax Act, 1961
2(14)	Insertion of Explanation in the definition of the ‘Capital asset’	01-Apr-62
2(16)	Inclusion of ‘Director’ in the definition of ‘Commissioner’	01-Apr-88
2(47)	Insertion of Explanation in the definition of the ‘Transfer’	01-Apr-62
9(1)(i)	Insertion of Explanations in the provisions for ‘Income deemed to accrue or arise in India’	01-Apr-62
9(1)(vi)	Insertion of Explanations in the provisions for taxability of royalty income	01-Jun-76
10(23C)	Insertion of a proviso to make applicable the provisions of Sec. 2(15)	01-Apr-09
13(8)	New insertion to restrict benefit of Sec. 11 & 12 if provisions of Sec. 2(15) are attracted	01-Apr-09
35AD(6A)	Allowability of deduction even if operation of the hotel business is transferred to another person while continuing to own the hotel	01-Apr-11
44AD(6)	Exclusion of certain persons from the applicability of the presumptive taxation scheme	01-Apr-11
49(1)(iii)(e)	Additions in the list for determination of cost with reference to certain modes of acquisition	01-Apr-99
56(2)(vii), Explanation (e)	Insertion of HUF in the meaning of ‘relative’	01-Oct-09
90, Explanation 3	Determination of meaning with reference to the notification	01-Oct-09
90A -Explanation 3	Determination of meaning used in treaty with reference to the notification	01-Jun-06
92B	Change in the meaning of ‘International transaction’	01-Apr-02
92C(2), Explanation	Insertion of explanation for applicability of threshold limit of 3%	01-Oct-09
92C(2A)	The option to take the benefit of first proviso of Section 92C(2) (as stood before amendment by Finance Act, 2009) is not available if price at which international transaction took place exceeds 5%	01-Apr-02
92CA(2B)	If report under Sec. 92E is not furnished in respect of international transaction, such transaction shall be automatically referred to TPO	01-Jun-02
111A(1)	Tax rates for taxability of short term capital gain from transfer of shares, on which STT has been paid, increased from ‘10%’ to ‘15%’	01-Apr-09
143(3), IIIrd Pro	Insertion of a proviso to make applicable the provisions of Sec. 2(15)	01-Apr-09
144C(4)	In case of reference to DRP, the assessment shall be completed within the specified period and the period specified for assessment in case of search shall have an overriding effect	01-Oct-09
144C(8), Explanation	Authorisation of DRP to increase the assessment	01-Apr-09
144C(13)	In case of reference to DRP, the assessment shall be completed within the specified period and the period specified for assessment in case of search shall have an overriding effect	01-Oct-09
195(1),Explanation s. 1 & 2	The provisions of this section shall be applicable to a non-resident also	01-Apr-62
201(3)(ii)	The specified period for deeming the payer as assessee in default is increased from 4 years to 6 years	01-Apr-10
234D, Explanation 1,2	Change in the provision for interest on excess refund	01-Jun-03
246A(1)(ba)	Change in the provision of ‘appealable orders before CIT(A)	01-Oct-09
253(1)(d)	Change in the provisions for ‘appeal to the Appellate Tribunal’	01-Oct-09
292CC	New insertion – New provisions for ‘Authorisation and assessment in case of search or requisition.’	001-Apr-76
Wealth tax Act, 1957
45(k)	Exemption to RBI from payment of wealth tax	01-Apr-57

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