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TypeBare Act JurisdictionCentral Government

Finance Act, 2003

Complete Act - all sections

~12 min read
https://sooperkanoon.com/act/133552

Bare act · Research

About this act

Finance Act, 2003 (2003) is Central state legislation published on SooperKanoon in full. Use this page to read the bare act and jump to judgments that cite it.

Research copy - verify against official government publications before filing or court use.

Act Text

Preamble1 - Finance Act, 2003
Section1 - SHORT TITLE AND COMMENCEMENT
Section2 - INCOME TAX
Section3 - AMENDMENT OF SECTION 2 In section 2 of the Income tax Act-,
Section4 - AMENDMENT OF SECTION 6 In section 6 of the Income tax Act-, for clause
Section5 - AMENDMENT OF SECTION 9 In section 9 of the Income tax Act-, in sub-section
Section6 - AMENDMENT OF SECTION 10 In section 10 of the Income tax Act-,
Section7 - AMENDMENT OF SECTION 10A In section 10A of the Income tax Act -,
Section8 - AMENDMENT OF SECTION 10B In section 10B of the Income tax Act-,
Section9 - AMENDMENT OF SECTION 10C In section 10C of the Income tax Act-, after sub-section
Section10 - AMENDMENT OF SECTION 11 In section 11 of the Income tax Act-, in sub-section
Section11 - AMENDMENT OF SECTION 12 In section 12 of the Income tax Act,-in sub-section
Section12 - AMENDMENT OF SECTION 13A insection 13A of the Income tax Act,-after the words "Income from other sources or" the words
Section13 - AMENDMENT OF SECTION 16 In section 16 of the Income tax Act,-for clause
Section14 - AMENDMENT OF SECTION 30 In section 30 of the Income tax Act,-after clause
Section15 - AMENDMENT OF SECTION 31 In section 31 of the Income tax Act,-after clause
Section16 - AMENDMENT OF SECTION 33AB In section 33AB of the Income tax Act,-with effect from the 1st day of April, 2004,
Section17 - AMENDMENT OF SECTION 33AC In section 33AC of the Income tax Act,-with effect from the 1st day of April, 2004,
Section18 - AMENDMENT OF SECTION 36 In section 36 of the Income tax Act,-in sub-section
Section19 - AMENDMENT OF SECTION 40 In section 40 of the Income tax Act,-in clause
Section20 - AMENDMENT OF SECTION 43 In section 43 of the Income tax Act,-with effect from the 1st day of April, 2004,
Section21 - AMENDMENT OF SECTION 43B In section 43B of the Income tax Act,-with effect from the 1st day of April, 2004,
Section22 - AMENDMENT OF SECTION 44AA In section 44AA of the Income tax Act,-in sub-section
Section23 - AMENDMENT OF SECTION 44AB In section 44AB of the Income tax Act,-with effect from the 1st day of April, 2004,
Section24 - AMENDMENT OF SECTION 44AE In section 44AE of the Income tax Act,-in sub-section
Section25 - AMENDMENT OF SECTION 44BB In section 44BB of the Income tax Act,-after sub-section
Section26 - AMENDMENT OF SECTION 44BBB In section 44BBB of the Income tax Act,-with effect from the 1 st day of April, 2004
Section27 - AMENDMENT OF SECTION 44D In section 44D of the Income tax Act,-in clause
Section28 - INSERTION OF NEW SECTION 44DA After section 44D of the Income tax Act,-the following section shall be inserted with
Section29 - AMENDMENT OF SECTION 45 In section 45 of the Income tax Act,-in sub-section
Section30 - AMENDMENT OF SECTION 47 In section 47 of the Income tax Act,-with effect from the 1st day of April,
Section31 - AMENDMENT OF SECTION 55 In section 55 of the Income tax Act,-in sub-section
Section32 - AMENDMENT OF SECTION 57 In section 57 of the Income tax Act,-in clause
Section33 - AMENDMENT OF SECTION 72A In section 72A of the Income tax Act,-with effect from the 1st day of April, 2004,
Section34 - SUBSTITUTION OF NEW SECTION FOR SECTION 80DD For section 80DD of the Income tax Act,-the following section shall be
Section35 - SUBSTITUTION OF NEW SECTION FOR SECTION 80DDB For section 80DDB of the Income tax Act,-the following section shall be
Section36 - AMENDMENT OF SECTION 80G In section 80G of the Income tax Act,-in sub-section
Section37 - AMENDMENT OF SECTION 80HHC In section 80HHC of the income-tax Act-, with effect from the 1st day of April, 2004,
Section38 - AMENDMENT OF SECTION 80-IA In section 80-IA of the Income tax Act,
Section39 - AMENDMENT OF SECTION 80-IB In section 80-IB of the Income tax Act,
Section40 - INSERTION OF NEW SECTION 80-IC After section 80-IB of the Income tax Act,-the following section shall be inserted with
Section41 - AMENDMENT OF SECTION 80L In section 80L of the Income tax Act,-in sub-section
Section42 - INSERTION OF NEW SECTION 80LA After section 80L of the Income tax Act,-the following section shall be inserted with
Section43 - OMISSION OF SECTION 80M Section 80M of the Income tax Act shall be omitted with effect from the 1st day of April, 2004
Section44 - INSERTION OF NEW SECTION 80QQB Aftersection 80QQA of the Income tax Act,-the following section shall be inserted with
Section45 - INSERTION OF NEW SECTION 80RRB After section 80RRA of the Income tax Act,-the following section shall be inserted with
Section46 - SUBSTITUTION OF NEW SECTION FOR SECTION 80U For section 80U of the Income tax Act,-the following section shall be
Section47 - AMENDMENT OF SECTION 88 In section 88 of the Income tax Act,-with effect from the 1st day of April, 2004
Section48 - AMENDMENT OF SECTION 88B In section 88B of the Income tax Act,-for the words "fifteen thousand rupees", the words
Section49 - AMENDMENT OF SECTION 88B In section 90 of the Income tax Act,-with effect from the 1st day of April, 2004,
Section50 - AMENDMENT OF SECTION 115A In section 115A of the Income tax Act,-in sub-section
Section51 - AMENDMENT OF SECTION 115AC Insection 11 SAC of the Income tax Act,-for the word "dividends", wherever it occurs, the
Section52 - AMENDMENT OF SECTION 115ACA Insection 115ACA of the Income tax Act,-for the words "income by way of dividends",
Section53 - AMENDMENT OF SECTION 115AD Insection 115AD of the Income tax Act,-in sub-section
Section54 - AMENDMENT OF SECTION 115C In section 115C of the Income tax Act,-in clause
Section55 - AMENDMENT OF SECTION 115-O In section 115-O of the Income tax Act,-for sub-section
Section56 - AMENDMENT OF SECTION 115R In section 115R of the Income tax Act,-for sub-section
Section57 - AMENDMENT OF SECTION 115S Insection 115S of the Income tax Act,-for the words "Unit Trust of India or a Mutual Fund and
Section58 - AMENDMENT OF SECTION 115T Insection 115T of the Income tax Act,-in the opening portion, for the words "Unit Trust of
Section59 - AMENDMENT OF SECTION 132 In section 132 of the Income tax Act,-with effect from the 1st day of June, 2003,
Section60 - AMENDMENT OF SECTION 132B In section 132B of the Income tax Act,-with effect from the 1st day of June, 2003,
Section61 - AMENDMENT OF SECTION 133A . In section 133A of the Income tax Act,-with effect from the 1st day of June, 2003
Section62 - AMENDMENT OF SECTION 139 In section 139 of the Income tax Act,-after sub-section
Section63 - AMENDMENT OF SECTION 140A In section 140A of the Income tax Act,-with effect from the 1st day of June, 2003,
Section64 - AMENDMENT OF SECTION 143 In section 143 of the Income tax Act,-in sub-section
Section65 - INSERTION OF NEW SECTIONS 153A, 153B AND 153C After section 153 of the Income tax Act,-the following sections shall be
Section66 - AMENDMENT OF SECTION 155 In section 155 of the Income tax Act,-after sub-section
Section67 - INSERTION OF NEW SECTION 158BL After section 158BH of the Income tax Act,-the following section shall be inserted with
Section68 - AMENDMENT OF SECTION 163 In section 163 of the Income tax Act,-in sub-section
Section69 - AMENDMENT OF SECTION 184 In section 184 of the Income tax Act,-for sub-section
Section70 - SUBSTITUTION OF NEW SECTION FOR SECTION 185 For section 185 of the Income tax Act,-the following section shall be
Section71 - AMENDMENT OF SECTION 191 In section 191 of the Income tax Act,-the following Explanation shall be inserted with effect
Section72 - AMENDMENT OF SECTION 193 In section 193 of the Income tax Act,-in the opening portion, for the words "The person
Section73 - AMENDMENT OF SECTION 194 In section 194 of the Income tax Act,
Section74 - AMENDMENT OF SECTION 194A In section 194A of the Income tax Act,-in sub-section
Section75 - AMENDMENT OF SECTION 194C In section 194C of the Income tax Act,-sub-sections
Section76 - AMENDMENT OF SECTION 194G In section 194G of the Income tax Act,-sub-sections
Section77 - AMENDMENT OF SECTION 194-I In section 194-I of the Income tax Act,-in the opening portion, for the words "Any person,
Section78 - AMENDMENT OF SECTION 194J In section 194J of the Income tax Act,-with effect from the 1st day of June, 2003
Section79 - AMENDMENT OF SECTION 194K In section 194K of the Income tax Act,
Section80 - AMENDMENT OF SECTION 195 In section 195 of the Income tax Act,
Section81 - AMENDMENT OF SECTION 196A In section 196A of the Income tax Act,-in sub-section
Section82 - AMENDMENT OF SECTION 196C In section 196C of the Income tax Act,-the following proviso shall be inserted, namely
Section83 - AMENDMENT OF SECTION 196D In section 196D of the Income tax Act,-in sub-section
Section84 - AMENDMENT OF SECTION 197 In section 197 of the Income tax Act,-in sub-section
Section85 - AMENDMENT OF SECTION 197A In section 197A of the Income tax Act,-with effect from the 1st day of June, 2003,
Section86 - AMENDMENT OF SECTION 206 Insection 206 of the Income tax Act,-for sub-sections
Section88 - AMENDMENT OF SECTION 230 In section 230 of the Income tax Act,-for sub-section
Section139A - Provided that in case no such permanent account number has been allotted to him, or his total income is not chargeable
Section89 - AMENDMENT OF SECTION 234A In section 234A of the Income tax Act,-with effect from the 1st day of June, 2003
Section90 - AMENDMENT OF SECTION 234B In section 234B of the Income tax Act,-with effect from the 1st day of June, 2003,
Section91 - INSERTION OF NEW SECTION 234D After section 234C of the Income tax Act,-the following section shall be inserted with
Section92 - AMENDMENT OF SECTION 245N In section 245N of the Income tax Act,-in clause
Section93 - AMENDMENT OF SECTION 246A In section 246A of the Income tax Act,-in sub-section
Section94 - AMENDMENT OF SECTION 269T In section 269T of the Income tax Act,-after the proviso and before the Explanation, the
Section95 - AMENDMENT OF SECTION 27IE In section 27IE of the Income tax Act,in sub-section
Section96 - AMENDMENT OF SECTION 275 In section 275 of the Income tax Act,-in sub-section
Section97 - AMENDMENT OF SECTION 276CC In section 276CC of the Income tax Act,-for the word and figures "section 148", the words,
Section98 - INSERTION OF NEW SECTION 285BA After section 28SB of the Income tax Act, the following section shall be inserted with
Section100 - AMENDMENT OF SECTION 17 OF ACT 27 OF 1957 In section 17 of the Wealth-tax Act, 1957, in sub-section
Section101 - AMENDMENT OF SECTION 16 OF ACT 18 OF 1958 In section 16 of the Gift-tax Act, 1958, in sub-section
Section102 - AMENDMENT OF SECTION 3 In the Expenditure-tax Act, 1987
Section103 - AMENDMENT OF SECTION 4 In the Expenditure-tax Act, In section 4, in clause
Section104 - AMENDMENT OF SECTION 2 In section 2 of the Customs Act, 1962
Section105 - AMENDMENT OF SECTION 7. "Section 7 of the Customs Act shall be numbered as sub-section
Section106 - AMENDMENT OF SECTION 15 In section 15 of the Customs Act, in sub- section
Section107 - AMENDMENT OF SECTION 25 In section 25 of the Customs Act,"
Section108 - AMENDMENT OF SECTION 27 In section 27 of the Customs Act, in sub- section
Section109 - AMENDMENT OF SECTION 28 In section 28 of the Customs Act, in sub- section
Section110 - AMENDMENT OF SECTION 28E In section 28E of the Customs Act,"
Section111 - AMENDMENT OF SECTION 28H In section 28H of the Customs Act, in sub-section
Section112 - AMENDMENT OF SECTION 30 In section 30 of the Customs Act, for sub- section
Section113 - AMENDMENT OF SECTION 61 In section 61 of the Customs Act,"
Section114 - AMENDMENT OF SECTION 68 In section 68 of the Customs Act, after clause
Section115 - AMENDMENT OF SECTION 75A In section 75A of the Customs Act, in sub-section
Section116 - AMENDMENT OF SECTION 113 In section 113 of the Customs Act,"
Section117 - AMENDMENT OF SECTION 114 In section 114 of the Customs Act,"
Section118 - AMENDMENT OF SECTION 122 In section 122 of the Customs Act,"
Section119 - AMENDMENT OF SECTION 129 In section 129 of the Customs Act,"
Section120 - SUBSTITUTION OF NEW SECTION FOR SECTION 130 "For section 130 of the Customs Act, the following section shall be
Section121 - AMENDMENT OF SECTION 130A In section 130A of the Customs Act, in sub-section
Section122 - AMENDMENT OF SECTION 130D In section 130D of the Customs Act,"
Section123 - AMENDMENT OF SECTION 130E In section 130E of the Customs Act, for clause
Section124 - AMENDMENT OF SECTION 135 In section 135 of the Customs Act, in sub- section
Section125 - AMENDMENT OF SECTION 136 In section 136 of the Customs Act, in sub- section
Section126 - AMENDMENT OF NOTIFICATIONS ISSUED UNDER SECTION 25 OF THE CUSTOMS ACT "
Section127 - AMENDMENT OF NOTIFICATIONS, RELATING TO EXPORT PROMOTION SCHEMES, ISSUED UNDER SECTION 25 OF THE CUSTOMS ACT
Section128 - ADDITIONAL DUTY OF CUSTOMS
Section129 - AMENDMENT OF SECTION 3 "In Section 3 of the Customs Tariff Act, 1975
Section130 - AMENDMENT OF SECTION 3-A "In Section 3-A of the Customs Tariff Act, in sub- section
Section131 - AMENDMENT OF SECTION 9-A "In Section 9-A of the Customs Tariff Act, in sub- section
Section132 - AMENDMENT OF SECTION 9-C "In Section 9-C of the Customs Tariff Act, in sub- section
Section133 - AMENDMENT OF FIRST SCHEDULE "In the First Schedule to the Customs Tariff Act, with effect from such date as the Central
Section134 - NATIONAL CALAMITY CONTINGENT DUTY OF CUSTOMS
Section135 - AMENDMENT OF SECTION 2 In section 2 of the Central Excise Act, 1944
Section136 - AMENDMENT OF SECTION 4 In section 4 of the Central Excise Act,"
Section137 - AMENDMENT OF SECTION 4A In section 4A of the Central Excise Act, for sub- section
Section138 - AMENDMENT OF SECTION 5A In section 5A of the Central Excise Act, for sub- section
Section139 - AMENDMENT OF SECTION 11 A In section 11A of the Central Excise Act,"
Section140 - INSERTION OF NEW SECTION 11DD "After section 11D of the Central Excise Act, the following section shall be inserted,
Section141 - SUBSTITUTION OF NEW SECTION FOR SECTION 13 "For section 13 of the Central Excise Act, the following section shall be
Section142 - AMENDMENT OF SECTION 23A In section 23A of the Central Excise Act,"
Section143 - AMENDMENT OF SECTION 23C In section 23C of the Central Excise Act, in sub-section
Section145 - AMENDMENT OF SECTION 35H In section 35H of the Central Excise Act, in sub-section
Section146 - AMENDMENT OF SECTION 35K In section 35K of the Central Excise Act.,"
Section147 - AMENDMENT OF SECTION 35L In section 35L of the Central Excise Act, for clause
Section148 - INSERTION OF NEW SCHEDULE IN THE CENTRAL EXCISE ACT "After the Second Schedule to the Central Excise Act, the Schedule
Section149 - AMENDMENT OF RULE 57 57--R OF THE CENTRAL EXCISE RULES, 1944 "
Section150 - AMENDMENT OF RULES 57-F AND 57-AB OF THE CENTRAL EXCISE RULES, 1944 "
Section151 - AMENDMENT OF RULE 3 OF THE CENVAT CREDIT RULES, 2001 "
Section152 - AMENDMENT OF RULE 3 OF THE CENVAT CREDIT RULES, 2002 "
Section153 - AMENDMENT OF NOTIFICATIONS ISSUED UNDER SECTION 5-A OF THE CENTRAL EXCISE ACT FOR CERTAIN PERIOD "
Section154 - AMENDMENT OF NOTIFICATIONS ISSUED UNDER SECTION 5-A OF THE CENTRAL EXCISE ACT "
Section155 - AMENDMENT OF FIRST AND SECOND SCHEDULES TO ACT 5 OF 1986 "In the Central Excise Tariff Act, 1985
Section156 - AMENDMENT OF SECOND SCHEDULE TO ACT 58 OF 1957 "In the Additional Duties of Excise
Section157 - ADDITIONAL DUTY OF EXCISE
Section158 - MODIFICATION OF ACT 32 OF 1994 "During the period commencing on and from the 16th day of July, 1997 and ending with the
Section159 - AMENDMENT OF ACT 32 OF 1994 "In the Finance Act, 1994 "
Section160 - AMENDMENT OF NOTIFICATION ISSUED UNDER SECTION 93 OF ACT 32 OF 1994 "
Section161 - AMENDMENT OF SECTION 6 In the Central Sales Tax Act, 1956
Section162 - AMENDMENT OF SECTION 8 In section 8 of the Central Sales Tax Act, in sub- section
Section163 - AMENDMENT OF SECTION 20 In section 20 of the Central Sales Tax Act,"
Section164 - AMENDMENT OF SECTION 21 In section 21 of the Central Sales Tax Act,"
Section165 - AMENDMENT OF SECTION 23 In section 23 of the Central Sales Tax Act, for the words "in all matters", the words "in all
Section166 - INSERTION OF NEW SECTIONS 46B AND 46C IN ACT 13 OF 1989 Aftersection 46A of the Finance Act, 1989, the following
Section167 - AMENDMENT OF SECOND SCHEDULE TO ACT 21 OF 1998 In the Finance
Section168 - AMENDMENT OF SECOND SCHEDULE TO ACT 27 OF 1999 In the Finance Act, 1999, in the Second Schedule, for the entry in column
Section169 - AMENDMENT OF SEVENTH SCHEDULE TO ACT 14 OF 2001 In the Finance Act, 2001, the Seventh Schedule shall be amended in the

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