Just a moment...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 TMI Notes - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Law:
---- All Laws----
  • ---- All Laws----
  • Benami Property
  • Bill
  • Central Excise
  • Companies Law
  • Customs
  • DGFT
  • FEMA
  • GST
  • GST - States
  • IBC
  • Income Tax
  • Indian Laws
  • Money Laundering
  • SEBI
  • SEZ
  • Service Tax
  • VAT / Sales Tax
Types:
---- All Types ----
  • ---- All Types ----
  • Act Rules
  • Case Laws
  • Circulars
  • Manuals
  • News
  • Notifications
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    News Indian Laws
    Evaluating the 2025 Finance Bill: Key Changes and Their Impact
    News Indian Laws
    Supplementary FAQs for the Finance Bill, 2025: As passed by Lok Sabha
    News Bills
    Rates of income-tax in respect of income liable to tax for the assessment year 2025-26.
    News Bills
    Tax rates under Part I of the First Schedule applicable for the assessment year 2025-26
    News Bills
    Co-operative Societies - Tax Rates For the assessment year 2025-26
    News Bills
    Firms - Tax Rates For the assessment year 2025-26
    News Bills
    Local authorities - Tax Rates For the assessment year 2025-26
    News Bills
    Companies - Tax Rates For the assessment year 2025-26
    News Bills
    Rates for deduction of income-tax at source during the financial year (FY) 2025-26 from certain inco...
    News Bills
    Rates for deduction of income-tax at source from "Salaries", computation of "advance tax" and chargi...
    News Bills
    Individual, HUF, association of persons, body of individuals, artificial juridical person. - Rate of...
    News Bills
    Co-operative Societies - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).
    News Bills
    Firms - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).
    News Bills
    Local authorities - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).
    News Bills
    Companies - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).
    News Bills
    Rebate under section 87A
    News Bills
    Incentives to International Financial Services Centre
    News Bills
    Extension of sunset dates for several tax concessions pertaining to IFSC
    News Bills
    Exemption on life insurance policy from IFSC Insurance offices
    News Bills
    Exemption to capital gains and dividend for ship leasing units in IFSC
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

Notes
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
News Indian Laws
Show AI Summary
Tax treatment for foreign securities clarified, enhancing investor certainty and tightening compliance obligations for cross border instruments.
The Finance Bill, 2025 amendments clarify tax treatment for securities held by foreign investors by defining covered instruments for FIIs and specified funds under applicable regulatory compliance, expand coverage to include over the counter derivatives while removing ambiguous intermediary language, and strengthen assessment provisions to address inconsistencies and undisclosed income; Part IV validates pension classification authority to distinguish pension entitlements by retirement date.
News Indian Laws
Show AI Summary
IFSC tax incentives expanded to ease fund relocations, clarify exemptions, and simplify non resident taxation.
Amendments relax compliance for investment funds by easing indirect participation thresholds and restoring executive modification powers; expand the relocation regime to include retail schemes and ETFs for tax neutral transfers into the IFSC; introduce a presumptive taxation scheme for non residents providing technology services for electronics manufacturing with exclusions for permanent establishment and royalty rules; correct and align IFSC insurance and specified fund exemptions with IFSCA conditions; extend derivative transaction exemptions to FPIs in the IFSC; refocus Chapter XIV B on undisclosed income and add Section 143(1) checks for return inconsistencies; and broaden the definition of capital asset to include securities held by Alternative Investment Funds under SEBI and IFSCA.
News Bills
Show AI Summary
Section 115BAC tax regime retained as default; surcharge tiers and caps specified, with marginal relief safeguards.
The Finance Bill, 2025 retains existing income-tax rates for assessment year 2025-26 and keeps special concessional regimes unchanged. Section 115BAC operates as the default regime for eligible individuals and similar entities unless an option is chosen, with prescribed slab rates applying. The Bill specifies tiered surcharge rates on tax under section 115BAC for higher incomes, caps surcharge on dividend and certain categorized income and for associations of companies, and provides marginal relief. Part III First Schedule provisions for advance tax and withholding are reallocated to Part I for 2025-26.
News Bills
Show AI Summary
Tax rates: existing graduated income-tax slab structure for individuals and related entities remains unchanged for the assessment year.
Part I of the First Schedule to the Finance Bill, 2025 prescribes graduated income-tax slabs and corresponding percentage rates for assessment year 2025-26 applicable to individuals, HUFs, associations of persons, bodies of individuals and certain artificial juridical persons. It distinguishes three resident-individual categories by age with differing basic-exemption thresholds and applies graduated marginal rates across successive income bands. The schedule for 2025-26 is stated to be unchanged from the prior assessment year.
News Bills
Show AI Summary
Income-tax rates for co-operative societies remain unchanged under the Finance Bill, preserving existing tiered percentage bands.
Income-tax rates for co-operative societies are specified in Paragraph B of Part I of the First Schedule to the Finance Bill and remain unchanged for the assessment year 2025-26, preserving a tiered rate structure that applies different percentage rates to successive income bands and maintaining continuity with the existing tax treatment for such entities.
News Bills
Show AI Summary
Firm tax rate unchanged under Finance Bill, maintaining existing income-tax treatment for partnership entities provision.
Firm taxation for assessment year 2025-26 is governed by the rate specified in Paragraph C of Part I of the First Schedule to the Finance Bill; the statutory rate for firms remains 30%, preserving the existing income-tax treatment of partnership firms as the operative rate for computing liabilities.
News Bills
Show AI Summary
Local authority tax rate remains unchanged for the assessment year, specified in the Finance Bill's First Schedule.
Paragraph D of Part I of the First Schedule to the Finance Bill prescribes the income-tax rate for a local authority and specifies that the rate remains unchanged at 30% for the assessment year 2025-26.
News Bills
Show AI Summary
Corporate tax rate differential maintained between smaller domestic companies and others, with surcharge rules and health and education cess applied.
Rates of income-tax for companies confirm lower rate for domestic companies below the turnover threshold and higher rates for other domestic and non-domestic companies; surcharge framework remains as prior year with exclusions for income of specified funds and capped surcharge treatment for incomes under the special domestic tax regime. Marginal relief is provided where surcharge is imposed. A Health and Education Cess is levied at a fixed percentage on income-tax inclusive of surcharge in all cases, with no marginal relief available for the cess.
News Bills
Show AI Summary
Deduction of income-tax at source: insurance commission TDS rate reduced, other TDS rates and surcharges largely retained
Deduction of income-tax at source for FY 2025-26 is set out in Part II of the First Schedule to the Finance Bill, 2025, with section-specific provisions continuing to govern TDS mechanics. The rate for taxation of insurance commission is reduced pursuant to amendments in the Finance (No. 2) Act, 2024 effective from 1 April 2025. Other TDS rates remain as specified in the prior Act, surcharge treatment is unchanged, and Health and Education Cess is levied at four per cent on income-tax including surcharge where applicable for non-residents and non-domestic companies.
News Bills
Show AI Summary
Income-tax withholding on salaries now set by prescribed rates, also governing advance tax computation and special assessments.
Rates for deduction of income-tax at source from Salaries and for computation of advance tax are prescribed in Part III of the First Schedule; those rates also apply for charging income-tax on current incomes where accelerated or special assessments are required, including provisional assessments, assessments of persons leaving the country, transfers to avoid tax, and short-duration bodies.
News Bills
Show AI Summary
New individual tax regime introduces revised slab rates, capped surcharge rules and an option to retain the old regime.
Proposed amendments create a revised new tax regime for individuals, HUFs, AOPs, BOIs and artificial juridical persons, prescribing progressive slab rates to determine income-tax from assessment year 2026-27, while allowing taxpayers to opt instead for rates in Part III of the First Schedule. The Part III schedule contains separate slab structures for general residents and for senior and super-senior residents. Computed tax (including specified capital gains) is subject to a multi-tiered surcharge with caps on surcharge for dividend and certain capital gains incomes, special limits for associations of companies, and marginal relief at thresholds.
News Bills
Show AI Summary
Co-operative society tax rates and surcharge structure clarified for FY, with marginal relief and optional concessional tax regime available.
Rates of income-tax for co-operative societies remain unchanged from the prior fiscal year. A tiered surcharge regime applies with marginal relief to smooth threshold effects. Resident co-operative societies that satisfy specified conditions may elect a concessional tax option under the Finance Bill, which attracts a reduced surcharge on the alternative tax.
News Bills
Show AI Summary
Firm income-tax rate unchanged; surcharge applies on incomes above the specified threshold, with a cap limiting surcharge impact.
The rate of income-tax for firms remains unchanged from the prior year as set in Paragraph C of Part III of the First Schedule. A surcharge applies on a firm's income-tax where total income exceeds a specified threshold, but the total of income-tax and surcharge on income above the threshold is capped so it cannot exceed the tax on the threshold amount by more than the excess income.
News Bills
Show AI Summary
Surcharge on local authorities' income capped above the statutory threshold while base tax rates remain unchanged.
The income-tax rate for local authorities set in Paragraph D of Part III of the First Schedule is unchanged for FY 2025-26; a surcharge applies where total income exceeds one crore rupees, but the aggregate tax and surcharge on income above that threshold is limited so it cannot exceed the tax on one crore rupees by more than the excess income amount.
News Bills
Show AI Summary
Corporate tax rate structure revised with differential domestic and foreign company rates, surcharge bands, marginal relief, and a health cess.
Corporate tax rates for FY 2025-26 set differentiated base rates for domestic and non domestic companies, allow domestic companies to opt into a concessional section 115BAA regime, and apply tiered surcharge rates with marginal relief; an additional Health and Education Cess is levied on tax inclusive of surcharge and is not eligible for marginal relief.
News Bills
Show AI Summary
Rebate under section 87A expanded for new tax regime, raising eligibility and capping deduction to tax payable.
The proviso to section 87A grants a limited rebate and marginal relief to resident individuals whose income is chargeable under the new tax regime, excluding incomes taxed at special rates. From assessment year 2026-27 the Finance Bill proposes to increase the income limits and the maximum rebate under the proviso, and to add a proviso limit that the deduction cannot exceed the tax payable under the new tax-regime rates.
News Bills
Show AI Summary
Incentives to International Financial Services Centre: proposed tax and regulatory amendments to further promote IFSC operations in non rupee currencies
IFSC is a jurisdiction providing financial services to non-residents and permitted residents in currencies other than the Indian Rupee; prior tax concessions have been granted to IFSC units to develop financial infrastructure, and the Union Budget 2025-26 proposes further amendments to provide additional incentives for operations from IFSC units, building on existing concessions to enhance its attractiveness for international financial services.
News Bills
Show AI Summary
IFSC tax concession sunset extension extends commencement and relocation deadlines to March 2030, effective April 2025.
The Finance Bill proposes extending sunset dates for tax concessions tied to IFSC units and relocation of funds to IFSC, moving the deadline for commencement and relocation-related benefits to 31 March 2030; these amendments take effect from 1 April 2025.
News Bills
Show AI Summary
Life insurance exemption extended to IFSC-issued policies without premium cap, improving parity for non-residents and clarifying scope.
Exemption for amounts received under life insurance policies, including bonuses, will expressly apply to policies issued by IFSC insurance offices; the proposed amendment removes the existing premium-cap condition for IFSC-issued policies to provide parity for non-resident policyholders, while leaving other exemption conditions intact, effective 1 April 2025.
News Bills
Show AI Summary
Exemption to capital gains and dividend expanded to ship leasing units in IFSC, aligning tax treatment with aircraft leasing.
The measure extends existing IFSC exemptions applying to aircraft leasing so that non residents or IFSC units engaged in ship leasing are exempt from capital gains tax on transfers of equity shares of domestic companies that are IFSC ship leasing units, and dividends paid by an IFSC ship leasing company to another IFSC ship leasing unit are likewise exempt. The amendment aligns ship leasing with aircraft leasing treatment and specifies an effective commencement under the Finance Bill.

TMI Notes

Back

All TMI Notes

Showing Results for :
Reset Filters
No Records Found

TMI Notes

Back

All TMI Notes

whatsapp Join Channel
Showing Results for : Reset Filters

AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975

3 February, 2020

Contents
Rules & Regulations
Plus +
Summary
Note

Note

-

Bookmark

Print

Print

Budget 2020-21 + FINANCE BILL, 2020

AMENDMENTS

A.

Tariff rate changes for Basic Customs Duty [to be effective from 02.02.2020] * [Clause 115 (a) of the Finance Bill, 2020]

Rate of Duty

S.No.

Heading, sub-heading, tariff item

Commodity

From

To

 

 

Food processing

 

 

1.

0802 32 00

Walnuts, shelled

30%

100%

 

 

Chemicals

 

 

2.

3824 99 00

Other Chemical products and preparations of the chemical or allied industries, not elsewhere specified

10%

17.5%

 

 

Footwear

 

 

3.

6401, 6402,

6403, 6404, 6405

Footwear

25%

35%

4.

6406

Parts of footwear

15%

20%

 

 

Household Items

 

 

5.

6911 10, 6911 90 20, 6911 90 90

Tableware, kitchenware, water filters (of a capacity not exceeding 40 litres) and other household articles, of porcelain of china.

10%

20%

6.

6912 00 10, 6912 00 20, 6912 00 40, 6912 00 90

Ceramic tableware, kitchen-ware, clay articles and other household articles

10%

20%

7.

7013

Glassware of a kind used for table, kitchen, toilet, office, indoor decoration or Similar purposes (other than that of heading 7010 or 7018)

10%

20%

8.

7323

Table kitchen or other household articles and parts thereof, of iron or steel, iron or steel wool; pot scourers and scouring or polishing pads, gloves and the like, of iron or steel, including pressure cookers pans utensils, misc articles such as iron & steel wool, polishing pads, gloves etc.

10%

20%

9.

7418 10

Table, kitchen or other household articles and parts thereof, of copper; pot scourers and scouring or polishing pads, gloves and the like, of copper.

10%

20%

10.

7615 10

Table, kitchen or other household articles and parts thereof, of aluminum; pot scourer and scouring or polishing pads, gloves and the like, of aluminum.

10%

20%

11.

8301

Padlocks and locks (key, combination or electrically operated) of base metal; Clasps and frames with clasps, incorporating locks of base metals; keys for any of the foregoing articles, of base metals (Other than lock of a kind used for automobiles.)

10%

20%

12.

9603

Brooms, brushes, hand operated mechanical floor sweepers, not motorized, mops and feather dusters; prepared knots and tufts for broom or brush making; paint pads and rollers; Squeegees (other than roller squeegees).

10%

20%

13.

9604 00 00

Hand sieves and hand riddles.

10%

20%

14.

9615

Combs, hair-slides and the like, hairpins curling pins, curling grips, hair curlers and the like other than those of heading 8516 and parts thereof.

10%

20%

15.

9617

Vacuum flasks and other vacuum vessels, complete with cases; parts thereof other than glass inners.

10%

20%

16.

8414 51 10

Table Fans

10%

20%

17.

8414 51 20

Ceiling Fans

10%

20%

18.

8414 51 30

Pedestal Fans

10%

20%

19.

8414 59 20

Blowers, Portable

10%

20%

20.

8509 40 10

Food Grinders

10%

20%

21.

8509 40 90

Other grinders and Mixer

10%

20%

22.

8509 80 00

Other Appliances

10%

20%

23.

8510 10 00

Shavers

10%

20%

24.

8510 20 00

Hair Clippers

10%

20%

25.

8510 30 00

Hair-removing appliances

10%

20%

26.

8516 10 00

Water heaters and immersion heaters

10%

20%

27.

8516 21 00

Storage heating radiators

10%

20%

28.

8516 29 00

Other electrical space heating apparatus

10%

20%

29.

8516 31 00

Hair Dryers

10%

20%

30.

8516 32 00

Other hair dressing apparatus

10%

20%

31.

8516 33 00

Hand Drying apparatus

10%

20%

32.

8516 40 00

Electric smoothing irons

10%

20%

33.

8516 60 00

Other ovens, cookers, cooking plates, boiling rings, grillers and roasters

10%

20%

34.

8516 71 00

Coffee and Tea Makers

10%

20%

35.

8516 72 00

Toasters

10%

20%

36.

8516 79 10

Electro-thermic fluid heaters

10%

20%

37.

8516 79 20

Electrical or electronic devices for repelling insects

10%

20%

38.

8516 79 90

Other electro-thermic appliances used for domestic purposes

10%

20%

39.

8516 80 00

Electric heating resistors

10%

20%

 

 

Precious Metals

 

 

40.

7118

Coin

10%

20%

 

 

Machinery

 

 

41.

8414 51 40

Railway Carriage fans

7.5%

10%

42.

8414 51 90

Other fans with a self-contained electric motor not exceeding 125W

7.5%

20%

43.

8414 59 10

Air Circulator

7.5%

10%

44.

8414 59 30

Industrial fans blowers and similar blowers

7.5%

10%

45.

8414 59 9

Other industrial fans

7.5%

10%

46.

8414 30 00, 8414 80 11

Compressor of Refrigerator and Air conditioner

10%

12.5%

47.

8419 89 10

Pressure vessels

7.5%

10%

48.

8418 10 10

Commercial type combined refrigerator freezers, fitted separate external doors

7.5%

15%

49.

8418 30 10

Commercial freezer of chest type, not exceeding 800 litre capacity

7.5%

15%

50.

8418 30 90

Other chest type freezers

10%

15%

51.

8418 40 10

Electrical freezers of upright type, not exceeding 800 litre capacity

7.5%

15%

52.

8418 40 90

Other freezers of upright type, not exceeding 800 litre capacity

7.5%

15%

53.

8418 50 00

Refrigerating or freezing display counters, cabinets, Show-cases and the like

7.5%

15%

54.

8418 61 00

Heat pumps other than air conditioning machines

7.5%

15%

55.

8418 69 10

Ice making machinery

7.5%

15%

56.

8418 69 20

Water cooler

10%

15%

57.

8418 69 30

Vending machine, other than automatic

10%

15%

58.

8418 69 40

Refrigerating equipment/devices used in leather industry

7.5%

15%

59.

8418 69 50

Refrigerated farm tanks, industrial ice cream freezer

7.5%

15%

60.

8418 69 90

Others (like freezers of capacity 800 litres and more etc.]

7.5%

15%

61.

8515 (except 8515 90 00)

Welding and Plasma cutting machines

7.5%

15%

 

 

Other Electronic goods

 

 

62.

8504 40 (except 8404 40 21)

Static Converters

15%

20%

63.

8504 40 21

Dip bridge rectifier

10%

20%

64.

8517 70 10

Populated, loaded or stuffed printed circuit boards

10%

20%

 

 

Automobile and automobile parts

 

 

65.

8421 39 20, 8421 39 90

Catalytic Convertor

10%

15%

 

 

Furniture Goods

 

 

66.

9401

Seats and parts of seats (other than aircraft seats and their parts)

20%

25%

67.

9403

Other Furniture and parts thereof

20%

25%

68.

9404

Mattress supports: Articles of bedding and similar furnishing

20%

25%

69.

9405

Lamps and lighting fittings including searchlights and spotlights and pads thereof; Illuminated signs, illuminated name plates and the like, having a permanently fixed light source, and parts thereof (except solar lantern and solar lamps).

20%

25%

 

 

Toys

 

 

70.

9503

Tricycles, scooters, pedal-cars and similar wheeled-toys; dolls' carriages; dolls; other toys; reduced-Size (“scale”) models and similar recreational models, working or not; puzzles of all kinds

20%

60%

 

 

Stationary items

 

 

71.

8304 00 00

Filing, cabinets. card-index cabinets, paper-trays, paper rests, pen trays, office-stamp stands and similar office or desk equipment of base metal, Other than office furniture of heading 9403

10%

20%

72.

8305

Fittings for loose-leaf binders or files, letter clips, letter corners, paper clips, indexing tags and similar office articles, of base metal; staples in strips (for example, for offices, upholstery, packaging), of base metal

10%

20%

73.

8310

Sign-plates, name-plates, address-plates and similar plates, numbers, letters and other symbols, of base metal, excluding those of heading 9405

10%

20%

 

 

Miscellaneous

 

 

74.

6702

Artificial Flowers

10%

20%

75.

7018 10 20

Glass Beads

10%

20%

76.

8306

Bells, gongs, statuettes, trophies and like, non-electric of base metal; statuettes and other ornaments of base metal; photograph, picture or similar frames, of base metal; mirrors of base metal.

10%

20%

B.

New entries added to the First Schedule [to be effective from 02.02.2020] * [Clause 115(b) of the Finance Bill, 2020]

S. No

Tariff Item

Description

Tariff Rate

Effective rate

1.

8414 51 50

Wall fans

20%

20%

2.

8529 90 30

Open cell for television set

15%

0%

3.

8541 40 11

Solar cells, not assembled

20%

0%

4.

8541 40 12

Solar cells, assembled in modules or made up in panels

20%

0%

*Will come into effect immediately owing to a declaration under the Provisional Collection of Taxes Act, 1931.

 


Full Text:

Budget 2020-21 + FINANCE BILL, 2020

Topics

Acts Income Tax