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 Bills
    Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitutio...
    News Bills
    Provisional attachment in Fake Invoice cases
    News Bills
    Rationalisation of the provisions of Equalisation Levy
    News Bills
    Depreciation on Goodwill
    News Bills
    Rationalisation of the provision relating to processing of returned income and issuance of notice un...
    News Bills
    Adjudicating authority under the PBPT Act
    News Bills
    Rationalisation of the provision of presumptive taxation for professionals under section 44ADA
    News Bills
    Clarification regarding the scope of Vivad se Vishwas Act, 2020
    News Bills
    Definition of the term “Liable to tax”
    News Bills
    Income Declaration Scheme (IDS) amendment
    News Bills
    Tax Deduction at Source (TDS) on purchase of goods
    News Bills
    TDS/TCS on non filer at higher rates
    News Bills
    Taxability of Interest on various funds where income is exempt
    News Bills
    CUSTOMS
    News Bills
    AMENDMENTS IN THE CUSTOMS ACT, 1962
    News Bills
    AMENDMENTS IN THE CUSTOMS TARIFF ACT, 1975
    News Bills
    AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975
    News Bills
    CHANGES IN CUSTOMS RULES
    News Bills
    OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN RESPECTIVE NOTIFICATIONS [with effe...
    News Bills
    Other miscellaneous changes
❯❯
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 Bills
Show AI Summary
Capital gains on dissolution: distributions in excess of capital account treated as entity income and valued at fair market value.
Where a partner or member receives a capital asset on dissolution or reconstitution, profit or gain on that receipt is chargeable as capital gains and treated as income of the specified entity in the year of receipt, with fair market value on receipt deemed full consideration. The recipient's capital-account balance is calculated excluding increases from revaluation or self-generated goodwill/assets. Money or other assets received in excess of the capital-account balance are similarly taxed as capital gains, with the capital-account balance deemed the cost of acquisition.
News Bills
Show AI Summary
Provisional attachment powers expanded to permit attachment during pending false-entry penalty proceedings when large penalties are likely.
Provisional attachment permits the Assessing Officer, with prior approval from designated senior tax authorities, to attach an assessee's property for six months to protect revenue, revocable on furnishing a bank guarantee which may be invoked if tax demand remains unpaid. The Finance Bill proposes to amend this provision to allow the Assessing Officer to exercise attachment powers during pending penalty proceedings for false or omitted entries where a high-value penalty is likely to be imposed.
News Bills
Show AI Summary
Equalisation levy broadened to cover sales and services regardless of operator ownership, with treaty-taxable royalties excluded.
Amendments clarify that consideration chargeable to equalisation levy excludes amounts taxable as royalty or fees for technical services under a notified tax treaty; define e-commerce supply or services to include online acceptance of offers, purchase orders, payment and supply/provision (wholly or partly); broaden consideration to cover sale of goods irrespective of operator ownership and provision of services irrespective of whether provided or facilitated by the operator. These changes operate retrospectively from 1 April 2020, and section 10(50) is adjusted to the same definition and to exclude treaty-taxable royalty or FTS, effective for assessment years from 2021-22.
News Bills
Show AI Summary
Depreciation on goodwill disallowed; purchase price treated as cost for capital gains with adjustment for prior depreciation.
The proposal removes goodwill of a business or profession from the class of assets eligible for depreciation by excluding it from the definition of block of assets and from assets covered by section 32, provides transitional rules for blocks and capital gains where depreciation was earlier obtained, and preserves purchase price as cost of acquisition for capital gains subject to reduction by any depreciation claimed prior to the operative year.
News Bills
Show AI Summary
Statutory time limits shortened for intimation and notices after return filing, and audit-report income adjustments formalised.
Amendments to section 143 revise processing of returned income to allow adjustments for income increases indicated in audit reports not previously accounted for, and provide consequential changes reflecting earlier amendments to relief provisions. The statutory time limit for issuing intimations under sub section (1) is shortened to nine months from the end of the relevant financial year, and the time limit for issuing notices under sub section (2) is shortened to three months; amendments take effect from 1 April 2021.
News Bills
Show AI Summary
Adjudicating authority under PBPT Act designated to SAFEMA Competent Authority; limitation period for orders extended to September.
The Finance Bill designates the Competent Authority under SAFEMA as the Adjudicating Authority under the PBPT Act to commence functions from 1st July, 2021, replacing the interim discharge by the PMLA Adjudicating Authority. It also extends the time limit under sub section (7) of section 26 of the PBPT Act so that any order deadline expiring between 1st July, 2021 and 29th September, 2021 will be extended to 30th September, 2021.
News Bills
Show AI Summary
Presumptive taxation for professionals clarified: LLPs excluded while individuals, HUFs and partnership firms remain eligible under existing conditions.
The amendment clarifies that the presumptive taxation provision under section 44ADA applies to residents engaged in specified professions who are individuals, Hindu undivided families or partnership firms, but excludes Limited Liability Partnerships; existing eligibility conditions including the gross receipts threshold and the deemed proportion of profits remain unchanged, and the amendment is effective from 1 April 2021 for the assessment year 2021 22 onward.
News Bills
Show AI Summary
Scope of Vivad se Vishwas Act clarified to exclude cases settled under IT settlement mechanism, with retrospective amendment.
The Finance Bill clarifies that the Vivad se Vishwas Act, 2020 does not cover taxes arising from settlements under Chapter XIX-A of the Income-tax Act; amendments to the definitions of "appellant," "disputed tax," and "tax arrear" in VsV are proposed to expressly exclude Chapter XIX-A cases and to operate retrospectively from 17 March 2020.
News Bills
Show AI Summary
Liable to tax defined to include existence of tax liability under any country's law, including where exemption later granted.
The proposal inserts clause (29A) into section 2 to define "liable to tax" as a liability to tax on a person under the law of any country, expressly including cases where an exemption is provided after imposition of that liability; the definition is to apply from the statutory effective date and to subsequent assessment years.
News Bills
Show AI Summary
Refund of excess tax under Income Declaration Scheme now payable without interest to specified persons, retrospectively effective.
The proviso to section 191 of the Finance Act, 2016 is amended to permit refund of excess tax, surcharge or penalty paid pursuant to declarations under the Income Declaration Scheme, 2016 to a specified class of persons without payment of any interest; this amendment is to take effect retrospectively from 1st June, 2016. Section 187's deeming provision that a declaration is invalid if the tax, surcharge and penalty are not paid by the specified date remains in place.
News Bills
Show AI Summary
TDS on purchase of goods: new low-rate withholding applies to buyers exceeding turnover threshold and high-value purchases.
Buyers whose turnover in the preceding financial year exceeds the turnover threshold must deduct tax at a very low prescribed rate on purchases from a seller where aggregate purchases from that seller exceed the specified high-value threshold in the previous year; Central Government may exempt persons by notification. Transactions subject to other withholding or collection are excluded except where concurrent collection would arise - then the purchase withholding applies. Board-issued guidelines, binding on authorities and deductors, and a higher rate where PAN is not provided, are provided for.
News Bills
Show AI Summary
Higher withholding for non-filers: TDS and TCS to be levied at enhanced prescribed rates on specified non filers.
A special withholding regime imposes enhanced TDS and TCS rates on a "specified person" who failed to file returns for the two relevant prior assessment years after the filing deadline and whose aggregate TDS/TCS in each year meets a threshold; the TDS rate is the highest of twice the statutory rate, twice the rate in force, or a fixed base rate, and the TCS rate is the higher of twice the statutory rate or the fixed base rate. PAN based higher rates interact so that the greater rate applies; non residents without a permanent establishment are excluded.
News Bills
Show AI Summary
Exemption cap on provident fund interest limits tax-free interest for high contributions, effective for future assessment years.
Clauses (11) and (12) of section 10 are amended by a proviso excluding from exemption the interest accrued in a previous year to the extent it relates to contributions exceeding the prescribed monetary threshold in that year, with computation rules to be prescribed and the amendment applying prospectively to specified assessment years.
News Bills
Show AI Summary
Customs duty definition clarified under Finance Bill, with amendments generally commencing on enactment unless otherwise stated.
Finance Bill, 2021 defines Basic Customs Duty as the customs duty levied under the Customs Act, 1962 and states that amendments made through the Bill will come into effect on the date of its enactment unless otherwise specified, with clause numbers shown in square brackets to indicate relevant provisions.
News Bills
Show AI Summary
Common portal enables electronic filing, service and automated amendments in customs procedures, with time limits and penalty enhancements.
A common portal is introduced to enable electronic registration, filing of bills of entry and shipping bills, submission of prescribed documents, payment of duty and electronic service of orders; the customs automated system may permit risk based amendments and importer/exporter actions on the portal. Conditional exemptions will cease on a prescribed future 31st March unless extended, a two year (plus one year extension) limit is prescribed for proceedings culminating in a section 28 notice, bill of entry filing timing is tightened, pre trial disposal of seized gold requires Commissioner (Appeals) certification, inventories certified by that Commissioner gain evidentiary weight, and new confiscation and penalty provisions target wrongful refund claims and fraudulent invoices.
News Bills
Show AI Summary
Countervailing duty changes: anti absorption and retrospective levy in anti circumvention cases, with time limited temporary revocations and review period limits.
Section 8B is amended for technical corrections. Section 9 adds anti absorption, retrospective levy from initiation in anti circumvention cases, aligns countervailing duty on goods cleared from EOU and SEZ into the domestic tariff area with safeguard measures, limits temporary revocation to a time bound period not exceeding one year at a time, and provides for imposition on review for fixed multi year periods. Section 9A applies parallel changes to anti dumping duty.
News Bills
Show AI Summary
Basic Customs Duty increases raise rates on chemical, plastics, electronics and auto parts; HSN harmonisation and new crude tariff lines.
Amendments raise rates in the First Schedule to the Customs Tariff Act, 1975 by increasing Basic Customs Duty on specified chemicals, plastics, gems and jewellery, electrical and electronics items, and automotive parts under the Finance Bill, 2021, with certain items moving to higher uniform duty levels and limited exclusions preserved. A separate set of tariff headings are adjusted upward without changing their stated effective rate headings. The Schedule also adds new tariff lines for petroleum crude and implements HSN 2022 harmonisation, with some changes effective immediately under provisional collection authority and others on later dates.
News Bills
Show AI Summary
Concessional import duty rules eased to permit job work and full outsourcing, with clearance on depreciated value subject to differential duty.
Amendments to the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 permit job work on imported materials (excluding gold, jewellery and other precious metals), allow full outsourcing of manufacture to job workers, and enable clearance of imported capital goods used for the specified purpose upon payment of differential duty with interest calculated on a depreciated value using depreciation norms aligned to Export Oriented Unit treatment under the Foreign Trade Policy.
News Bills
Show AI Summary
Basic customs duty revisions reshape import protection and input relief across agriculture, metals, electronics and renewable sectors.
Revisions to Basic Customs Duty rates effective 2 February 2021 adjust import protection and input duty treatment across sectors: raised duties on selected agricultural by products, leather and silk intermediates; re rating of chemicals, plastics and mineral inputs; reorganised duties and an added cess for precious metals and related items; targeted lower or nil rates for specified electronics, telecom and renewable energy inputs to incentivise domestic manufacture; and newly dutiable capital goods and transitional concessions for raw materials supporting local industry.
News Bills
Show AI Summary
Project Imports Scheme inclusion expands import concessions for high-speed rail projects; sponsoring authority designated to approve required imports.
High-Speed Rail projects are included in the Project Imports Scheme, making them eligible for project-specific import treatment under the Project Import Regulations. A designated Sponsoring Authority is empowered to approve the items to be imported under the scheme for High-Speed Rail Projects, centralising approval of project imports for that project class.

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

Review of concessional rates of BCD prescribed in notification no. 50/2017 - Customs dated 30.62017: The BCD exemption hitherto available on certain goods are being withdrawn by omitting following entries of notification No. 50/2017-Customs dated 30.6.2017.

3 February, 2020

Contents
Plus +
Summary
Note

Note

-

Bookmark

Print

Print

Budget 2020-21 + FINANCE BILL, 2020

S. No.

S. No. of Notification No 50/2017-customs

Description

1.

5

Tuna bait [0303]

2.

7

Goods upto an aggregate of ten thousand metric tonnes of total imports of Milk and cream, in powder, granules or other solid form in a financial year. [0402 10, 0402 21 00]

3.

7A

Whey, concentrated, evaporated or condensed, liquid or semi-solid [0404 10 10]

4.

7B

Other Whey [0404 90 00)

5.

8

Butter Ghee, Butter Oil [0405]

6.

9

Other cheese [0406 90 00)

7.

10

Pancreas (Products of animal origin, not elsewhere specified) (Chapter 5]

8.

11

Conch shell [0508 00]

9.

18

Bulbs or tubers, other live plants [0601 or 0602]

10.

36

All goods other than meslin or wheat [1001]

11.

38

Meslin [1001]

12.

40

Maize upto an aggregate of five lakh metric tonnes of total imports of such goods in a financial year [1005 90]

13.

47

Sugar beet seeds [1209 10 00)

14.

56

Edible oils [1508, 1512, 1513, 1514, 1515 or 1511 10]

15.

58

Refined vegetable oils of edible grade, in loose or bulk form (other than palm oil) [chapter 15]

16.

59

Vegetable oils of edible grade, in loose or bulk form (other than those specified against S. No. 58 and palm oil), imported for the manufacture of oil commonly known as “Vanaspati” or for refining.

Explanation. -The expression “Vegetable oil” means-

(a) in the case of cottonseed oil, oil having a free fatty acid content of at least 0.2%; and

(b) in the case of any other vegetable oil. oil with free fatty acid content of at least 0.5%. [15]

17.

68

Crude sunflower seed or safflower oil upto an aggregate of one lakh and fifty thousand metric tonnes of total imports of such goods in a financial year [1512 11]

18.

69

Crude sunflower seed or safflower oil other than those specified against S. No. 68 [1512 11]

19.

72

Refined rape, colza or mustard oil upto an aggregate of one lakh and fifty thousand metric tonnes of total imports of such goods in a financial year (1514 19 or 1514 99]

20.

78

Margarine, animal or vegetable oils of edible grade [1517 or 1518]

21.

83

Glycerol, crude; glycerol waters and glycerol lyes, (other than crude glycerin) [1520 00 00]

22.

88A

Raw Sugar upto an aggregate of three lakh metric tonnes of total imports of such goods. Provided that the import of raw sugar in physical form is completed within sixty (60) days from the date of issue Of the Tariff Rate Quota Allocation Certificate or license by Directorate General of Foreign Trade (DGFT) to the importer. Provided further that the importer shall convert the raw sugar into white/ refined sugar within a period, not exceeding thirty (30) days, from the date of filing of bill of entry or the date of entry inwards, whichever is later [1701]

23.

89

Dextrose Monohydrate [1702)

24.

92

Molasses resulting from extraction or refining of sugar [1703]

25.

93

Chewing gum whether or not sugar coated [1704 10 00]

26.

94

Food preparations, for infant use and put up for retail sale, of-

(i) goods of headings 0401 to 0404, containing cocoa calculated on a totally defatted basis, in a proportion by weight of 5% or more but less than 10%; or

(ii) flour, meal, starch or malt extract containing cocoa calculated on a totally defatted basis, in a proportion by weight of 40% or more but less than 50% [1806 90)

27.

95

Preparations for infant use put up for retail sale [1901 10]

28.

98

preserved potatoes [2004 10 00]

29.

99

Peanut Butter [2008 11 00]

30.

105

Wine, for use as sacramental wine [22]

31.

108

Angostura bitters [2208]

32.

113

Fin fish feed [2301 20, 2309 90 32, 2309 90 39]

33.

115

Dietary soya fibre [2304]

34.

148

Naphtha, when imported by Ratnagiri Gas and Power Private Limited (RGPPL), for use in generation of electricity in the power plants of Ratnagiri Gas and Power Private Limited (RGPPL) at Dabhol, District Ratnagiri, Maharashtra [2710]

35.

149

Naphtha, when imported for generation of electrical energy by a generating company as defined in section 2(28) of the Electricity Act, 2003 (36 of 2003) to supply electrical energy-or to engage in the business of supplying electrical energy [2701]

36.

152

Propane, Butane [2711 12 00, 2711 13 00]

37.

160

Electrical energy [ 2716 00 00]

38.

170

Phosphoric acid, for the manufacture of fertilizers(28]

39.

212

Japanese Encephalitis (JE) vaccine, imported by the Andhra Pradesh Government through UNICEF [30]

40.

220

Kyanite salts, in a form indicative of their use for manurial purpose [31]

41.

243

Isolated soya protein [3504]

42.

244

Colour positive unexposed cinematographic film in jumbo rolls and colour negative unexposed cinematographic film in rolls of 400 feet and 1000 feet [37]

43.

245

Instant print film [3701 20 00 or 3702]

44.

246

Cinematographic films, exposed but not developed [3704]

45.

247

Promotional material (like Trailers, making of film etc.) imported in the form of electronic promotion kits (EPK)/ beta cams (Any Chapter)

46.

263

The following polymers of ethylene, namely: -

(i) Cow density polyethylene (LDPE),

(ii) Linear low-density polyethylene (LLDPE),

(iii) High density polyethylene (HDPE),

(iv) Linear medium density polyethylene (LMDPE),

(v) Linear high-density polyethylene (LHDPE) [3901]

47.

264

All goods other than poly 'so-butylene [39021

48.

266

All goods [3903]

49.

274

Compostable polymer or bio-plastic used in the manufacture of bio degradable agro mulching films, nursery plantation pots and flower pots [3913 90 90]

50.

275

Water blocking tape for use in the manufacture of insulated Wires and cables falling under heading 8544 (except sub-heading 8544 11) [3919 90 90]

51.

278

Subbed polyester base, imported by M/s. Hindustan Photo Films Manufacturing Company Limited, Udhagamandalam for the manufacture of medical or industrial X-ray films and graphic art films [39201

52.

286

Patent leather [4114 20 10]

53.

287

Raw furskins [4301). tanned and dried furskins [4302]

54.

386

Lead bars. rods. profiles and wire [7806]

55.

388

Zinc tubes, pipes and tube or pipe fittings [7907]

56.

389

Tin plates, sheets and strip, of a thickness exceeding 0.2 mm; tin foil (whether or not printed or backed with paper, paperboard, plastics or similar backing materials), of a thickness (excluding any backing) not exceeding 0.2 mm; tin powders and flakes [8007]

57.

398

Parts and components of the goods specified in List 10 required for use in high voltage power transmission project (Any chapter]

58.

401

All items of equipment including machinery and rolling stock, procured by or on behalf of Delhi Metro Rail Corporation Ltd. for use in-

(i) Delhi MRTS Project Phase-I, and

(ii) Specified corridors of Delhi MRTS Project Phase-Il, comprising of the following, namely: -

(a) Vishwavidyalaya- Jahangirpuri;

(b) Central Secretariat-Qutab Minar (via All India Institute of Medical Sciences);

(c) Shahdara- Dilshad Garden;

(d) Indraprastha-New Ashok Nagar;

(e) Yamuna Bank-Anand Vihar-lnter State Bus Terminus; and

(f) Kirti Nagar-Mundka (along with operational Link to Shahdara- Rithala corridor) (Any Chapter)

59.

412

Goods specified in List 15 required for construction of roads [84 or any other chapter]

60.

447

The following goods required for manufacture of Optical disk drives (ODD), namely: -

(i) Pick up assembly

(ii) Digital signature procession integrated circuit

(iii) DC motor

(iv) LDO voltage regulator [84 or Any other Chapter]

61.

456

The following goods, namely: -

(a) Sprinklers and drip irrigation systems for agricultural and horticultural purposes;

(b) Micro Irrigation equipment [8424]

62.

457

Poultry incubators and brooders [8436 21 00]

63.

459

Parts for manufacture of printers falling under sub heading 8443 32 (except 8443 99 51, 8443 99 52, 8443 99 53) [8443]

64.

465

CD -Writers (8471]

65.

474

MP3 or MP4 or MPEG 4 player with or without radio or video reception facility [85]

66.

483

One set of pre-recorded cassettes accompanying books for learning languages and essential complement to such books, [85]

67.

484

Audio cassettes, if recorded with material from books, newspaper or magazines, for the blind [85]

68.

515

Colour television picture tubes for use in the manufacture of cathode ray televisions [8540 11]

 

 


Full Text:

Budget 2020-21 + FINANCE BILL, 2020

Topics

Acts Income Tax