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 characters0/2000
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.
RelevanceDefaultDate
    ManualsIncome Tax
    What is the taxability of opening balance as on 1st day of April 2016 of Foreign Currency Translatio...
    ManualsIncome Tax
    Since section 43A is applicable for a foreign currency liability in respect of an asset acquired fro...
    ManualsIncome Tax
    How to recognise the exchange difference In respect of transactions that are settled beyond the end ...
    ManualsIncome Tax
    How are foreign exchange differences to be recognized.
    ManualsIncome Tax
    What is the manner in which foreign currency transactions are to be recorded.
    ManualsIncome Tax
    What is the treatment of expenditure incurred on test runs.
    ManualsIncome Tax
    What is the value at which fixed assets are to be recorded as per ICDS V relating to tangible fixed ...
    ManualsIncome Tax
    If the taxpayer sells a security on the 30th day of April 2017. The interest payment dates are Decem...
    ManualsIncome Tax
    Does ICDS-IV apply to interest received by an assessee on compensation or on enhanced compensation.
    ManualsIncome Tax
    Whether ICDS is applicable to revenues which are liable to tax on gross basis like interest, royalty...
    ManualsIncome Tax
    The condition of reasonable certainty of ultimate collection is not laid down for taxation of intere...
    ManualsIncome Tax
    How revenue from leases and hire purchase transactions will be recognised.
    ManualsIncome Tax
    Since there is no specific scope exclusion for real estate developers and Build -Operate- Transfer (...
    ManualsIncome Tax
    Whether the costs incurred for securing the contract would have to be claimed in the year of incurre...
    ManualsIncome Tax
    What is the treatment of incidental income that arises from construction contract.
    ManualsIncome Tax
    Does proviso to section 36(1)(iii) apply on construction contract i.e. interest paid on capital borr...
    ManualsIncome Tax
    whether the recognition of retention money, receipt of which is contingent on the satisfaction of ce...
    ManualsIncome Tax
    What is the manner of recognizing contract revenue during the early stages of a contract.
    ManualsIncome Tax
    What is the manner of recognition of revenue and expenses from construction contracts under ICDS III...
    ManualsIncome Tax
    How to deal with a case where contract revenue is not recorded in the books of account, but offered ...
❯❯
MaximizeMaximizeMaximize
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 SummariesHide All Summaries
    ManualsIncome Tax
    Show AI Summary
    Taxability of foreign currency translation reserve: opening FCTR to be included in income unless previously recognised, requiring professional judgment.
    The opening balance of the Foreign Currency Translation Reserve (FCTR) as on 1 April 2016 relating to exchange differences on monetary items for non integral foreign operations shall be recognised in the relevant previous year as income to the extent not previously included in income computation; the correctness of this recognition is debatable and requires appropriate professional judgment because conversion does not create real income and ICDS treatment may not apply to earlier years.
    ManualsIncome Tax
    Show AI Summary
    Foreign currency liabilities treatment: exchange differences on monetary items hit profit or loss; non monetary differences not taxable or deductible.
    Section 43A does not apply to foreign currency liabilities for purchase of assets in India; such liabilities are governed by ICDS VI. Per ICDS VI para 5(i), exchange differences on monetary items are recognised in the profit and loss account, whereas exchange differences on non monetary items are neither taxable nor deductible.
    ManualsIncome Tax
    Show AI Summary
    Exchange difference recognition requires periodic recognition until final settlement, treated as income or expense for monetary items.
    Exchange differences on monetary transactions settled after the end of the previous year must be recognised in each intervening period up to final settlement, with exchange gain or loss on settlement treated as income or expense, except for items relating to nonintegral foreign operations.
    ManualsIncome Tax
    Show AI Summary
    Foreign exchange differences: monetary item gains and losses recognised as income or expense, non-monetary conversion differences excluded.
    Exchange differences on monetary items (cash and assets or liabilities receivable or payable in fixed or determinate amounts of money) arising on settlement or on the last day of the financial year must be recognised as income or expense of that year. Exchange differences on non-monetary items arising on conversion at the last day of the year are not to be recorded as income or expense for that year.
    ManualsIncome Tax
    Show AI Summary
    Foreign currency transaction recording: use transaction-date exchange rate or a stable weekly/monthly average when fluctuations are insignificant.
    Under ICDS VI, a foreign currency transaction must be initially recorded in the reporting currency using the exchange rate on the transaction date; if rates do not fluctuate significantly from actuals, a weekly or monthly average rate may be used instead.
    ManualsIncome Tax
    Show AI Summary
    Capitalization of test-run and commissioning expenditure: pre-commercial costs capitalized, post-commercial costs treated as revenue excluding general overheads.
    Expenditure on start-up and commissioning, including test runs and experimental production, must be capitalized as part of the cost of the tangible fixed asset until commercial production begins; expenditure after commercial production is revenue expenditure. Administration and general overheads not relating to a specific tangible fixed asset are excluded from asset cost and treated as revenue expenditure.
    ManualsIncome Tax
    Show AI Summary
    Valuation of tangible fixed assets requires recording at actual cost including nonrecoverable taxes and directly attributable expenditures.
    Valuation of tangible fixed assets under ICDS V requires recording assets at actual cost, comprising purchase price, duties and taxes that are not recoverable, and other directly attributable expenditure necessary to bring the asset to its intended use; recoverable taxes are excluded.
    ManualsIncome Tax
    Show AI Summary
    Accrual basis interest recognition: interest taxed on accrual must be included when computing capital gain from subsequent sale.
    Where interest has been accounted as income on an accrual basis before the sale of a security, the amount already taxed as interest income on accrual basis shall be taken into account for computation of income arising from such sale.
    ManualsIncome Tax
    Show AI Summary
    Interest on compensation taxed as Income from Other Sources when received; accounting standard ICDS does not displace the statute.
    Interest received on compensation or enhanced compensation is taxable in the year of receipt and must be reported under Income from Other Sources, regardless of whether the assessee uses mercantile or cash accounting; where ICDS IV conflicts with the Act the statute prevails.
    ManualsIncome Tax
    Show AI Summary
    ICDS applicability to gross-basis incomes confirms ICDS governs computation of taxable interest, royalty and fees for technical services.
    ICDS IV (Revenue Recognition) applies to incomes taxed on a gross basis, including interest, royalty and fees for technical services payable to non-residents, and such receipts must be computed and recognized under ICDS principles for determining the amount chargeable to tax.
    ManualsIncome Tax
    Show AI Summary
    Accrual-based revenue recognition: interest and royalty must be recognised despite collection uncertainty; statutory provisions prevail.
    Interest is recognised on a time basis and royalty according to contractual terms; later non recovery may be claimed as a deduction under the amended deduction provisions, and applicable statutory provisions prevail over ICDS IV.
    ManualsIncome Tax
    Show AI Summary
    Revenue recognition for leases: lease treated as income not sale; lessor taxed on rent and entitled to depreciation.
    ICDS IV recognises revenue when risk and rewards transfer, so leases are not sales: lease rent is taxable income and the lessor may claim depreciation. Under hire purchase, both parties cannot claim depreciation on the same asset; substance-over-form principles indicate the owner giving the asset on hire should recognise sale while the hirer is entitled to depreciation.
    ManualsIncome Tax
    Show AI Summary
    Revenue recognition under ICDS IV applies to real estate developers and BOT operators absent a specific exclusion.
    In the absence of any specific ICDS notified for real estate developers, BOT projects and leases, the relevant provisions of the Income tax Act and applicable ICDS (including ICDS III and ICDS IV) apply to revenue recognition, income computation and disclosure for those transactions.
    ManualsIncome Tax
    Show AI Summary
    Work-in-progress treatment: costs to secure construction contracts must be capitalised and not deducted until related work is performed.
    Precontract costs to secure construction contracts must be treated as an asset and characterised as work-in-progress, representing amounts due from customers, and therefore should not be claimed as a deduction in the year of incurrence but carried forward and recognised when the related construction or installation work is performed.
    ManualsIncome Tax
    Show AI Summary
    Incidental income in construction contracts: deduct from contract costs; investment returns taxed separately under income provisions.
    Incidental incomes arising from construction contracts are not part of contract revenue and must be reduced from contract costs; examples include sale of surplus materials and disposal of plant and equipment. Income in the nature of interest, dividends and capital gains is excluded from incidental income and is taxed separately under applicable law.
    ManualsIncome Tax
    Show AI Summary
    Proviso to section 36(1)(iii) inapplicable to construction contracts; interest on contract borrowings is deductible for execution purposes.
    Proviso to section 36(1)(iii) does not apply to borrowings by contractors for executing construction contracts because such borrowings are not for acquisition of an asset; therefore interest on capital borrowed attributable to a construction contract is not barred by the proviso and is allowable as a deduction under ICDS III.
    ManualsIncome Tax
    Show AI Summary
    Retention money recognition: recognise as revenue only when reasonable certainty of ultimate collection exists under ICDS construction rules.
    Retention money within a construction contract is part of contract revenue and should be recognised as revenue on billing only when there is reasonable certainty of its ultimate collection, based on the contract's performance criteria and para 9 of ICDS on construction contracts.
    ManualsIncome Tax
    Show AI Summary
    Contract revenue recognition: recognize only costs incurred when outcome is not reliably estimable; early-stage limit applies.
    When the outcome of a construction contract cannot be estimated reliably, revenue is recognized only to the extent of costs incurred, subject to an early-stage completion limit specified in the Income Computation and Disclosure Standard on Construction Contracts.
    ManualsIncome Tax
    Show AI Summary
    Percentage of completion method recognizes construction contract revenue, expenses and profit by proportion of work completed.
    Recognition of revenue and expenses for construction contracts under ICDS III is governed by the percentage of completion method, whereby revenue, costs and profit are recognized by reference to the stage of completion of contract activity on the reporting date and reported in proportion to work completed.
    ManualsIncome Tax
    Show AI Summary
    Bad debt deduction available without book write off when previously taxed income becomes irrecoverable under the statutory proviso.
    If contract revenue was offered to tax under ICDS but not recorded in the books and later becomes irrecoverable, it cannot be written off in the absence of a book entry; instead, deduction may be claimed under the statutory proviso allowing bad debt deduction without book write off where the amount was taken into account in computing income in the previous year in which it became irrecoverable or an earlier year.

    TMI Notes

    Back

    All TMI Notes

    Showing Results for :
    Reset Filters
      No Records Found

      TMI Notes

      Back

      All TMI Notes

      whatsappJoin Channel
      Showing Results for : Reset Filters

      CUSTOMS DUTY EXEMPTIONS / CONCESSIONS BEING ALLOWED TO LAPSE

      24 July, 2024

      Contents
      Notifications
      Plus +
      Summary
      Note

      Note

      -

      Bookmark

      Print

      Print

      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      Certain BCD exemptions entries under S No. 50/2017-Customs dated 30.6.2017 and other notifications are being allowed to lapse with effect from 30.9.2024.

      (a) The following entries of notification no. 50/2017-Customs dated 30.6.2017 are being allowed to lapse with effect from 30.9.2024:

      S. No.

      S N of 50/2017 Customs

      Description

      1.

      478

      Wireless apparatus, accessories and parts as specified in List 29 imported by a licensed amateur radio operator

      2.

      353

      Foreign currency coins when imported into India by a Scheduled Bank

      3.

      387

       Zinc metal recovered by toll smelting or toll processing from zinc concentrates exported from India for such processes

      4.

      441

      Spinnerettes made inter alia of Gold, Platinum and Rhodium or any one or more of these metals, when imported in exchange of worn-out or damaged spinnerettes exported out of India

      5.

      238

      Organic/inorganic Coating material for manufacture of electrical steel

      6.

      254

      Catalyst for manufacture of cast components of Wind Operated Electricity Generator

      7.

      255

      Resin for manufacture of cast components of Wind Operated Electricity Generator

      8.

      277A

      Calendared plastic sheet for manufacturing of Smart Card under chapter heading 8523

      9.

      339

      Concessional rate on import of Toughened glass with low iron content and transmissivity of minimum 91% and above, for use in manufacture of solar thermal collectors or heaters

      10.

      421

      Specified goods required for basic telephone service, cellular mobile telephone service, internet service or closed users’ group 64 KBPS domestic data network via INSAT satellite system service and parts, for manufacture of the goods

      11.

      479

      Mono or Bi polar Membrane electrolysers and parts thereof including secondary brine purification components, jumper switches, filtering elements for hydrogen filters for caustic soda or potash units; Membrane and parts thereof or other parts for caustic soda or potash units;

      12.

      475

      Specified goods including scramblers, descramblers, encoders, decoders, jammers, network firewalls, network sniffers, scanners and monitoring systems, probes for data monitoring and SMS/MMS monitoring systems

      13.

      482

      Newspaper page transmission and reception facsimile system or equipment; and Telephoto transmission and reception system or equipment

      14.

      495

      Batteries for electrically operated vehicles, including two and three wheeled electric motor vehicles.

      15.

      497

      Active Energy Controller (AEC) for use in manufacture of Renewable Power System (RPS) inverters

      16.

      579

      Survey (DGPS) instruments, 3D modeling software for ore body simulation cum mine planning and exploration (geophysics and geochemistry) equipment required for surveying and prospecting of minerals

      17.

      419

      Aluminium Oxide for manufacture of washcoat of catalytic converter

      18.

      420

      Clay 2 powder for use in ceramic substrate for catalytic convertor

      19.

      340

      Solar tempered glass or solar tempered (anti-reflective coated) glass for use in manufacture of solar cells/panels/modules

      20.

      565

      Specified goods for use in the manufacture of Flexible Medical Video Endoscope [heading 9018]

      21.

      566

       Specific input goods for manufacture of syringes, needles, catheters and cannulae

      22.

      568

      Parts and components for manufacture of blood pressure monitors and blood glucose monitoring system (Glucometers)

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      (b) The following notifications are being allowed to lapse with effect from 30.9.2024:

      S. No

      Notification No.

      Description

      1.

      97/99-Customs dated 21 July 1999

      Exempts BCD and additional duty under Sections 3(1), 3(3) and 3(5) on standard gold bars imported by a RBI authorised bank

      2.

      30/2004-Customs dated 28 January 2004

      Provides full exemption from BCD to second-hand computers/accessories and peripherals received as donation by schools, charitable institutions.

      3.

      102/2007-Customs dated 14 September 2017

      Provides exemption from Special Additional Duty (SAD) levied vide section 3(5) of CTA on to all goods imported for subsequent sale when IGST, CGST, SGST or UTGST paid by importer.

      4.

      45/2005-Customs dated 16 May 2005

      Provides exemption from Special Additional Duty levied under Section 3(5) of CTA on goods cleared from SEZ to DTA.

      5.

      151/94-Customs dated 13 July 1994

      Provides exemption to imports of duty-paid fuel and lubricating oil on aircrafts taken during the outward flight; goods imports by United Arab Airlines; aircraft engines, spares imported by Indian Airlines and Air India International. Re-import entries will operate from re-import notification 45/2017-Cus

      6.

      26-Customs dated 19th February 1962

      Provides exemption from import duty under the Sea Customs Act on catering cabin equipment, food and drink on re-importation by aircrafts of the Indian Airlines Corporation from foreign flights

      Note: Description of entries is indicative. Notification may be referred to for complete description.


      Full Text:

      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      Topics

      ActsIncome Tax