Loading...

⚠ ✕
❮ 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

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
    Act Rules Bills
    Transparency and Tax Incentives in Political Funding : Clause 136 of the Income Tax Bill, 2025 Vs. S...
    Act Rules Bills
    Redefining Tax Deductions for Scientific and Rural Advancement : Clause 135 of the Income Tax Bill, ...
    Act Rules Bills
    Modernising Charitable Tax Incentives : Clause 354(1) of Income Tax Bill, 2025 Vs. Section 80G(5) of...
    Act Rules Bills
    Modernizing Tax Benefits for Higher Education : Clause 129 of the Income Tax Bill, 2025 Vs. Section ...
    Act Rules Bills
    Promoting Affordable Housing through deduction in respect of interest on loans : Clause 130 of the I...
    Act Rules Bills
    Promoting Home Ownership by allowing deductions on interest payments : Clause 131 of Income tax Bill...
    Act Rules Bills
    Promoting Green Transportation tax Incentives for Electric Vehicles : Clause 132 of the Income Tax B...
    Act Rules Bills
    Transformation of Tax Deduction Mechanism in respect of donations to certain funds : Clause 133 of t...
    Act Rules Bills
    Simplified Rent Deduction Mechanism for Non-HRA Assessees : Clause 134 of the Income Tax Bill, 2025 ...
    Act Rules Bills
    offer financial relief to taxpayers who incur significant medical expenses on Specified Diseases in ...
    Act Rules Bills
    Supportive Tax Provisions for Individuals and HUFs Caring for Disabled Dependents persons : Clause 1...
    Act Rules Bills
    Understanding Health Insurance Deductions : Insights from Clause 126 of the Income Tax Bill, 2025 Vs...
    Act Rules Bills
    Tax incentives to individuals who are enrolled in the Agnipath Scheme : Clause 125 of the Income Tax...
    Act Rules Bills
    Tax Incentives for Pension Contributions under NPS : Clause 124 of the Income Tax Bill, 2025 Vs. Sec...
    Act Rules Bills
    Statutory provision offering tax deductions through savings and investments in specified financial p...
    Act Rules Bills
    Comprehensive Guide to Understanding Deductions from Gross total income in Clause 122 of Income Tax ...
    Act Rules Bills
    Conditions for submission of returns for losses and such losses can be carried forward and set off a...
    Act Rules Bills
    Disallowing the set-off of losses against undisclosed income detected through searches, requisitions...
    Act Rules Bills
    Legal Insights into carry forward and set off of losses under the head "Capital gains" : Clause 111 ...
    Act Rules Bills
    Condition for carry forward and set off of losses in cases of strategic restructuring : Clause 119 o...
❮
❯
❯❯
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
Act Rules Bills
Show AI Summary
Corporate political donation deduction limited to non cash payments to registered parties, aligned with company law governance obligations.
Clause 136 permits deduction only to Indian companies for non-cash contributions to political parties registered under section 29A of the Representation of the People Act or to electoral trusts, and defines "contribute" by reference to section 182 of the Companies Act, 2013, thereby importing board-approval, disclosure and reporting obligations and excluding cash donations to ensure traceability and alignment with corporate governance standards.
Act Rules Bills
Show AI Summary
Tax deduction for research donations narrowed, shifting compliance to recipient reporting and preserving donor protection for post donation approval withdrawal.
Clause 135 provides a deduction for donations to approved institutions for scientific and social science/statistical research, requires recipient approval under the new Act's cross references, excludes donors with business or professional income from claiming the deduction, disallows large cash contributions, and conditions allowance of the deduction on information furnished by the payee to the tax authority subject to risk based verification; it also protects donors where recipient approval is withdrawn after the donation.
Act Rules Bills
Show AI Summary
Charitable donation approval: new time bound, digital compliance regime for donor deductions with stricter reporting requirements.
Clause 354(1) creates a reworked approval regime for registered non profit organisations to qualify for donor tax deductions under section 133(1)(b)(ii), requiring application to the Principal Commissioner or Commissioner and satisfaction of specified conditions: non sectarian status, restriction on asset transfer to non charitable purposes, maintenance of regular accounts, filing prescribed statements with correction mechanisms, issuance of standardised donor certificates, and compliance with defined timelines for application, provisional approval and renewal.
Act Rules Bills
Show AI Summary
Deduction for interest on educational loans expanded to modernize eligibility and ease higher education financing.
Clause 129 permits individual assessees to claim a deduction for interest paid on loans for higher education taken for the assessee or specified relatives, with the deduction available from the initial tax year of interest payment and continuing for a set number of subsequent tax years or until the interest is fully repaid; key terms such as higher education, financial institution, and approved charitable institution are defined to align with and modernize existing tax frameworks.
Act Rules Bills
Show AI Summary
Deduction for home loan interest offered to eligible first-time buyers under the new provision, subject to exclusivity and eligibility limits.
Clause 130 provides a capped deduction for interest on loans from defined financial institutions for acquisition of residential house property, limited to loans meeting prescribed sanctioning, loan-amount and property-value conditions and where the assessee did not own residential property at sanction. The clause includes clear definitions and an exclusivity rule preventing claiming similar deductions under other provisions.
Act Rules Bills
Show AI Summary
Deduction for home loan interest extends targeted tax relief to eligible buyers subject to timing, property value, and ownership conditions.
Clause 131 provides a capped deduction for interest on loans from defined financial institutions for acquisition of residential property, limited to borrowers not eligible under an alternate clause; conditions include a specified loan sanction window, a property value ceiling, absence of residential ownership at sanction, and an exclusivity rule preventing the same interest being deducted under another provision.
Act Rules Bills
Show AI Summary
Tax deduction for electric vehicle loan interest continues under new clause mirroring prior eligibility and exclusivity rules.
Deduction for interest on loans to purchase electric vehicles is extended in substance by Clause 132, mirroring Section 80EEB: eligibility is limited to individuals with loans from defined financial institutions, the benefit is subject to a specified cap, loans must be sanctioned within the stated time window, claims are exclusive of other interest deductions, and "electric vehicle" is technically defined as a battery electric vehicle with regenerative braking.
Act Rules Bills
Show AI Summary
Deduction for charitable donations: consolidated framework updates eligible recipients, compliance, digital reporting and anti-duplication rules.
Clause 133 creates a consolidated deduction regime for monetary donations to specified funds and institutions, distinguishing deduction tiers, imposing an aggregate income-related cap on certain donations, prohibiting duplicate claims for the same donation, and requiring non-cash payment for larger contributions. Deduction entitlement is conditional on donee institutions furnishing prescribed information and accepting risk-based verification; definitions exclude purposes wholly or substantially of a religious nature and delegate procedural detail to subordinate legislation.
Act Rules Bills
Show AI Summary
Rent deduction for non-HRA assessees clarifies eligibility, computation limits, ownership exclusions and rule made procedural conditions.
Clause 134 grants a deduction for rent paid by individuals for residential accommodation occupied as their own residence, allowable only for rent exceeding 10% of total income and capped at the lower of a prescribed monthly ceiling or 25% of total income, with percentages computed on total income before this deduction. The clause excludes assessees who own residential accommodation at the relevant place or who fall within a specified schedule entry, and authorises rule making for additional conditions and procedural requirements to enable verification and prevent double benefit.
Act Rules Bills
Show AI Summary
Medical expense deduction for specified diseases allows capped relief with specialist prescriptions and insurer offset.
Clause 128 permits residents, including individuals and HUFs, to deduct out-of-pocket medical treatment expenses for specified diseases subject to prescribed monetary caps, requires prescriptions from specified medical specialists, reduces deductions by amounts reimbursed by insurers or employers, provides an increased cap for senior citizens, and defines key terms such as dependant and insurer; the clause aligns with Section 80DDB and Rule 11DD while simplifying certain documentation requirements and deferring disease enumeration to rules or notifications.
Act Rules Bills
Show AI Summary
Deduction for disabled dependents: proposed clause mirrors existing relief while altering exclusions and insurance conditions and documentation requirements.
Clause 127 permits resident individuals and HUFs to deduct expenses for maintenance, medical treatment, training or rehabilitation of a dependant with a disability and contributions to qualifying insurance schemes; it prescribes standard and higher deduction limits for severe disability, conditions for scheme-based deductions (annuity or lump sum on death or at a specified age), taxability if the dependant predeceases the taxpayer, a mandatory medical certificate (with renewal where required), and an exclusion for dependants claiming relief under a separate provision.
Act Rules Bills
Show AI Summary
Health insurance deduction expanded to cover premiums, medical expenditure, preventive checks, and senior citizen relief.
Clause 126 provides deductions for health insurance premia and medical expenditure for individuals and HUFs, establishes separate caps for assessees and parents, specifies an aggregate ceiling for combined insurance and medical claims, allows a sub cap for preventive health check ups, prescribes payment modes with non cash norms for most deductions, recognises enhanced relief and lump sum treatment for senior citizens, and sets definitions and insurer eligibility criteria to guide application.
Act Rules Bills
Show AI Summary
Deduction for Agniveer contributions enables tax relief for enrolled personnel, encouraging savings, recruitment and retention.
A statutory deduction allows full deduction of contributions to the Agniveer Corpus Fund by individuals enrolled in the Agnipath Scheme and of corresponding Central Government contributions, with eligibility defined by enrolment and effective date; taxpayers must substantiate contributions and authorities must adapt administration and reporting to process both individual and government contributions.
Act Rules Bills
Show AI Summary
Pension contribution deduction: new Clause enhances employer and individual relief while clarifying withdrawal and annuity rules.
Clause 124 establishes statutory deductions for employer and individual contributions to Central Government-notified pension schemes, prescribing differentiated employer contribution caps, an aggregate individual contribution cap applicable to both adult and minor accounts, anti-double-deduction rules, taxable treatment of withdrawals with nominee/guardian exceptions on death, annuity purchase deferral of receipt, and a defined conception of salary for limit calculations.
Act Rules Bills
Show AI Summary
Deduction for specified savings: new clause aligns tax incentives with existing framework while preserving compliance conditions.
Clause 123 grants deductions to individuals and HUFs for payments in a tax year towards life insurance premia, deferred annuities, provident fund contributions and other specified investments listed in Schedule XV, subject to a maximum deduction of INR 1,50,000 and to conditions set out in Schedule XV; it aligns with Section 80C's policy of incentivising long term savings while differing in the specific catalogue of eligible investments and the detailed conditions governing deductibility.
Act Rules Bills
Show AI Summary
Deductions from Gross Total Income now constrained by non-duplication and market-value rules, tightening tax compliance obligations.
Clause 122 governs deductions from gross total income by capping aggregate deductions at gross total income, prohibiting duplication of deductions between entity and member levels, restricting multiple claims under different provisions, conditioning deductions on timely filing and claiming in the return, and requiring inter-business transfers to be recorded at market value; it also defines gross total income for deduction purposes.
Act Rules Bills
Show AI Summary
Filing requirement for loss carryforward: procedural return submission determines eligibility to set off future taxable income.
Only losses determined pursuant to a return filed under the prescribed statutory procedure qualify for carry forward and set off; Clause 121 conditions eligibility on a return filed under Section 263(1) while Section 80 conditions it on a return filed under Section 139(3), each referencing the statutory provisions that define eligible loss categories and thereby tying substantive loss recognition to procedural compliance.
Act Rules Bills
Show AI Summary
Disallowing set off of losses against undisclosed income prevents offset after tax searches, requisitions, or surveys.
Clause 120 of the Income Tax Bill, 2025 disallows any loss, whether carried forward or otherwise, and any unabsorbed depreciation from being set off against undisclosed income included in total income where such income is detected as a consequence of a search, requisition, or survey; the clause is expressly overriding and depends on the Bill's definition of undisclosed income for its scope.
Act Rules Bills
Show AI Summary
Carry forward of capital losses: long-term losses limited to long-term gains; short-term losses may be set off under new Bill.
Clause 111 and Section 74 permit carry forward and set off of unabsorbed capital losses, distinguishing long-term losses (set off only against long-term capital gains) from short-term losses (set off against any capital gains), and both limit carry forward to an eight-year period measured from the year the loss was computed; Clause 111 uses the term "tax year" and cross-references related provisions in the new Bill while Section 74 refers to "assessment year."
Act Rules Bills
Show AI Summary
Carry-forward restrictions on losses after ownership or constitution changes limit tax benefits from strategic restructuring.
Clause 119 restricts carry forward and set off of losses after changes in firm constitution, business succession by non-inheritance successors, and corporate shareholding changes unless continuity of beneficial voting power is maintained. It permits an exception for start-ups where all original shareholders retain their shares and losses occurred within the first ten years, and enumerates exceptions (death, gifts to relatives, specified amalgamations/demergers, approved insolvency resolution plans) while defining terms relevant for application.

TMI Notes

Back

All TMI Notes

Showing Results for :
Reset Filters
No Records Found

TMI Notes

Back

All TMI Notes

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

Acts Income Tax