Just a moment...

⚠✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Keyword Search :
AI Tools : New
Ask tax questions in natural language. Powered by AI trained on the TaxTMI legal database. Use AI Tools ➞
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
  6. The system will try to fetch results that contains ALL your words.
  7. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
    8. 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
    Whether the recognition of retention money, receipt of which is contingent on the satisfaction of ce...
    ManualsIncome Tax
    Is it correct that even service providers are now required to record inventory?
    ManualsIncome Tax
    Does ICDS II apply to the trader or dealer of livestock, agriculture and forest products mineral oil...
    ManualsIncome Tax
    Does provisions of ICDS II apply to shares of a company in which public are not substantially intere...
    ManualsIncome Tax
    Does the provisions of ICDS II apply on derivatives.
    ManualsIncome Tax
    ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific discl...
    ManualsIncome Tax
    As per ICDS-I the Marked to Market loss or an expected loss shall not he recognized unless the recog...
    ManualsIncome Tax
    Since ICDS is not applicable for the purposes of maintenance of books of account, then what is the p...
    ManualsIncome Tax
    Where a term has not been defined under ICDS, nor under the Act, but has different interpretations g...
    ManualsIncome Tax
    Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Mini...
    ManualsIncome Tax
    In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governi...
    ManualsIncome Tax
    Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents...
    ManualsIncome Tax
    Does ICDS apply for the purposes of computing exemption u/s 11 to 13.
    ManualsIncome Tax
    Does ICDS apply to the applicability aspect of the TDS.
    ManualsIncome Tax
    How will ICDS apply to companies which adopted Ind-AS. (Indian accounting standards)
    ManualsIncome Tax
    Whether the provisions of ICDS shall apply to Banks, Non-banking financial institutions, Insurance ...
    ManualsIncome Tax
    Whether ICDS is applicable to Non-Residents whose income is liable to be taxed at a flat rate of tax...
    ManualsIncome Tax
    Can a assessee opt to change his method of accounting from mercantile to cash basis.
    ManualsIncome Tax
    Can ICDS would apply to other categories of taxpayers whose income is taxed under presumptive tax sc...
    ManualsIncome Tax
    Can a assessee can follow different methods of accounting for different sources of income under the ...
❮
❯
❯❯
MaximizeMaximizeMaximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

    +

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

    NOTE:

    Open Link
    Notes
    Showing Results for :
    Reset Filters
    Results Found:
    Show All SummariesHide All Summaries
    ManualsIncome Tax
    Whether the recognition of retention money, receipt of which is contingent on the satisfaction of ce...
    Show AI Summary
    Retention money recognition as revenue requires reasonable certainty of ultimate collection under ICDS on construction contracts.
    Retention money, as part of overall contract revenue under the ICDS on construction contracts, shall be recognised as revenue only when the contingency tied to performance is satisfied or there is reasonable certainty of its ultimate collection.
    ManualsIncome Tax
    Is it correct that even service providers are now required to record inventory?
    Show AI Summary
    Inventory recording requirement under ICDS II now mandates service providers to maintain inventories and disclose valuation for tax purposes.
    Service providers are required to maintain records of inventories under the ICDS II standard on valuation of inventories, extending mandatory inventory recognition, valuation and disclosure obligations to entities providing services for purposes of income computation.
    ManualsIncome Tax
    Does ICDS II apply to the trader or dealer of livestock, agriculture and forest products mineral oil...
    Show AI Summary
    Valuation of Inventories: ICDS II applies to traders and dealers of primary commodities while excluding producers.
    ICDS II governs valuation of inventories for income computation and disclosure. The standard is excluded for a producer of primary goods like livestock, agricultural and forest products, mineral oils, ores and gases, but it applies to persons who trade or deal in those commodities; therefore the producer/dealer distinction determines whether ICDS II applies.
    ManualsIncome Tax
    Does provisions of ICDS II apply to shares of a company in which public are not substantially intere...
    Show AI Summary
    ICDS II valuation excluded for closely held company shares when ICDS VIII classifies them as securities outside its scope.
    Shares of a company in which the public are not substantially interested are excluded from ICDS II valuation even if held as inventory, because ICDS VIII's definition of securities expressly includes such shares, placing them outside ICDS II's scope.
    ManualsIncome Tax
    Does the provisions of ICDS II apply on derivatives.
    Show AI Summary
    ICDS II applicability to derivatives: derivatives held as inventory fall under ICDS II because securities exclusion applies.
    Where an assessee holds derivatives as part of inventory, the valuation and related provisions of ICDS II apply because the definition of securities in ICDS VIII expressly excludes derivatives, so such instruments are governed by the inventory valuation standard rather than the securities disclosure regime.
    ManualsIncome Tax
    ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific discl...
    Show AI Summary
    Disclosure of accounting policies: ICDS requires taxpayers to disclose net ICDS effect in returns and tax audit report.
    ICDS I mandates disclosure of significant accounting policies and requires the net effect on taxable income from application of ICDS to be disclosed in the Return of Income; ICDS disclosures are to be made in the tax audit report in Form 3CD, with no separate disclosure requirement for persons not liable to tax audit.
    ManualsIncome Tax
    As per ICDS-I the Marked to Market loss or an expected loss shall not he recognized unless the recog...
    Show AI Summary
    Marked-to-market gain recognition: ICDS I's non-recognition rule for MTM loss applies equally to gains.
    Recognition of marked-to-market losses or expected loss is disallowed under ICDS I unless permitted by other ICDS provisions; the same conditional rule applies mutatis mutandis to recognition of marked-to-market gains or expected profit, so gains or anticipated income may not be recognised for income computation unless another ICDS expressly authorises recognition.
    ManualsIncome Tax
    Since ICDS is not applicable for the purposes of maintenance of books of account, then what is the p...
    Show AI Summary
    Accounting Policies: treat ICDS I as computation policies affecting taxable income computation, not books of account.
    ICDS I should be read as prescribing computation policies for taxable income so that accrual, going concern, consistency, substance over form and non recognition of mark to market losses apply to income computation under business or other sources, and the disclosure requirement concerns the policies used in computing income rather than the policies used for maintaining books of account.
    ManualsIncome Tax
    Where a term has not been defined under ICDS, nor under the Act, but has different interpretations g...
    Show AI Summary
    Interpretation of undefined tax terms: ICDS provisions generally govern unless declared ultra vires by a competent authority.
    Where a term in the ICDS coincides with terminology in Accounting Standards, the AS interpretation generally applies; where no AS analogue exists, judicial tax-law interpretations ordinarily govern. If a current ICDS provision conflicts with earlier AS or judicial interpretations, the ICDS provision will prevail for tax computation and disclosure unless declared ultra vires by a competent court or authority.
    ManualsIncome Tax
    Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Mini...
    Show AI Summary
    ICDS applicability: ICDS do not apply to MAT on book profit but apply to AMT on adjusted total income.
    ICDS do not apply to MAT because MAT is computed on book profit as per the Profit and Loss Account under company law, with specific statutory adjustments; ICDS are not incorporated into that book profit basis. ICDS apply to AMT because AMT is calculated on adjusted total income derived from total income determined under the regular tax provisions, and ICDS affect that regular computation.
    ManualsIncome Tax
    In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governi...
    Show AI Summary
    Income Computation standards: specific tax-rule provisions prevail over general ICDS when the two provisions conflict.
    ICDS are subordinate general principles for computing income and do not override specific provisions of the Income-tax Rules; where a specific rule governs a particular circumstance, that rule prevails over any inconsistent ICDS guidance.
    ManualsIncome Tax
    Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents...
    Show AI Summary
    ICDS applicability may govern specified transactional tax issues, raising whether prior judicial precedents remain operative.
    The ICDS, notified under section 145(2), are intended to standardise computation of business and other income for the transactional issues they address and apply to assessment years following notification. They were framed after reviewing judicial views to supply authoritative guidance where earlier judicial decisions arose without statutory standards; nevertheless, some ICDS provisions may conflict with those precedents, posing a question about which authority should prevail.
    ManualsIncome Tax
    Does ICDS apply for the purposes of computing exemption u/s 11 to 13.
    Show AI Summary
    ICDS application: accounting standards govern business income computation for exempt trusts, triggering ICDS when commercial books are maintained.
    ICDS do not apply to the standalone computation of exemption for charitable entities based on the commercial concept of income; however, when income is taxed under the regular heads, ICDS apply to income classified under Profits and Gains of Business or Profession and Income from Other Sources if books are kept on the mercantile system. If a trust carries on incidental business with separate books, business income must be computed on a commercial basis and ICDS apply to that business income despite entitlement to charitable exemption.
    ManualsIncome Tax
    Does ICDS apply to the applicability aspect of the TDS.
    Show AI Summary
    Applicability of ICDS may indirectly determine whether TDS provisions apply by altering gross receipts/turnover calculations.
    ICDS influence the computation of gross receipts/turnover used to determine whether statutory TDS provisions apply; while ICDS govern income computation and not TDS rules, their application to receipts can indirectly change whether individuals, HUFs or presumptive taxpayers cross the turnover benchmarks that attract TDS obligations.
    ManualsIncome Tax
    How will ICDS apply to companies which adopted Ind-AS. (Indian accounting standards)
    Show AI Summary
    ICDS applicability: applies to taxable income computation under business or other income irrespective of Ind AS adoption.
    For computing taxable income under the heads Profits and Gains of Business or Profession and Income from Other Sources, ICDS provisions govern determination of income irrespective of whether an entity follows erstwhile Accounting Standards or Ind AS for financial reporting; companies adopting Ind AS must apply ICDS adjustments when computing taxable income under those heads.
    ManualsIncome Tax
    Whether the provisions of ICDS shall apply to Banks, Non-banking financial institutions, Insurance ...
    Show AI Summary
    ICDS applicability clarified: sector-specific provisions and statutory overrides determine application to banks, insurers and financial firms.
    ICDS apply generally for income computation unless an ICDS contains sector-specific provisions or the substantive law provides a special regime; ICDS VIII addresses banks and certain financial institutions, while statutory and regulatory accounting requirements for insurance business prevail over general ICDS provisions.
    ManualsIncome Tax
    Whether ICDS is applicable to Non-Residents whose income is liable to be taxed at a flat rate of tax...
    Show AI Summary
    ICDS applicability to non-residents ensures income is determined under ICDS before flat-rate tax treatment on passive receipts.
    ICDS applies to non-resident income taxed at a flat rate-such as interest, royalty and fees for technical services-because the flat tax is applied after determination of income, so Income Computation and Disclosure Standards govern measurement and recognition for computing taxable income.
    ManualsIncome Tax
    Can a assessee opt to change his method of accounting from mercantile to cash basis.
    Show AI Summary
    Change of accounting method: an assessee may adopt cash basis if the change is bona fide and consistently applied thereafter.
    An assessee may change the method of accounting from mercantile to cash basis if the change is bona fide and is followed regularly thereafter; such a change is distinct from a change in accounting policy and must be consistently applied to support proper income computation and disclosure.
    ManualsIncome Tax
    Can ICDS would apply to other categories of taxpayers whose income is taxed under presumptive tax sc...
    Show AI Summary
    ICDS revenue recognition applies to presumptive tax schemes computing income from gross receipts or turnover.
    ICDS on revenue recognition applies to taxpayers under presumptive tax schemes when such schemes compute income by reference to gross receipts, turnover or similar revenue measures; absent an express exclusion, ICDS principles govern the computation of those receipts or turnover for income-tax computation and disclosure.
    ManualsIncome Tax
    Can a assessee can follow different methods of accounting for different sources of income under the ...
    Show AI Summary
    Accounting method application: ICDS governs sources using the mercantile system but not sources accounted on a cash basis.
    ICDS applies at the source level: it governs only those sources where the assessee follows the mercantile (accrual) system of accounting and does not apply to sources maintained on the cash system, a distinction intended to prevent escapement of income caused by heterogeneous accounting across an assessee's activities.

    TMI Notes

    Back

    All TMI Notes

    Showing Results for :
    Reset Filters
      No Records Found

      TMI Notes

      Home› TMI Notes › Bills › News › Category › This
      Back

      All TMI Notes

      whatsappJoin Channel
      Showing Results for : Reset Filters
      Bills

      Customs - Review of exemptions prescribed by other notifications:

      24 July, 2024

      Contents
      Notifications
      Plus +
      Summary
      Note

      Note

      -

      Bookmark

      Print

      Print

      Print Options

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

      (a) The BCD exemption for the goods covered under the following notifications are being extended upto 31st March, 2026.

      S. No.

      Notification No.

      Brief Description

      1.

      30/2017-Customs dated 30 June 2017

      Exemption to motion picture, music, gaming software for use in gaming console printed or recorded on media

      2.

      05/2017-Customs dated 2 February 2017

      Exemption to machinery, components for setting up fuel cell based on waste to energy

      3.

      113/2003-Customs dated 22 July 2003

      Exemption to castor oil cake and castor de-oiled cake manufactured from indigenous castor oil seeds on indigenous plant and machinery by unit in SEZ and brought to DTA

      4.

      81/2005-Customs dated 8 September 2005

      Exemption to machinery/components for initial setting up of non-conventional power generation plants

      5.

      26/2011-Customs dated 1 March 2011

      Exemption to work of art, antiques in museum or art gallery

      6.

      248/1976-Customs dated 2 August 1976

      Exemption to precious stones imported by posts on 'approval or return' basis

      7.

      24/2001-Customs dated 1st March 2001

      Exemption to copper cathodes, wire bars and wire rods produced out of copper reverts

      8.

      25/2001-Customs dated 1st March 2001

      Exemption on gold and silver produced out of copper anode slime which were exported out of India for toll smelting and processing

      9.

      32/1997-Customs dated 1st April 1997

      Exemption to goods imported for execution of an export order for jobbing

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

      (b) The BCD exemption for the goods covered under the following notifications are being extended upto 31st March, 2029.

      S. No.

      Notification No.

      Brief Description

      1.

      16/1965-Customs dated 23 January 1965

      Exemption to goods exported to foreign countries for display in show-rooms of Govt of India

      2.

      80/1970-Customs 29 August 1970

      Goods supplied freely under warranty as replacement for defective ones in lieu of earlier imported goods.

      3.

      207/89-Customs dated 17 July 1989

      Foodstuffs and provisions (excluding fruit products, tobacco, alcohol) by foreigners

      4.

      147/94-Customs dated 13 July 1994

      Firearms and ammunition when imported for use by a renowned shooter

      5.

      148/94-Customs dated 13 July 1994

      Specified gifts; goods gifted free under a bilateral agreement; goods imported by Indian Red cross Society, goods for the purposes of relief and rehabilitation

      6.

      152/94-Customs dated 13 July 1994

      Appliance/aids for blind/handicapped imported by institution for blind & deaf; and other specified teaching aids imported by Govt Universities

      7.

      153/94-Customs dated 13 July 1994

      Articles for foreign origin imported for repair and return, theatrical equipment and costumes, mountaineering expedition equipment, photographic, filming recording etc

      8.

      134/94-Customs dated 22 June 1994

      Specified capital goods, and other ancillary items imported for repairs

      9.

      39/96-Customs dated 23 July 1996

      Specified imports relating to Defence, internal security forces and Air Force.

      10.

      50/96-Customs dated 23 July 1996

      Specified equipment, instruments, raw materials, components, pilot plant and computer software when imported for publicly funded R & D projects

      11.

       51/96-Customs dated 23 July 1996

      Scientific and technical instruments, apparatus, equipment, accessories etc when imported by publicly funded research institution

      12.

      25/1998-Customs dated 2 June 1998

      Capital goods/machinery/ measuring instruments for manufacture of semiconductor wafers.

      13.

      23/2016-Customs dated 1 March 2016

      Parts of aircraft when imported into India under the Standard Exchange Scheme

      14.

      32/2017-Customs dated 30 June 2017

      Imports of artwork and antique books

      15.

      37/2017-Customs dated 30 June 2017

      Imports in relation to defense and international security forces including medals, decorations, personal effects of Defense Personnel, bonafide gifts from foreign donors, stores and goods for trials, demonstration

      16.

      16/2017-Customs dated 20 April, 2017

      Specified medicines from whole of the duty of customs, when imported for supply under Specified Patient Assistance Programme

      17.

      25/1999-Customs dated 28 February 1999

      Capital goods/machinery used by the IT/Electronics industry, subject to actual user condition.

      18.

      25/2002-Customs dated 1 March 2002

      Specified raw materials, inputs and parts for use in manufacture of specified electronic items

      19.

      35/2017-Customs dated 30th June 2017

      Aviation Turbine Fuel in the tanks of the aircrafts of an Indian Airline or of the Indian Air Force

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

      (c) The end dates prescribed are being removed in the following notifications:

      S. No.

      Notification No.

      Brief Description

      1.

      49/2017-Customs dated 30 June 2017

      Exemption to special Additional Duty on specified goods of fourth schedule to Central Excise Act

      2.

      52/2017-Customs dated 30 June 2017

      Effective rate of Additional duty for goods under Chapter 27

      3.

      29/2017-Customs dated 30 June 2017

      Exemption to specimen, models, wall pictures and diagrams for instructional purposes

      4.

      46/1974-Customs dated 25 May 1974

      Pedagogic material for educational or vocational training courses

      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
      Next ➔