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    Act RulesBills
    Determination of cost of specified transfers u/s 49 - the transfer of an asset, being the asset held...
    Show AI Summary
    Deemed cost of acquisition set as fair market value where accreted income is taxed under Chapter XIIEB.
    Where capital gain arises from transfer of an asset held by a trust or institution for which accreted income has been computed and tax paid under Chapter XIIEB, the cost of acquisition of that asset shall be deemed to be the fair market value taken into account for computing accreted income as on the specified date referred to in sub section (2) of section 115TD.
    Act RulesBills
    Determination of cost of specified transfers u/s 49 - Transfer in casa of Land Pooling Scheme cover...
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    Cost of acquisition tied to stamp duty value for land pooling allotments determining capital gains computation.
    Where capital gains arise from transfer of a specified capital asset received under the Andhra Pradesh Capital City Land Pooling Scheme and transferred after two years from the end of the financial year in which possession was handed over, the cost of acquisition shall be deemed to be the stamp duty value of the asset as on the last day of the second financial year after the end of the financial year when possession was handed over; the amendment also defines "stamp duty value."
    Act RulesBills
    Determination of cost of specified transfers u/s 49 - transfer of land or building under a specified...
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    Cost of acquisition set as deemed full value of consideration for project-share transfers under development agreements, effective 2018-19.
    The amendment provides that the cost of acquisition of a share in a project consisting of land or building, given as consideration under specified agreements (for example, joint development agreements), shall be the amount deemed as the full value of consideration under the related provision, subject to the proviso excluding certain capital assets, and applies prospectively from the effective date for subsequent assessment years.
    Act RulesBills
    Determination of cost of specified transfers u/s 49 - in case of conversion of preference shares of ...
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    Deemed cost of acquisition: equity received on conversion of preference shares treated as costing the original preference shares.
    A new deeming provision treats the cost of acquisition of equity shares received in consideration of a transfer under clause (xb) of section 47 as the cost of the preference shares in relation to which those equity shares are acquired, thereby carrying over the preference share cost for computing capital gains.
    Act RulesBills
    Determination of cost of specified transfers u/s 49 - in case of any transfer by a unit holder of a ...
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    Cost of acquisition rule: consolidated-plan unit transfers deemed to carry forward cost from consolidating-plan units, affecting capital gains.
    The amendment deems the cost of acquisition of a capital asset comprising unit(s) in a consolidated mutual fund plan to be the cost of acquisition of the corresponding unit(s) in the consolidating plan when the consolidated units were obtained by a specified transfer, thereby fixing the cost basis for capital gains computation.
    Act RulesBills
    Determination of cost of specified transfers u/s 49 - any transfer in a demerger, of a capital asset...
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    Cost basis for demerger transfers: previous owner's acquisition cost to determine transferee's cost for share transfers.
    Where shares in an Indian company are transferred in a demerger, the transferee's cost of acquisition shall be the cost for which the previous owner acquired those shares, increased by any cost of improvements, by virtue of the Clause 25 amendment; the change takes effect from 1 April 2018 and applies to assessment year 2018-19 onward.
    Act RulesBills
    Mode of computation Capital Gains u/s 48 - Indexed Cost - Cost Inflation Index - reference of 1st d...
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    Indexed cost base changed for capital gains computation, altering base-year reference and effective assessment period.
    Amendment revises the benchmark year used in the computation of the indexed cost of acquisition by replacing the earlier base-year reference with a more recent base year, with consequential changes to the mode of computation and prospective application to the stated assessment year and subsequent years, thereby altering the use of the Cost Inflation Index in proportionately adjusting cost of acquisition for capital gains.
    Act RulesBills
    Mode of computation Capital Gains u/s 48 - full value of consideration - in case of an assessee bein...
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    Capital gains computation: rupee appreciation on redemption of rupee bonds held by non-residents excluded from full value.
    Amendment clarifies that for a non-resident holder of a rupee-denominated bond of an Indian company, any gain arising from appreciation of the rupee against a foreign currency at redemption shall be ignored in computing the full value of consideration for capital gains; the change substitutes "held by" for "subscribed by" and operates prospectively from the notified effective date.
    Act RulesBills
    Capital Gains - conversion of preference shares of a company into equity shares of that company shal...
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    Conversion of preference shares into equity not treated as transfer, changing capital gains treatment from assessment year 2018-19.
    The Finance Bill, 2017 adds a new clause excluding conversion of preference shares into equity of the same company from the definition of transfer for capital gains purposes. This amendment, aligning preference-share conversion with existing non-transfer treatment for bond or debenture conversions, takes effect from 1 April 2018 and applies to assessment year 2018-19 onward.
    Act RulesBills
    Capital Gains - transfer made outside India of a capital asset being rupee denominated bond of India...
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    Capital gains exemption for non resident rupee bonds: transfers outside India between non residents not treated as transfer.
    The Bill inserts a provision that any transfer made outside India of a capital asset consisting of a rupee denominated bond of an Indian company issued outside India, where both transferor and transferee are non residents, shall not be regarded as transfer for capital gains purposes; this change complements existing non recognition for conversion of bonds into shares and applies prospectively from the operative year specified in the Bill.
    Act RulesBills
    Capital Gain - date of transfer of land or building under a specified agreement (e.f. Joint Developm...
    Show AI Summary
    Capital gains timing under specified development agreements: tax charged when project completion certificate is issued, using stamp duty value.
    Section 45 is amended by inserting section 45(5A) to tax capital gains of individuals and HUFs from transfers of land or building under specified agreements in the previous year when the competent authority issues the project completion certificate; the stamp duty value of the assessee's share on that date, increased by any cash consideration, is deemed the full value of consideration. If the assessee transfers the share on or before that certificate date, capital gains are taxable in the year of that transfer and general provisions (excluding section 45(5A)) apply to determine full value. The amendment defines key terms and takes effect from 1 April 2018.
    Act RulesBills
    Deemed profit u/s 44AD - existing rate of deemed total income of 8% reduced to 6% in case of total t...
    Show AI Summary
    Deemed profit rule change - lower presumptive rate for receipts received through banking channels, other receipts remain at higher rate.
    Amendment inserts a proviso reducing the deemed total income rate under the presumptive taxation regime for the portion of turnover or gross receipts received by account payee cheque, account payee bank draft or electronic clearing through a bank account during the previous year or by the return due date; the original rate continues to apply to receipts received by other modes. The change takes effect from the fiscal start date and applies to the specified assessment year and subsequent years.
    Act RulesBills
    Threshold limit for getting books of accounts audited u/s 44AB - Limit enhanced from 1 Crore Rupees ...
    Show AI Summary
    Audit threshold increase for presumptive taxation reduces audit applicability where turnover does not exceed prescribed limit.
    A proviso to the tax audit requirement exempts persons who declare profits under the presumptive taxation scheme and whose total sales, turnover or gross receipts do not exceed the revised turnover ceiling, thereby narrowing the class required to obtain an audit when they comply with sub section (1) of the presumptive taxation provision. The amendment is effective from 1 April 2017 for the relevant assessment year and subsequent years.
    Act RulesBills
    Threshold limit for maintenance of books of accounts in case of individuals and HUF - Monetary limit...
    Show AI Summary
    Maintenance of books obligation raised for individuals and HUFs, reducing the number required to keep accounts under tax law.
    The amendment raises the monetary thresholds triggering the maintenance of books and documents for individuals and Hindu undivided families: income threshold increased from one lakh twenty thousand rupees to two lakh fifty thousand rupees, and total sales/turnover/gross receipts threshold increased from ten lakh rupees to twenty five lakh rupees; the change applies from 1 April 2018 for assessment year 2018 19 and onward.
    Act RulesBills
    Interest Income on the bad or doubtful debts not to be taxed on accrual of income basis - co-operati...
    Show AI Summary
    Interest income recognition on bad debts: cooperative banks aligned with accrual-or-receipt tax treatment for recovered interest.
    Amendment extends the rule that interest on certain bad or doubtful debts is taxable in the year it is credited to profit and loss or actually received, whichever is earlier, to co-operative banks while excluding primary agricultural credit societies and primary co-operative agricultural and rural development banks; it also adds in-section definitions of those terms and specifies a prospective operative date applying to the indicated assessment year and subsequent years.
    Act RulesBills
    Payment of Interest to Co-operative Banks shall be allowed on actual payment basis as is allowed in ...
    Show AI Summary
    Deductibility of interest: interest on co-operative bank borrowings allowed only on actual payment, with specified exclusions.
    Interest on loans or advances from co-operative banks will be allowable as a deduction only if actually paid on or before the due date of filing the return for the relevant previous year; exclusions apply to primary agricultural credit societies and primary co-operative agricultural and rural development banks, and statutory definitions for those terms are incorporated to define scope and application prospectively.
    Act RulesBills
    Change in the Definition of Actual Cost in respect of Capital Assets in respect of which deduction o...
    Show AI Summary
    Actual cost adjustment for assets subject to investment-linked deduction reduces cost by allowable depreciation, altering basis for deemed income.
    The proviso to Explanation 13 provides that where a capital asset in respect of which deduction or part of deduction was allowed under section 35AD is deemed to be the assessee's income under sub section (7B), the asset's actual cost shall be the actual cost reduced by an amount equal to depreciation calculated at the rate in force that would have been allowable had the asset been used for business since acquisition.
    Act RulesBills
    Capital expenditure - Change in the Definition of Actual Cost u/s 43(1) - Disallowance of depreciati...
    Show AI Summary
    Restriction on cash payments for capital expenditure conditions recognition of actual cost and depreciation claims on payment mode compliance.
    Amendment adds a proviso to section 43(1) that excludes from the actual cost for depreciation any expenditure on acquisition of an asset where payments to a person in a day exceed a specified cash threshold unless made by account-payee cheque, account-payee bank draft or electronic clearing system through a bank account, thereby conditioning depreciation eligibility on permitted modes of payment.
    Act RulesBills
    Restriction on payment Specified persons u/s 40A(2) - specified domestic transaction which were subj...
    Show AI Summary
    Restriction on deduction for specified domestic transactions removes arm's length deduction and subjects payments to disallowance rules.
    The Finance Bill 2017 amends section 40A to withdraw automatic deductibility for payments under specified domestic transactions made at Arm's Length Price; such payments are now subject to the disallowance rules of section 40A(2). The amendment also alters the proviso to clause (a) of sub section (2) consequential to the transfer pricing provision, aligning domestic specified transaction treatment with the transfer pricing framework and applying retrospectively as provided in the Bill.
    Act RulesBills
    Restriction on payment of expenditure in Cash u/s 40A(3) - Cash payment in excess of ₹ 10,000 ...
    Show AI Summary
    Restriction on cash payments: non banked payments above the prescribed limit are nondeductible and may be taxable.
    Amendment lowers the cash payment threshold for deductibility from twenty thousand rupees to ten thousand rupees per person per day and requires payments above that limit to be made by account payee cheque, account payee bank draft, or electronic clearing through a bank account; amounts paid otherwise will be disallowed as deductions or deemed to be profits and gains of business or profession. Consequential changes to related sub provisions are also proposed, effective 1 April 2018 for the relevant assessment year.

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      Bills

      Customs - Review of exemptions prescribed by other notifications:

      24 July, 2024

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      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

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