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    ManualsIncome Tax
    How Much Time Revised Return Can Be Revised?
    ManualsIncome Tax
    Can Revised Return Substitute Original Return?
    ManualsIncome Tax
    Is It Possible To File Auditor Report With Revised Return?
    ManualsIncome Tax
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    Example: 1) X purchases a house property situated in Nagpur from A on 31st March, 2013. The purchase...
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    Example:- Loan Taken on 01-05-2006 of ₹ 5,00,000. Construction ends on 07-09-2012. Rate of int...
    ManualsIncome Tax
    Example: 4) The details of House property are as follows: Municipal value: 80,000, Fair rent: 78,00...
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    Example: 3) The details of House property are as follows: Municipal value: 60,000, Fair rent: 65,00...
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    Example: 2) The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,00...
    ManualsIncome Tax
    Example: 1)The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,000...
    ManualsIncome Tax
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    ManualsIncome Tax
    How Much Time Revised Return Can Be Revised?
    Show AI Summary
    Revised return can be filed multiple times within the limitation period when omissions or errors are discovered in the original filing.
    An assessee may file a revised return multiple times so long as each revision is within the applicable limitation period and corrects an omission or wrong statement discovered in the earlier return, permitting successive amendments prior to expiry of the statutory time bar.
    ManualsIncome Tax
    Can Revised Return Substitute Original Return?
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    Revised return substitutes the original return, while mere corrections leave the original filing intact for assessment.
    A validly filed revised return withdraws and substitutes the original return for assessment purposes; corrections or amendments made to a filed return without filing a revised return do not change the filing's character and therefore do not effect such substitution.
    ManualsIncome Tax
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    Auditor's report: may be filed with a revised return to rectify omission from the original tax return.
    Where an assessee obliged to furnish an auditor's report with its income tax return fails to submit it with the original filing, the auditor's report may be furnished subsequently with the revised return, permitting rectification of that omission under the return amendment regime.
    ManualsIncome Tax
    Whether Assessment Made Under Section 143(1) Would Be Considered as Assessment For Revised Return?
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    Assessment under section 143(1) not an assessment; revised return filed after intimation remains valid for consideration.
    An intimation issued under section 143(1) is procedural and does not constitute a formal assessment; therefore a revised return filed after such an intimation but within the statutory period must be treated as duly filed and considered by the Assessing Officer.
    ManualsIncome Tax
    X Ltd., closely held company issues 1,000 shares to Mr. A (resident) whose face value is 10, issue p...
    Show AI Summary
    Share premium taxation under Section 56(2)(viib): excess consideration over fair market value is taxable on closely held companies.
    Taxability of share premium for a closely held company turns on whether consideration per share exceeds fair market value; if FMV exceeds consideration (FMV 42, consideration 40) no tax arises, whereas if consideration exceeds FMV (consideration 40, FMV 31) the excess per share (9) is taxable under the provision governing share premium receipts.
    ManualsIncome Tax
    X Ltd., closely held company receives shares of A Ltd. (a listed public company) for 10,000 whose fa...
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    Taxability of discounted transfers to closely held companies: listed company shares are excluded from gift inclusion, so not taxable.
    Receipt of listed public company shares by a closely held company for consideration below fair market value does not attract tax under the provision addressing gifts to firms and closely held companies, because shares of a listed company are excluded from that inclusion and therefore are not characterized as taxable income from other sources under that rule.
    ManualsIncome Tax
    Example: 3) X gets by way of gift a plot of land in Pune from a partnership firm. The partnership fi...
    Show AI Summary
    Taxability of gifts: transfers from a partnership firm to an individual are taxable when the firm is not a relative.
    A gift of immovable property from a partnership firm to an individual is taxable under the gift provisions because a partnership firm is not a "relative" even if the partners are relatives; the stamp duty valuation of the plot is noted for valuation reference.
    ManualsIncome Tax
    Example: 2) X gets a gift of 43,000 from C, who is cousin of his father and he also gets a gift of 2...
    Show AI Summary
    Taxability of gifts: gifts received from non-relatives are taxable under the gifts provision, not excluded as relative transfers.
    Gifts received by an individual or HUF from persons who do not qualify as "relatives" are taxable as income from other sources; in the example, gifts from a father's cousin and from the recipient's grandfather's elder brother are excluded from the relative exemption and the aggregate amount received from those non-relatives is taxable.
    ManualsIncome Tax
    Example: 1) X purchases a house property situated in Nagpur from A on 31st March, 2013. The purchase...
    Show AI Summary
    Gift taxation: stamp duty valuation excess over purchase price becomes taxable from the amendment's effective date under income rules.
    The amendment taxes, as Income from Other Sources, the difference between stamp duty value and actual purchase price where consideration is below stamp duty valuation, applying only from the amendment's effective date; transactions concluded prior to that date are not subject to this valuation-based charge.
    ManualsIncome Tax
    Example:- Loan Taken on 01-05-2006 of ₹ 5,00,000. Construction ends on 07-09-2012. Rate of int...
    Show AI Summary
    Pre-construction interest deduction allows spreading pre-acquisition interest across subsequent assessment years, with current-year interest treated separately.
    Pre-construction interest under Sec. 24 is computed for the period from loan drawal to the day before completion; the total pre-construction interest (here computed as principal x months x rate) is capitalised and apportioned equally across the prescribed subsequent assessment years as the annual deduction. Interest accruing in the fiscal year of completion is allowed in that year and amounts accruing between the fiscal year start and actual completion date are excluded from the pre-construction spread.
    ManualsIncome Tax
    Example: 4) The details of House property are as follows: Municipal value: 80,000, Fair rent: 78,00...
    Show AI Summary
    Gross Annual Value calculation: vacancy adjustment reduces taxable house property value under applicable law provision.
    Annual Lettable Value is the higher of Municipal Value or Fair Rent but capped by Standard Rent, fixed here at 80,000. Annual receipts excluding unrealised rent are 54,000. Deducting vacancy loss of 18,000 from the Annual Lettable Value produces a Gross Annual Value of 62,000 as the taxable base for house property income.
    ManualsIncome Tax
    Example: 3) The details of House property are as follows: Municipal value: 60,000, Fair rent: 65,00...
    Show AI Summary
    Gross Annual Value under Section 23 caps assessed value at standard rent; vacancy adjustment affects the GAV calculation.
    Gross Annual Value under Section 23 applies the higher of municipal value or fair rent but not exceeding standard rent (63,000) as the Actual Lettable Value; after excluding unrealised rent and adjusting for vacancy, the Annual Rent Receivable is 42,000, taken as the Gross Annual Value under the cited provision.
    ManualsIncome Tax
    Example: 2) The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,00...
    Show AI Summary
    Gross Annual Value rule for house property: higher of municipal or fair rent subject to standard rent cap.
    Determination of Gross Annual Value requires taking the higher of municipal value or fair rent as the annual lettable value, provided it does not exceed the standard rent; the Gross Annual Value is then the greater of this lettable value and the actual annual rent received excluding unrealised rent.
    ManualsIncome Tax
    Example: 1)The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,000...
    Show AI Summary
    Gross Annual Value rule: ALV equals the higher of municipal value or fair rent but capped at standard rent.
    Annual Letting Value (ALV) is the higher of municipal value and fair rent but capped at the standard rent; with municipal value 60,000, fair rent 68,000 and standard rent 62,000 the ALV (and Gross Annual Value under the cited clause) is 62,000. Annual rent received excluding unrealised rent is 60,000, which is recorded separately from the statutory ALV used to determine Gross Annual Value.
    ManualsIncome Tax
    What does building or land appurtenant includes?
    Show AI Summary
    Building and land appurtenant defined: includes residential and commercial structures and adjoining land like gardens.
    For house property chargeability, building includes residential, factory, office, shop, godown and other commercial premises, while land appurtenant means land connected with the building such as gardens and garages, establishing which assets constitute house property for income assessment.
    ManualsIncome Tax
    Mr. Ram annually earns ₹ 3,00,000 (after all deductions) and pays an annual rent of ₹ 1,...
    Show AI Summary
    Deduction under Section 80GG determined as the least of three statutory measures; example illustrates rent-based cap applies.
    Deduction under Section 80GG is the least of: (1) Rs. 2,000 per month (Rs. 24,000 per annum); (2) rent paid less 10% of total income; and (3) 25% of total income. In the supplied example with total income of Rs. 3,00,000 and rent paid Rs. 1,50,000, the three measures are Rs. 24,000; Rs. 1,20,000; and Rs. 75,000 respectively, so Rs. 24,000 is the allowable deduction under the prescribed formula.
    ManualsIncome Tax
    Documentation required for claiming deduction U/s. 80G?
    Show AI Summary
    Deduction under 80G requires a stamped receipt showing the trust's registration number and valid registration on donation date.
    Deduction u/s. 80G requires a stamped receipt evidencing the donation that records the trust's registration number for 80G, and the trust's registration must be valid on the date the donation is made; lacking validity or the registration number on the receipt affects entitlement to the deduction.
    ManualsIncome Tax
    Deduction if donation deducted from Salary and donation receipt certificate is on the name of employ...
    Show AI Summary
    Donation deduction eligibility: employer certificate confirming salary deduction enables employee claim of 80G deduction on donations.
    Employees may claim a deduction under 80G where the employer provides a certificate stating the contribution was made from the employee's salary account; that employer statement operates as the operative documentary basis for the employee's deduction claim even if the donation receipt is in the employer's name.
    ManualsIncome Tax
    Whether donations made to foreign trusts qualify for deduction under this section?
    Show AI Summary
    Deductibility of donations: eligibility hinges on whether the recipient trust meets qualifying donee and compliance requirements.
    Whether donations to foreign trusts qualify for deduction under section 80G is a focused eligibility question hinging on whether the recipient trust is a qualifying donee and whether its registration, recognition, domicile or jurisdictional status and accompanying documentary proof and procedural compliance satisfy the statutory conditions for claiming a deduction.
    ManualsIncome Tax
    What are the specified diseases and ailments for the purpose of deduction under section 80DDB?
    Show AI Summary
    Deduction for specified diseases: treatment costs for listed serious neurological, oncological, renal and hematological ailments qualify.
    Deduction for medical treatment is available for specified diseases and ailments: neurological disorders (including certified disability of 40% or above, dementia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia, Parkinson's), malignant cancers, full blown AIDS, chronic renal failure, and hematological disorders such as hemophilia and thalassaemia.

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      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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