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    Act RulesBills
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    Act RulesBills
    Understanding the Business Loss Carry Forward Provisions in Clause 112 of the Income Tax Bill, 2025 ...
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    Carry forward of business losses allows set off against future business income, prioritised before other carried allowances.
    Clause 112 permits carry forward and set off of unabsorbed business losses-defined as losses under "Profits and gains of business or profession" excluding speculation losses-against future business or professional profits, mandates that such losses be set off before any other carried forward allowances, and limits the period during which losses may be carried forward, aligning with the existing temporal framework.
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    Carry forward of house property loss - allows head-specific set off against future house property income, time-limited.
    Clause 110 permits unabsorbed losses under the head "Income from house property" to be carried forward and set off only against future income from the same head, subject to a statutory time limitation, and defines "unabsorbed loss from house property" as losses not set off against other income heads in the relevant year.
    Act RulesBills
    Addresses the set-off of losses under various heads of income In Clause 109 of Income Tax Bill, 2025...
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    Set-off of losses: new limits bar using business and capital losses to reduce salary and other non-capital income.
    Clause 109 permits set-off of losses under any income head except capital gains against income from other heads in the same year, subject to limits: business losses cannot be set off against salary income; house property losses are set off against other heads only up to a capped amount; and capital gains losses cannot be set off against non-capital income. The clause thus confines capital losses within their category and imposes head-specific restrictions requiring careful tax planning and record-keeping.
    Act RulesBills
    Understanding Loss Set-Off or carry forward and set-off of losses in Clause 108 of the Income Tax Bi...
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    Set-off of losses under the same head: clarifies offset rules for capital and non-capital income, refining capital gains set-off.
    Clause 108 permits set-off of a loss from any source against income from any other source under the same head (excluding capital gains), while treating capital gains losses separately: long-term capital losses may be set off only against other long-term capital gains, and short-term capital losses may be set off against gains from any capital asset, thereby requiring accurate classification of assets and records to effect permissible intra-head offsets.
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    Tax treatment of amounts borrowed or repaid through instruments like hundis in Clause 106 of the Inc...
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    Deemed income from informal credit instruments: non account payee transactions treated as taxable, prompting formalisation of payments.
    Clause 106 and Section 69D deem amounts borrowed or repaid through hundis, negotiable instruments, or Board specified modes to be the income of the borrower or repayer when not transacted by account payee cheque, with provisions capturing interest where applicable and safeguards to prevent double taxation once an amount has been treated as income.
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    Unexplained expenditure treated as income increases tax exposure when taxpayers fail to satisfactorily explain expenditure sources.
    Clause 105 deems unexplained expenditure as income when an assessee fails to provide a satisfactory explanation, confers evaluative power on the Assessing Officer to judge adequacy of explanations, and disallows any deduction for amounts so deemed; Section 69C operates similarly but uses permissive language and contains a deduction proviso, reflecting comparable objectives to prevent tax evasion while differing in textual strictness and potential administrative effect.
    Act RulesBills
    Addressing the issue of undisclosed income through unexplained assets In Clause 104 of the Income Ta...
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    Unexplained asset rules now include virtual digital assets, expanding deeming powers where explanations are unsatisfactory.
    Where an asset is unrecorded or its recorded amount is less than actual value and the assessee fails to provide a satisfactory explanation, Clause 104 and Section 69B treat the unexplained excess as deemed income for the year of discovery; Clause 104 expressly adds virtual digital assets, while both provisions vest the Assessing Officer with discretion to accept or reject explanations, creating valuation and verification challenges.
    Act RulesBills
    Understanding the Legal Framework for Unexplained Investments in Clause 103 of the Income Tax Bill, ...
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    Unexplained investments treated as income when taxpayer fails to satisfactorily explain source, shifting burden to taxpayer and empowering assessing officer discretion.
    Clause 103 deems unrecorded investments or amounts exceeding recorded investment as income if the assessee fails to provide a satisfactory explanation to the Assessing Officer; the provision places the evidential burden on the assessee and employs a deeming mechanism to include unexplained amounts in taxable income. Section 69B applies the same explanation-and-deeming approach to investments, bullion, jewellery and other valuable articles where recorded amounts are less than actual expenditure, relying on Assessing Officer evaluation to determine whether excess amounts are to be treated as income.
    Act RulesBills
    A Deep Dive into Unexplained Asset in Clause 104 of Income Tax Bill, 2025 Vs. Section 69A of Income ...
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    Unexplained assets treated as deemed income: inclusion of virtual digital assets broadens taxable asset coverage and disclosure obligations.
    Clause 104 deemsthe value of assets not recorded, or under recorded, in an assessee's books to be taxable income where the assessee fails to provide a satisfactory explanation; it expressly includes virtual digital assets and places onus on the assessee to prove the nature and source, leaving determination of adequacy to the Assessing Officer.
    Act RulesBills
    Understanding Unexplained Investments Taxation in Clause 103 of Income Tax Bill, 2025 Vs. Section 69...
    Show AI Summary
    Unexplained investments deemed income under deeming provision; imposes explanation burden and increased tax scrutiny on taxpayers.
    Clause 103 treats investments not recorded in the assessee's books, and amounts exceeding recorded investments, as unexplained unless the assessee provides a satisfactory explanation; such unexplained investments are deemed income for the relevant tax year, subject to the Assessing Officer's evaluation under the clause's deeming provision.
    Act RulesBills
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    Show AI Summary
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    Unexplained credits are chargeable to income when sums in an assessee's books lack satisfactory explanation, with the assessing officer determining adequacy. Loans and borrowings require satisfactory explanations from both the assessee and the creditor; share application money, share capital and share premium in closely held companies similarly demand corroboration from the company and the named contributor. Venture capital funds and companies receive a specific exemption, while the provision overall increases recordkeeping and evidentiary burdens and enhances tax authority scrutiny.
    Act RulesBills
    Income Apportionment in AOPs and BOIs in Clause 309 of the Income Tax Bill, 2025 Vs. Section 67A of ...
    Show AI Summary
    Income apportionment in AOPs and BOIs: structured deduction and allocation of member remuneration and interest for tax computation.
    Both Clause 309 and Section 67A set out a structured method for computing a member's share in an AOP/BOI: deduct interest, salary, bonus, commission or remuneration from total AOP/BOI income, apportion the residual among members by entitlement and treat apportioned shares under the same heads of income; where apportioned results are profitable the remuneration is added back, and where loss it is adjusted; interest on capital borrowed by a member for investment is deductible under Profits and gains of business or profession; "paid" means actually paid or incurred per the accounting method used.
    Act RulesBills
    Comprehensive Analysis of Total Income in Clause 101 of the Income Tax Bill, 2025 Vs. Section 66 of ...
    Show AI Summary
    Total income aggregation requires inclusion of exempt receipts to protect the tax base and prevent erosion through exclusions.
    Clause 101 mandates that computation of Total income include income exempt under the identified sub part of Chapter provisions, converting such exempt receipts into an affirmative component of total income to protect the tax base and prevent erosion from otherwise excluded income streams.
    Act RulesBills
    Addresses the tax liability of individuals in respect of income that is included in the income of an...
    Show AI Summary
    Income attribution: clarifies tax liability of the legal owner and joint-and-several responsibility for income included in another's return.
    Clause 100 assigns tax liability to the person in whose name an asset stands or whose firm membership produces attributed income, imposes joint and several liability for jointly held assets allowing recovery from any co-owner for the whole tax due, applies existing procedural recovery mechanisms to enforce the liability, and overrides contrary provisions in other laws to ensure primacy in determining tax obligations arising from income attribution.
    Act RulesBills
    Prevent tax evasion through the diversion of income to family members "clubbing of income" in Clause...
    Show AI Summary
    Clubbing of income: new clause expands inclusion of spouse, minor child and transferred-asset income in assessee's taxable income.
    Clause 99 attributes to the individual income arising to a spouse from employment or remuneration in concerns where the individual has a substantial interest, income from assets transferred to a spouse or a son's wife without adequate consideration, and income of a minor child except earnings from the child's manual work or personal skill; it also prescribes a formula for income attributable when transferred assets are invested and treats conversion of individual property to HUF as income of the individual.
    Act RulesBills
    Definitions for "transfer" and "revocable transfer" in Clause 98 of the Income Tax Bill, 2025 Vs. Se...
    Show AI Summary
    Revocable transfer definitions broaden tax reach, treating arrangements that preserve transferor control as attributable income to transferor.
    Clause 98 of the Income Tax Bill, 2025 and Section 63 of the Income Tax Act define transfer to include settlements, trusts, covenants, agreements or arrangements, and define revocable transfer to cover provisions enabling direct or indirect re transfer of income or assets or re assumption of power by the transferor. Both provisions attribute income to the transferor where economic substance shows retention of control or benefit, broadening the tax net over arrangements that preserve transferor influence.
    Act RulesBills
    The chargeability of income in the context of the transfer of assets with Exception in Clause 97 of ...
    Show AI Summary
    Chargeability of income in asset transfers: revocable transfers taxed to transferor, with narrow irrevocable-transfer exceptions.
    Clause 97 treats income from a revocable transfer of assets as taxable in the hands of the transferor, while providing exceptions for truly irrevocable transfers where the transferor derives no direct or indirect benefit; if a power to revoke later arises the income becomes chargeable to the transferor, thereby aligning taxation with economic control and preventing tax avoidance through strategic transfers.
    Act RulesBills
    Prevention of tax avoidance strategies "transfer of income without a corresponding transfer of the a...
    Show AI Summary
    Transfer of income without asset transfer: such income is taxed in the transferor's hands to prevent tax avoidance.
    Clause 96 and Section 60 provide that income arising by virtue of a transfer, whether revocable or irrevocable and irrespective of timing, is chargeable to tax in the transferor's hands if the asset generating that income has not been transferred, thereby preserving the link between income and its source asset to prevent tax avoidance.
    Act RulesBills
    Understanding the Tax Implications on benefits obtained from the remission or cessation of liabiliti...
    Show AI Summary
    Remission of liabilities taxable - forgiven debts and other benefits must be included as income when received under revised charge rules.
    Clause 95 of the Income Tax Bill, 2025, treats any benefit obtained from the remission or cessation of a liability for which a deduction was previously allowed as taxable in the year received, applying principles from Section 38(1)(a) to non business income heads. Section 59 of the Income tax Act, 1961, applies Section 41(1) similarly to ensure forgiven liabilities are included in taxable income, but both provisions present valuation and timing ambiguities for non cash benefits and assessment year determinations.
    Act RulesBills
    Disallowing deductions of specific expenses in Clause 94 of Income Tax Bill, 2025 vs. Section 58 of ...
    Show AI Summary
    Disallowance of deductions: withholding compliance ties deductibility for cross border payments and personal expenses.
    Clause 94 disallows deductions from income from other sources for personal expenses and for interest or salaries payable outside India where tax has not been paid or deducted under the withholding framework; it extends selected business-income deduction rules to other sources, prescribes computation rules for foreign companies, disallows deductions for gambling and lotteries while excepting horse racing maintenance, and links deductibility to compliance with withholding obligations.

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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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