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    NewsBills
    Alignment of provisions of section 45(5A) with the TDS provisions of section 194-IC
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    Capital gains computation for joint development agreements clarified to include consideration received by any mode, aligning with TDS rules.
    Amendment clarifies that for capital gains under section 45(5A) on transfers under joint development agreements, the full value of consideration equals the stamp duty value of the assessee's share increased by any consideration received in cash, by cheque or draft, or by any other mode, aligning the computation with the TDS treatment under section 194-IC and addressing taxpayer misinterpretation.
    NewsBills
    Rationalisation of exempt income under life insurance policies
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    Taxation of high-premium life insurance policies: exempt on death, otherwise taxable under other sources with premium deduction available.
    Policies other than unit linked insurance policies issued on or after 1 April 2023 will lose exemption under clause (10D) if premium payable in any previous year during the policy term exceeds the prescribed threshold; death receipts remain exempt. For multiple policies issued on or after that date, exemption applies only where the aggregate premium does not exceed that threshold in any year. Non-exempt sums (including bonuses) will be taxable under the head "Income from Other Sources" with computation rules and a deduction for premium allowed only if not earlier claimed.
    NewsBills
    Preventing permanent deferral of taxes through undervaluation of inventory
    Show AI Summary
    Inventory valuation can be directed to a cost accountant, with mandated report, government-paid expenses, and hearing rights preserved.
    Tax authorities may direct an assessee to obtain inventory valuation by a cost accountant nominated by the senior commissioner; the assessee must furnish a prescribed signed valuation report. Valuation expenses and incidental costs, including the cost accountant's remuneration, will be determined by the senior commissioner under prescribed guidelines and paid by the Central Government. Except for assessments under section 144, the assessee must be given an opportunity to be heard on material derived from such valuation. Consequentially, the valuation period is excluded from limitation computations and rules may prescribe the report form and particulars.
    NewsBills
    Special provision for taxation of capital gains in case of Market Linked Debentures
    Show AI Summary
    Taxation of Market Linked Debentures reclassified as short-term capital gains taxed at applicable rates under new provision.
    The proposal inserts a new provision treating gains on transfer, redemption or maturity of Market Linked Debentures as short-term capital gains taxable at applicable rates by treating the full consideration received, reduced by cost of acquisition and transfer-related expenditure, as capital gains from a short-term capital asset; it also defines Market Linked Debentures as debt-principal securities with returns linked to market returns or so classified by the market regulator and makes the change prospective.
    NewsBills
    Limiting the roll over benefit claimed under section 54 and section 54F
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    Limit on rollover benefit under sections 54 and 54F restricts excessive deductions for high-value residential purchases.
    The Finance Bill proposes a deemed cost cap so that where the cost of a new residential asset exceeds ten crore rupees, the cost for computing the deduction under the rollover relief provisions will be treated as ten crore rupees, limiting the maximum deduction. A proviso confines the Capital Gains Account Scheme deposit provision to capital gains or net consideration up to that cap. The amendments are prospective, effective 1 April 2024 and applicable to the assessment year 2024 25 and thereafter.
    NewsBills
    Increasing rate of TCS of certain remittances
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    TCS increase on foreign remittances: higher withholding expands coverage and raises compliance burden for remitters.
    Increase in the rate of TCS is proposed by amending sub section (1G) of section 206C to raise withholding on certain foreign remittances and sales of overseas tour packages; education and medical remittances retain prior treatment under specified conditions, while tour packages and other remittances become subject to higher rate without threshold, effective from the stated date in the Finance Bill.
    NewsBills
    TDS and taxability on net winnings from online games
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    TDS on online game winnings restructured: withholding on net account winnings and withdrawals under new targeted provisions.
    Amendments require TDS on winnings to be applied to amounts or aggregates exceeding the threshold in a financial year; section 194B is expanded to include gambling and excludes online games from 1 July 2023. A new section 194BA mandates TDS on net winnings in user accounts at year-end and on withdrawals, with prescribed computation and payer obligations where winnings are in kind. Administrative guidelines may be issued to resolve implementation issues. Definitions for computer resource, internet, online game, online gaming intermediary, user and user account are prescribed. Section 115BB is amended to exclude online-game winnings and a new section 115BBJ establishes a separate tax computation for net winnings from online games integrated into overall tax liability.
    NewsBills
    Preventing misuse of presumptive schemes under section 44BB and section 44BBB
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    Presumptive taxation restrictions: bar on set off of carried forward losses and unabsorbed depreciation when presumptive profits are declared.
    The Bill proposes that where an assessee declares profits under the presumptive taxation scheme for specified non resident activities, no set off of unabsorbed depreciation or brought forward business loss shall be allowed for that previous year, notwithstanding the general set off and carry forward provisions; the amendment is prospective and will apply from the notified effective date.
    NewsBills
    Removal of exemption from TDS on payment of interest on listed debentures to a resident
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    TDS exemption removal on interest requires withholding for payments on listed dematerialized debentures to resident holders.
    The Finance Bill proposes deletion of the proviso clause that exempted TDS on interest paid to resident holders of listed dematerialized debentures, thereby requiring tax deduction at source on interest payments to such resident holders; the amendment addresses under-reporting of interest income and takes effect from 1 April, 2023.
    NewsBills
    Tax avoidance through distribution by business trusts to its unit holders
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    Taxation of business trust distributions: non-characterised payouts to unit holders treated as taxable income from other sources.
    Proposed amendments tax sums received by unit holders from business trusts that are not interest, dividend or rental receipts and not chargeable under the pass-through provisions by treating them as income from other sources. Where sums represent redemption of units, the receipt is reduced by the cost of acquisition to the extent of the amount received. Amendments also exclude such sums from the trust pass-through subsections and expand the definition of income to include them, with prospective application.
    NewsBills
    Removal of exemption of news agency under clause (22B) of section 10
    Show AI Summary
    Tax exemption for notified news agencies withdrawn, ending clause-based relief and effective from the assessment year starting April 2024.
    The finance bill withdraws the tax exemption available to notified news agencies under clause (22B) of section 10 by inserting a proviso excluding any income of such agencies for the previous year relevant to the assessment year beginning on or after 1 April 2024; the amendment takes effect from 1 April 2024 and applies to assessment year 2024-25 and subsequent years.
    NewsBills
    Extending deeming provision under section 9 to gift to not-ordinarily resident
    Show AI Summary
    Deeming provision for gifts extended to not ordinarily residents, bringing certain inbound gifts within the Indian tax net.
    Clause (viii) of sub section (1) of section 9 is proposed to be amended to extend the deeming rule so that sums received without consideration by a not ordinarily resident from a person resident in India are treated as income deemed to accrue or arise in India; the change is intended as an anti abuse measure to capture gifts not presently within the scope of the existing deeming provision and will apply prospectively to specified assessment years.
    NewsBills
    Extending the scope for deduction of tax at source to lower or nil rate
    Show AI Summary
    Certificate for lower or nil tax deduction extended to business trust interest, enabling reduced TDS where exemptions justify it.
    The amendment extends eligibility for a certificate for deduction of tax at a lower or nil rate to sums on which tax is required to be deducted in relation to business trust interest income, enabling reduced deduction where exemptions (for example, for certain sovereign wealth and pension funds) justify such reduction; the change applies prospectively from 1 April, 2023.
    NewsBills
    Increasing threshold limits for presumptive taxation schemes
    Show AI Summary
    Presumptive taxation thresholds increased for businesses and professionals, conditional on low cash receipts and audit exemption.
    Eligibility thresholds for presumptive taxation schemes are increased for businesses and professionals on the condition that cash receipts do not exceed a prescribed low percentage of total turnover or gross receipts; cheques and non-account-payee bank drafts are deemed cash for this purpose. Persons declaring profits under the presumptive schemes and meeting the cash-receipt condition are exempt from the statutory audit requirement, with the amendments effective from the stated assessment year.
    NewsBills
    Ease in claiming deduction on amortization of preliminary expenditure
    Show AI Summary
    Amortization of preliminary expenditure: approval requirement removed; assessee must file prescribed statement to claim deduction.
    Amendment removes the Board approval requirement for entities performing preparatory activities tied to amortization of preliminary expenditure and replaces it with a requirement that the assessee furnish a prescribed statement containing particulars of such expenditure to the prescribed income tax authority within the prescribed period and form; effective from 1 April 2024 for the relevant assessment year.
    NewsBills
    15% concessional tax to promote new manufacturing co-operative society
    Show AI Summary
    Concessional tax regime for new manufacturing co-operative societies, subject to eligibility conditions, irrevocable option and transfer pricing checks.
    A new concessional tax regime permits resident new manufacturing co-operative societies to elect an irrevocable concessional tax rate, subject to prescribed conditions: total income must be computed without specified deductions or set off of earlier losses attributable to those deductions, depreciation must be claimed as prescribed, non manufacturing income and certain excess profits from related-party arrangements are taxed at higher fixed rates, and specified domestic transactions are subject to arm's length pricing; limited use of previously used machinery is permitted under conditions.
    NewsBills
    Facilitating certain strategic disinvestment
    Show AI Summary
    Strategic disinvestment: redefined to cover government or public sector share sales reducing majority shareholding and enabling loss carryforward on amalgamation.
    Section 72A is amended to expand strategic disinvestment to include sale of shareholding by the Central Government, State Government or a Public Sector Company that reduces their shareholding below fifty-one per cent and transfers control to the buyer; transfer of control may be effected by any one or more of those entities. Section 72AA is amended to allow carry forward and set off of accumulated losses and unabsorbed depreciation where banking companies amalgamate with another banking institution or company within five years of such strategic disinvestment. The amendments take effect from 1 April 2023.
    NewsBills
    Exemption to development authorities etc.
    Show AI Summary
    Exemption for statutory development authorities expanded to cover non-company bodies providing public services, subject to notification.
    Income of a body or authority or Board or Trust or Commission, not being a company, established or constituted by Central or State Act for specified public purpose objects (housing, planning/development of settlements, regulating or developing activities for public benefit, or regulating matters arising from their object) is proposed to be exempted under a new clause, subject to Central Government notification in the Official Gazette; consequential statutory amendments follow and the change applies prospectively to the relevant assessment year.
    NewsBills
    Tax Incentives to International Financial Services Centre
    Show AI Summary
    Tax exemption for ODI distributions prevents double taxation, easing IFSC banking unit pass-through of taxed income.
    Amendments extend the transfer period for original funds to resultant funds on relocation, exempt income distributed to non-resident holders of Offshore Derivative Instruments provided the income was charged to tax in the IFSC banking unit and will incorporate IFSCA (Fund Management) Regulations, 2022 into the definitions of specified, resultant and investment funds to align statutory definitions with the regulatory regime.
    NewsBills
    Conversion of Gold to Electronic Gold Receipt and vice versa
    Show AI Summary
    Conversion of Gold to Electronic Gold Receipt: excluded from transfer for capital gains; cost basis and holding period preserved.
    Conversion between physical gold and an Electronic Gold Receipt issued by a Vault Manager is proposed to be excluded from the definition of transfer for capital gains. The cost of acquisition of an EGR will be deemed the cost of the underlying gold in the hands of the person in whose name the EGR is issued, and vice versa for gold released against an EGR. The holding period for capital gains will include periods during which the gold or the EGR was held prior to conversion.

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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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