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    NewsBills
    Providing check on survey operations under section 133A of the Act.
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    Survey approval requirements: amended hierarchy now mandates higher-level approval before conducting surveys under section 133A.
    Amendment introduces a tiered prior-approval regime for exercise of survey powers: where information is received from a prescribed authority, lower-ranked officers require prior approval from the intermediate supervisory tier; in other cases, officers below the senior administrative tier require prior approval from that senior tier. The change raises the approval threshold in non-prescribed-authority cases and takes effect from the stated effective date.
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    Provision for e-appeal.
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    A proposed insertion to section 250 empowers the Central Government to notify an e-appeal scheme to enable electronic disposal of appeals, eliminate in-person interface between Commissioner (Appeals) and appellants to the extent technologically feasible, optimise resource use through economies of scale and functional specialisation, and introduce an appellate system with dynamic jurisdiction. The power includes directing, by notification, that statutory provisions on jurisdiction and appellate procedure may not apply or may apply with specified exceptions, modifications and adaptations, and requires such notifications to be laid before both Houses of Parliament.
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    Amendment in Dispute Resolution Panel (DRP).
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    Dispute Resolution Panel expansion: added non-resident taxpayers can seek DRP review when AO proposes prejudicial assessment variations.
    Amendment expands the Dispute Resolution Panel (DRP) procedure to require the Assessing Officer to forward a draft assessment order when proposing any variation prejudicial to the assessee, permitting the taxpayer to file objections with the DRP whose binding directions govern the AO. The definition of eligible assessee is widened to include non-resident persons other than companies alongside foreign companies and cases with transfer pricing adjustments.
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    E-assessment scheme expanded to include best-judgement assessments and extend direction power through a temporary sunset period.
    Amendment expands the E-assessment Scheme, 2019 to include best judgement assessment within the scope of the scheme-making power under sub-section (3A) of section 143, and permits the Central Government to issue directions under the provision for a prescribed limited period, effective from the commencement of the stated assessment year.
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    Widening the scope of Commodity Transaction Tax (CTT).
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    Commodity Transaction Tax expansion: new tax coverage for options in goods and derivatives tied to other derivatives.
    Amendments expand the scope of Commodity Transaction Tax (CTT) to include sales of derivatives based on prices or indices of commodity derivatives and sales of an option in goods, and replace "recognised association" with "recognised stock exchange". The proposal allocates CTT liability by product and settlement mode-seller liability for derivatives based on derivatives' prices or indices, purchaser liability for exercised options in goods with different treatment for physical delivery versus non-delivery settlement-and updates statutory definitions, the CTT schedule, and value computation accordingly.
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    Employer contribution cap to retirement funds: excess employer contributions taxable and related accretions treated as perquisite.
    A combined upper limit is proposed on employer contributions to the National Pension Scheme, superannuation funds and recognized provident funds; employer contributions exceeding the combined cap in a year will be taxable, and annual accretions to the fund relating to such employer contributions shall be treated as a perquisite to the extent included in total income.
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    Tax Collected at Source expanded to cover overseas remittances, tour packages and sales-based collections with specified exemptions.
    Amendments expand Tax Collected at Source (TCS) under section 206C to require authorised dealers to collect TCS on specified overseas remittances under LRS and sellers to collect TCS on sale of overseas tour packages, both with higher rates for non-PAN/Aadhaar cases and specified exemptions. Separately, sellers with turnover above a prescribed threshold must collect TCS on sale of goods above a set consideration limit, subject to notification-based exemptions and exclusions for certain government and diplomatic entities. Provisions take effect from 1 April 2020.
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    Widening the scope of TDS on E-commerce transactions through insertion of a new section.
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    TDS on e commerce transactions: operators must withhold on gross platform receipts and treat direct payments as operator credits.
    A new provision imposes TDS on e commerce transactions by requiring the e commerce operator to deduct tax on the gross amount of sales or services when credited to or paid to an e commerce participant; direct payments by purchasers are treated as operator payments. Low volume individual and HUF participants who furnish PAN or Aadhaar are exempt from withholding. The provision overrides other TDS liabilities for the same transactions, excludes operator receipts for unrelated advertising services, and includes definitions and consequential amendments to align withholding and procedural provisions.
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    Enlarging the scope for tax deduction on interest income under section 194A of the Act.
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    Tax deduction on interest income: large co-operative societies must withhold tax when turnover and per payee interest exceed specified thresholds.
    The amendment narrows exemptions in section 194A(3) so that a co operative society otherwise exempt under clause (v) or (viia) must deduct tax at source if it exceeds a specified turnover threshold in the preceding year and if the interest credited or paid to a payee in the financial year exceeds specified per payee thresholds, with separate thresholds for senior citizens and others.
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    Reducing the rate of TDS on fees for technical services (other than professional services).
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    TDS on technical services adjusted to reduce classification disputes and align withholding with work contract payments.
    To reduce classification disputes and litigation, the law prescribes a reduced withholding rate specifically for fees for technical services (other than professional services), aligning its TDS incidence more closely with that applicable to payments for execution of work contracts; withholding rates for other categories of fees remain unchanged and the amendment takes effect from the commencement date specified in the measure.
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    Allowing deduction for amount disallowed under section 43B, to insurance companies on payment basis.
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    Deduction timing for Section 43B: insured business expenses disallowed earlier permitted when actually paid.
    A proviso is proposed to Rule 5 of the First Schedule so that any sum added back under Section 43B in accordance with clause (a) of Rule 5 shall be allowed as a deduction in computing income under the rule in the previous year in which such sum is actually paid; the amendment takes effect from 1 April 2020 and applies to assessment year 2020-21 and onwards.
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    Amendment for providing attribution of profit to Permanent Establishment in Safe Harbour Rules under...
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    Attribution to Permanent Establishment now covered in safe harbour rules and advance pricing agreements, providing transfer pricing certainty.
    Amendments expand Safe Harbour Rules to permit acceptance of declared transfer prices that address attribution of profits to a Permanent Establishment, and amend Advance Pricing Agreement provisions to allow APAs to determine or specify the manner of determining such attribution, thereby extending transfer pricing certainty to both safe harbour and APA mechanisms for future and rollback years.
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    Modification of the definition of “business trust”
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    Business trust definition modified: listing requirement removed so tax pass-through and regime apply to unlisted trusts.
    The proposal amends clause (13A) of section 2 to remove the requirement that units be listed on a recognised stock exchange for a trust to qualify as a business trust, aligning the income tax definition with SEBI amendments that eliminated mandatory listing for InvITs; under section 115UA such trusts remain subject to taxation rules including pass through treatment for SPV interest and rent and filing and reporting obligations.
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    Allowing carry forward of losses or depreciation in certain amalgamations.
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    Carry forward of losses extended to statutory bank and government insurance company amalgamations under specified nationalisation schemes.
    Section 72AA's allowance for carry forward of accumulated losses and unabsorbed depreciation is extended to include amalgamations of corresponding new banks under the Banking Companies (Acquisition and Transfer of Undertakings) Acts and amalgamations of Government companies arising under the General Insurance Business (Nationalisation) Act, with defined terms to be read from those enactments and the extension operating notwithstanding specified exclusions in the Act.
    NewsBills
    Deferring TDS or tax payment in respect of income pertaining to Employee Stock Option Plan (ESOP) of...
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    Deferral of TDS on ESOP perquisites allows employers to delay tax deduction until sale or employment cessation.
    Amendments permit eligible start-ups to defer deduction or payment of tax on ESOP perquisites: tax must be deducted or paid within fourteen days of the earliest of (i) expiry of the prescribed post-allotment period, (ii) sale of the specified security or sweat equity share by the employee, or (iii) cessation of employment. Tax is computed using the rates applicable in the financial year when the security or share was allotted or transferred.
    NewsBills
    Exempting non-resident from filing of Income-tax return in certain conditions.
    Show AI Summary
    Non-resident return filing exemption extended to royalty and FTS when withholding tax is applied at prescribed rates.
    A statutory amendment will exempt a non-resident from filing an income-tax return where the non-resident's total income consists solely of dividend or interest, or specified royalty or fees for technical services, provided that withholding tax on such income has been deducted under Chapter XVII-B at rates not lower than the rates prescribed for tax determination under section 115A(1); the amendment takes effect from the stated commencement date and applies to the relevant assessment year and subsequent years.
    NewsBills
    Providing an option to the assessee for not availing deduction under section 35AD.
    Show AI Summary
    Optional 35AD deduction safeguards right to claim depreciation where assessee forgoes the investment allowance under amended rules.
    The amendment makes the 100% capital expenditure deduction under section 35AD optional and restricts the sub section (4) non allowance rule so that other deductions, including normal depreciation, are disallowed only if the section 35AD deduction has been claimed and allowed; the change applies prospectively to the assessment year beginning 1 April 2020.
    NewsBills
    Increase in safe harbour limit of 5 per cent. under section 43CA, 50C and 56 of the Act to 10 per ce...
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    Safe harbour threshold for stamp valuation adjustments increased, reducing valuation-driven recharacterisation of consideration for transfers.
    Increase of the safe harbour threshold from five per cent to ten per cent for valuation comparisons where declared consideration for transfer or receipt of immovable property is lower than the stamp valuation authority's value, so that a declared consideration within the safe harbour is treated as the full value for computing capital gains or income from other sources; effective from 1st April, 2021 and applying to the relevant assessment year and subsequent years.
    NewsBills
    Excluding interest paid or payable to Permanent Establishment of a non-resident Bank for the purpose...
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    Interest limitation carve-out excludes debt from permanent establishments of foreign banks from interest disallowance under amended rules.
    The amendment provides that the interest limitation will not apply to interest paid in respect of debt issued by a lender which is a permanent establishment of a non-resident engaged in banking in India, thereby carving out loans from branches of foreign banks from the section 94B restriction and avoiding application of the earnings based disallowance to such debt.
    NewsBills
    Amendment of section 194LD of the Act to extend the period of concessional rate of withholding tax a...
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    Concessional withholding tax extended and applied to municipal debt, enabling foreign investor interest relief within a renewed operative window.
    Amendment to section 194LD extends the concessional withholding tax regime and applies the concessional rate to interest on municipal debt securities by Foreign Institutional Investors and Qualified Foreign Investors, preserving the reduced TDS rate for eligible interest payments and changing the operative period so that interest paid within the newly prescribed window qualifies for the concession, with the amendment taking effect from the start of the specified fiscal period.

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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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