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Clause 58 institutes a presumptive taxation scheme for specified resident professionals, prescribing turnover-based eligibility and deeming taxable income at a fixed proportion of gross receipts or actual profit, whichever is higher. Eligible taxpayers are generally relieved from routine accounting and audit obligations, but must maintain books and undergo audit if they claim profits lower than the presumptive amount. Deductions or losses are not permitted against the presumptive income, and depreciation is to be treated as if claimed and allowed. Certain entity types are excluded from the scheme.
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Clause 56 makes interest income on bad or doubtful debts of specified financial institutions taxable in the year it is credited to the profit and loss account or actually received, whichever is earlier, defines specified institutions to include public financial institutions, scheduled and certain cooperative banks, State Financial Corporations, State Industrial Investment Corporations and notified NBFCs, and links the classification of bad or doubtful debts to categories prescribed under Reserve Bank of India guidelines.
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Cost of acquisition rules align transferee basis with transferor cost, including improvements and transfer expenditures to ensure tax consistency.
Special provisions set the transferee's cost of acquisition equal to the transferor's cost, include improvements and expenditures wholly and exclusively incurred in connection with the transfer, and require recordkeeping; Clause 40 expressly excludes assets under section 67(6), while Section 43C similarly treats improvements and transfer expenditures with an explicit reference to gift-tax and a historical temporal application.
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Taxation of foreign exchange fluctuation standardizes treatment of gains and losses under updated income computation standards.
Taxation of foreign exchange fluctuation treats gains or losses from changes in foreign exchange rates on foreign currency transactions as taxable income or loss, to be computed under the income computation and disclosure standards referenced in clause 276(2), and applies to monetary and non monetary items, translation of foreign operations' financial statements, forward exchange contracts, and foreign currency translation reserves.
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Act Rules Bills
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Amortisation of expenditure allows staged tax deduction for mineral prospecting expenses with carry-forward and anti-double-deduction safeguards.
Clause 51 establishes a regime permitting amortisation of qualifying prospecting and mine-development expenses for Indian companies and resident individuals by allowing an annual deduction of one-tenth of the specified expenditure over ten tax years from the year of commercial production. It limits eligible expenditure to amounts incurred in the year of commercial production and the four preceding years, excludes acquisition costs of mineral sites and depreciable capital assets, bars double claims under other provisions, permits carry-forward within the ten-year ceiling, and requires audited accounts for non-corporate claimants.
Act Rules Bills
Tax Provisions for Mineral Oil Exploration: Clause 54 of Income Tax Bill, 2025 vs. Section 42 of the...
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Deductions for oil exploration clarify eligibility, government agreements and transfer treatment under new tax clause.
Clause 54 establishes a tax framework for prospecting for mineral oils by permitting deductions for pre commercial production expenses and depletion of mineral oil, defining specified oil exploration business and including petroleum and natural gas as mineral oil, and requiring agreements with the Central Government to be laid before Parliament. It prescribes deduction interplay with other allowances and specifies tax treatment on business transfers, cessation during transfer year, and applicability on amalgamation or demerger.
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Written down value reforms standardize WDV computation and clarify depreciation and block asset adjustments under the new tax provision.
Clause 41 prescribes a standardized method for computing the written down value of depreciable assets: assets acquired in the tax year are valued at actual cost; earlier-acquired assets at cost less depreciation allowed; blocks of assets by the formula [(A-D)+B-C]-E; carried-forward depreciation is deemed allowed; adjustments are required for years where total income was not computed; mixed agriculture-business income is treated as business for depreciation; and the term "sold" is referenced to the Act for consistency.
Act Rules Bills
The Evolution of Asset Cost Computation in Business Income Head: Clause 39 of the Income Tax Bill, 2...
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Computation of actual cost updated to exclude subsidies and non-banking payments, tightening asset valuation for tax purposes.
Clause 39 redefines actual cost for depreciation by reducing asset cost for amounts met by others, GST credits, additional duties and subsidies; excluding certain non-banking payments; providing a formula for indirect subsidy apportionment; specifying treatment in amalgamation, demerger and asset conversion; empowering assessing officers with supervisory approval to determine cost in avoidance cases; and defining special acquisition modes for transfer clarity.
Act Rules Bills
Modernizing Definitions of various terms related to Business Income: Clause 66 of the Income Tax Bil...
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Modernizing business income definitions clarifies taxable profit scope and aligns terms with contemporary financial instruments.
Clause 66 revises key definitions for computing income under Profits and Gains of Business or Profession, broadening terms like agreement, specifying classifications for banking and housing finance companies, updating the scope of plant, refining fees for technical services, and narrowing the definition of speculative transactions with exceptions for bona fide hedging and specified derivatives; these updates modernise earlier Section 43 concepts to align with electronic payment modes, contemporary derivatives, and non cash considerations to reduce ambiguity in tax assessments.
Act Rules Bills
Deemed profits and gains of business or profession: Clause 38 of Income Tax Bill, 2025 vs. Section 4...
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Deemed business income: expanded scope taxes benefits from remission, asset disposals and successors' receipts under new Clause 38.
Clause 38 deems specified sums as profits and gains of business or profession where deductions or allowances were earlier claimed, covering cessation or remission of trading liabilities, excess proceeds on disposal of assets over written down value, sale of research capital assets, recovery of bad debts, and withdrawals from special reserves; it conditions taxability on prior allowance, permits loss set off for ceased businesses, defines key terms and extends liability to successors and post cessation situations.
Act Rules Bills
Ensuring Fair Tax Practices: An Analysis of Clause 36 in the Income Tax Bill, 2025 vs. Section 40A o...
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Non-deductibility of excessive payments: reinforces banking-mode payment rules and limits unreasonable related-party deductions.
Clause 36 empowers disallowance of deductions for payments deemed excessive or unreasonable to specified persons by reference to fair market value and business need, treats related disallowed deductions as income where previously claimed, and conditions deductibility on payments above prescribed thresholds being made through specified banking or online channels while providing limited exceptions for business expediency.

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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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Acts Income Tax
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