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    Tax deduction under 80GGA allows any donation amount for scientific research or rural development to be claimed.
    Section 80GGA provides a tax deduction for sums donated for specified purposes of scientific research or rural development; there is no prescribed minimum donation threshold and any amount paid for the specified purpose is eligible for deduction.
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    Deduction under 80GG: individuals paying rent must submit Form 12BA to claim a rent deduction.
    An individual who pays rent for residential accommodation may claim deduction in respect of rent paid provided the claimant submits a written declaration in Form 12BA to the assessing officer asserting entitlement; the deduction is contingent on both actual rent payment and timely submission of the prescribed declaration.
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    Deduction under section 80E not available if education loan is taken in a family member's name.
    Deduction under section 80E for interest on higher education loans is available only where the assessee is the named borrower; loans taken in the name of a relative or other family member do not qualify for the deduction, because the borrower identity is the operative condition for entitlement.
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    Disability deduction: dependent relief under one provision versus taxpayer's own deduction under the other provision.
    Section 80DD provides a deduction for maintenance, including medical treatment, of a handicapped dependent claimed by the taxpayer, whereas Section 80U provides a deduction available to the taxpayer who is himself or herself a person with disability; the key distinction is whether the deduction is for a dependent or for the disabled taxpayer.
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    Section 80DD deduction applies only for maintenance of a disabled dependent, not for the taxpayer's own disability.
    Deduction under 80DD permits an income tax deduction for maintenance, including medical treatment, of a handicapped dependent who is a person with disability; the deduction is available for expenditure in respect of such a dependent and is not available to a taxpayer for his or her own disability-related expenses.
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    Deduction under section 80D denied for cash payments; only preventive health checkup expenses may be paid in cash.
    Deduction for medical insurance premia under deduction u/s 80D is not available where the expenditure is made in cash; payments must be by non-cash modes to qualify, except that expenditure on preventive health checkups may be incurred in cash and still qualify for the deduction.
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    Medical insurance premium deduction allowed when an individual pays for spouse, self and dependents under section 80D.
    An individual is entitled to claim a deduction for premiums paid for medical insurance covering the individual, the spouse, dependent children and parents under the medical insurance premium deduction framework; premiums paid by an individual for insurance on the health of those family members qualify for deduction.
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    Tax benefit under 80CCG: guardian may claim deduction for investments made in a minor's name, subject to individual limits.
    A guardian who makes investments in a minor's name may claim the deduction under 80CCG, subject to the overall deduction limit applicable to the guardian as an individual and compliance with the scheme's conditions.
    ManualsIncome Tax
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    Non-resident individuals joining NPS: eligible to open accounts, but accounts close if citizenship changes under pension deduction rules.
    Non resident individuals may join the National Pension System and make contributions eligible for pension contribution deduction under income tax provisions; however, an NPS account will be closed if the member's citizenship status subsequently changes, affecting continued participation and account maintenance.
    ManualsIncome Tax
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    Deduction under section 80CCC can be claimed by non-resident individuals contributing to pension funds under the statute.
    The provision permits a deduction for contributions to pension funds and does not impose a residency restriction, so non-resident individuals who make qualifying contributions to pension funds are eligible to claim the deduction under the section.
    ManualsIncome Tax
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    Education loan interest deductible for borrower; tuition fee relief limited to two children under a separate deduction.
    Only interest paid on an education loan for the taxpayer or a dependent qualifies under the education-loan interest deduction head, while tuition fees qualify under a separate tuition-fee deduction head and are restricted to tuition paid for a limited number of children; the two deductions are distinct and non-overlapping.
    ManualsIncome Tax
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    Deduction under section 80C: Post Office five year time deposit qualifies as an eligible investment for deduction.
    Contributions to the Post Office five year time deposit scheme are eligible to be claimed as a deduction under section 80C, and may be included among other specified investments such as life insurance premiums, deferred annuities and provident fund contributions, subject to the overall limits and conditions applicable to 80C deductions.
    ManualsIncome Tax
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    Section 80C deduction excludes loan repayments for renovation or repair of residential property under income tax law.
    Repayments of loans taken for renovation or repair of residential property are not eligible for deduction under deduction under section 80C, which is confined to specified savings and investment outlays such as life insurance premiums, deferred annuities and provident fund contributions and does not include repair or renovation costs of a dwelling.
    ManualsIncome Tax
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    Deduction under section 80C: repayment of principal on housing loan qualifies, interest payments do not.
    Payments toward the cost of purchase or construction of a new residential property qualify for deduction under the provision and expressly include repayment of the principal amount of a housing loan; interest paid on such a housing loan is not eligible for deduction under the same provision.
    ManualsIncome Tax
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    Deduction under section 80C covers life insurance, provident fund and deferred annuity contributions and limited tuition fees.
    Deduction under section 80C permits tax deductions for specified savings and insurance instruments such as life insurance premia, provident fund contributions and deferred annuities, subject to statutory limits and qualifying conditions. Only tuition fees paid in India for full time education of up to two children qualify as deductible educational expenses; other charges like development fees or donations are not eligible.
    ManualsIncome Tax
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    Deduction under section 80C available only to individuals and HUFs for life insurance and provident fund contributions.
    The provision permits deduction for life insurance premia, deferred annuity premiums and contributions to provident funds, available exclusively to Individual and HUF taxpayers as the classes eligible to claim the tax benefit.
    ManualsIncome Tax
    Show AI Summary
    Clubbing of minor income: investments made by the minor qualifying for investment-based deductions may be claimed when income is clubbed.
    When a minor's income is clubbed with a parent's income, investments made by the minor that qualify under the investment-based deduction framework-including life insurance premiums, provident fund contributions, and deferred annuity payments-may be considered as deductible in computing the parent's taxable income.
    ManualsIncome Tax
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    HRA exclusion for self-employed; rent deduction available under section 80GG if statutory eligibility conditions are met.
    HRA under section 10(13A) is a salary-linked exemption not available to self-employed individuals; self-employed taxpayers may claim a deduction for rent paid under section 80GG, subject to the statutory eligibility conditions and limits governing that deduction.
    ManualsIncome Tax
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    Actual rent payment required for HRA deduction - absence of rent payment for any period disqualifies entitlement to deduction.
    The House Rent Allowance deduction under section 10(13A) is conditional on actual rent payment for residential accommodation; if no rent is paid for any period, no deduction is allowable for that period, and entitlement to HRA or notional occupancy does not replace the need for real rent outgo.
    ManualsIncome Tax
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    Deduction under section 10(13A) available despite house ownership when employee resides in rented accommodation.
    An employee who actually resides in rented accommodation may claim the salary-specific exemption for rent allowance under section 10(13A) even if he owns a house property in the same or a different city; entitlement depends on factual occupancy of rented premises rather than mere ownership of residential property.

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      Review of Customs duty Exemptions - Review of conditional exemption rates of BCD

      24 July, 2024

      Contents
      Notifications
      Plus +
      Summary
      Note

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      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      (i) The BCD exemption for the goods covered under following serial numbers of the notification are being extended upto 31st March, 2026 unless specified otherwise.

      S. No.

      S N of 50/17-Cus

      Brief Description

      1.

      17

      Specified Planting materials, namely, oilseeds, seeds of vegetables, tubers, etc.

      2.

      80A

      Algal oil for manufacturing of aquatic feed

      3.

      90

      Lactose for use in manufacture of homeopathic medicines

      4.

      104

      Specified goods used in processing of sea-food

      5.

      133

      Gold ores and concentrates

      6.

      139

      Bunker Fuels namely: (i). IFO 180 CST; (ii). IFO 380 CST; (iii). VLSFO (CTH 27)

      7.

      150

      Naphtha for manufacture of Fertilisers (scope of exemption is being reduced only to Naphtha)

      8.

      155

      Liquefied petroleum gases (LPG) received from unit in SEZ and returned by the DTA unit to the SEZ unit

      9.

      164

      Electrical energy supplied from SEZ unit to DTA

      10.

      165

      Electrical energy supplied from SEZ to DTA

      11.

      172

      Specified goods used in manufacture of silicon wafers or solar wafers, for manufacture of solar cell or module

      12.

      183

      Medical use fission Molybdenum-99 (Mo-99) for use in manufacture of radio pharmaceuticals

      13.

      184

      Pharmaceutical Reference Standard

      14.

      188

      Goods for manufacture of ELISA Kits

      15.

      191

      Maltol for manufacture of deferiprone

      16.

      204

      Anthraquinone or 2-Ethyl Anthraquinone for use in manufacture of Hydrogen peroxide

      17.

      237

      Specified material for manufacture of EVA (Ethylene Vinyl Acetate) sheets or backsheet, which are used in the manufacture of solar photovoltaic cells or modules (Scope of materials which can be imported is being increased)

      18.

      253

      Specified Goods for manufacture of Brushless Direct Current (BLDC) motors

      19.

      257

      Tags, labels, stickers, belts, buttons, hangers or printed bags, imported by bonafide exporters

      20.

      257A

      Specified goods used in manufacture of handicraft items for export when imported by bonafide exporter

      21.

      257B

      Specified goods used in manufacture of textile or leather garments for export when imported by bonafide exporter

      22.

      257C

      Specified goods used in manufacture of leather or synthetic footwear or other leather products for export when imported by bonafide exporter

      23.

      258

      Security fibre, threads, Paper based Taggant, M-feature for use in manufacture of security paper by Security Paper Mill, Hoshangabad and Bank Note Paper Mill India Pvt Ltd, Mysore.

      24.

      259

      Raw materials for manufacture of security fibre and security thread for supply to Security Paper Mill, Hoshangabad and Bank Note Paper Mill India Pvt. Ltd, Mysore for use in manufacture of security paper

      25.

      260

      Goods for the manufacture of specified orthopedic implants (902110)

      26.

      261

      Raw material for manufacture of Copper-T Contraceptive

      (i) Alatheon

      (ii) Copper Wire

      27.

      265

      Capacitor grades polypropylene granules for manufacture of Capacitor grade plastic

      28.

      269

      Super absorbent polymer for manufacture of adult diapers and specified goods

      29.

      271

      Polytetrametylene ether glycol, (PT MEG) for use in manufacture of spandex yarn

      30.

      276

      Ethylene- propylene- non-conjugated diene rubber (EPDM) for manufacture of insulated wire and cables

      31.

      279

      New or retreated Pneumatic tyres of rubber for use in servicing, repair of maintenance of aircrafts used for operating scheduled air transport service or scheduled air cargo service etc

      32.

      280

      New or retreated Pneumatic tyres of rubber for use in servicing, repair or maintenance of aircraft imported or procured by Aero Club of India/ for flying training purpose/ operating non-scheduled (passenger or charter) services/ AAI for flight calibration purpose

      33.

      290

      Wood pulp for manufacture of newsprint, paper or paperboard

      34.

      292

      Goods imported for manufacture of paper, paper boards, newsprint

      35.

      293A

      Newsprint and uncoated paper imported for printing of newsprint

      36.

      296A

      Lightweight coated paper imported by actual users for printing of magazines

      37.

      326

      Hydrophilic /Hydrophobic Non- Woven, imported for use in the manufacture of Adult Diapers

      38.

      329

      Pile fabrics for the manufacture of toys

      39.

      333

      Moulds, tools and dies, for the manufacture of parts of electronic components or electronic equipment

      40.

      334

      (i) Graphite Felt or Graphite pack for growing silicon ingots (ii) Thin Steel wire used in wire saw for slicing of silicon wafers

      41.

      345A

      Simply Sawn Diamonds

      42.

      364A

      Spent catalyst or ash containing precious metals

      43.

      368

      Ferrous Scrap

      44.

      374

      Magnesium Oxide (MgO) coated cold rolled steel coils for use in manufacture of cold rolled grain oriented (CRGO) steel

      45.

      375

      Specified items for manufacture of cold rolled grain-oriented steel (CRGO) steel

      46.

      378

      Metal parts for manufacture of electrical insulators falling under heading 8546

      47.

      379

      Pipes and tubes for use in manufacture of boilers

      48.

      380

      Forged steel rings for manufacture of special bearings for use in wind operated electricity generators

      49.

      381

      Flat copper wire for use in the manufacture of photo voltaic ribbon for manufacture of solar photovoltaic cell or modules

      50.

      392

      Dies for drawing metal, where imported after repairs from abroad

      51.

      403

      Parts and raw materials for offshore oil exploration

      52.

      404

      Specified items including capital goods and raw materials for off shore oil exploration

      53.

      415

      Parts for manufacture of catalytic convertors

      54.

      415A

      Platinum or Palladium for manufacture of Noble Metal Compounds & Noble Metal Solutions

      55.

      416

      Ceria zirconia compounds for use in the manufacture of washcoat for catalytic converters

      56.

      417

      Cerium compounds for use in the manufacture of washcoat for catalytic converters

      57.

      418

      Zeolite for use in the manufacture of washcoat for catalytic converters

      58.

      422

      Machinery, electrical equipment for use in semiconductor wafer and LCD

      59.

      423

      Machinery, electrical equipment for use in marking and packaging of semiconductor chips

      60.

      426

      Specified goods for the manufacture of semiconductor devices, memory card, IC, solar cell

      61.

      435

      Capital goods for printing industry

      62.

      442

      Bushings made of Platinum and Rhodium alloy when imported in exchange of worn out or damaged bushings exported out of India

      63.

      446

      Parts and components for manufacture of tunnel boring machines

      64.

      451

      Evacuated tubes with three layers of solar selective coating for use in manufacture of solar water heater

      65.

      462

      Ball screws for use in the manufacture of CNC Lathes

      66.

      463

      Linear Motion Guides for use in the manufacture of CNC Lathes

      67.

      464

      CNC Systems for use in the manufacture of CNC Lathes

      68.

      464A

      Goods for manufacture of plastic processing machineries

      69.

      467

      Parts and components of cash dispenser or automatic bank note dispenser

      70.

      468

      Parts for manufacture of Micro ATM, Fingerprint reader/scanner, Iris scanner, Miniaturised POS (Scope of exemption is being limited to import of raw materials only)

      71.

      471

      All parts for use in the manufacture of LED lights

      72.

      472

      All inputs for use in the manufacture of LED driver or MCPCB for LED lights

      73.

      476

      Television equipment, cameras etc for taking films, imported by a foreign film unit or television team

      74.

      477

      Filming equipment of foreign origin if imported into India after having been exported therefrom.

      75.

      480

      Goods imported for being tested in specified test centers

      76.

      489B

      Goods for manufacturing of Microphones

      77.

      504

      Parts and Components of Digital Still Image Video Cameras

      78.

      509

      Parts, components and accessories for manufacture of Digital Video Recorder

      79.

      510

       Parts, components and accessories for use in manufacture of reception apparatus for television

      80.

      511

      Parts, components and accessories for manufacture of CCTV Camera

      81.

      512

      Specified Parts, components and for use in manufacture of Lithium-ion battery and battery pack

      82.

      512A

      Inputs, parts or sub-parts for use in the manufacturing of Printed Circuit Board Assembly

      83.

      515A

      Open Cell for manufacture of TV Panel

      84.

      516

      The following goods for use in the manufacture of Liquid Crystal Display (LCD) /LED TV Panel

      85.

      517

      Magnetrons for manufacture of domestic microwave ovens

      86.

      519

      Raw materials or parts for use in manufacture of e-Readers

      87.

      523A

      Parts, sub-parts, inputs or raw material for use in manufacture of Lithium-ion cells

      88.

      527

      Lithium-ion cell use in manufacture of battery or battery pack

      89.

      527A

      Lithium-Ion Cell for use in manufacture of battery or battery pack of cellular mobile

      90.

      527B

      Lithium-Ion Cell manufacture of battery or battery pack of EV

      91.

      534

      Parts of gliders or simulators of aircrafts (excluding rubber tyres and tubes of gliders)

      92.

      535

      Raw materials for manufacture of aircraft and parts of aircraft

      93.

      535A

      Parts of aircraft for manufacture of aircraft or for manufacture of parts of aircraft by PSU under Min of Defence

      94.

      536

      Parts, testing equipment, tools and tool-kits for maintenance, repair, and overhauling of aircraft, components or parts of aircrafts

      95.

      537

      All goods of Heading 8802 (except 88026000-spacecraft)

      96.

      538

      Components or parts, including engines, of aircraft of heading 8802

      97.

      539

      (a) Satellites and payloads; (b) Ground equipment brought for testing of (a)

      98.

      539A

      Scientific and technical instruments etc for launch vehicles and satellites

      99.

      540

      Specified goods imported by scheduled air transporter

      100.

      542

      Specified goods imported by Aero Club, Flying Training Institutes

      101.

      543

      Specified goods imported by non-scheduled air transporter

      102.

      544

      Parts (other than rubber tubes), of aircraft of heading 8802

      103.

      546

      Parts (other than rubber tubes), of aircraft of heading 8802

      104.

      548

      Barges or pontoons imported along with ships

      105.

      551

      Cruise ships, Excursion ships

      106.

      553

      Fishing vessels, Tugs and Pusher crafts, light vessels excluding vessels and floating structure imported for break up

      107.

      555

      Vessels like warships, lifeboats excluding vessels and floating structure imported for break up

      108.

      567

      Stainless steel tube and wire, for manufacture of Coronary stents /artificial valve

      109.

      569

      Parts required for manufacture of Ostomy products

      110.

      570

      Medical and surgical instruments, apparatus and appliances including spare parts and accessories thereof

      111.

      575

      Specified Hospital Equipment for use in specified hospitals

      112.

      578A

      Raw materials, for the manufacture of Cochlear Implants

      113.

      580

      X-Ray Baggage Inspection Systems and parts thereof

      114.

      581

      Portable X-ray machine / system

      115.

      583

      Parts and cases of braille watches, for the manufacture of Braille watches

      116.

      591

      Parts of electronic toys

      117.

      593

      Parts of video games for the manufacture of video games

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      (ii) The BCD exemption for the goods covered under following serial numbers of the notification no 50/2017-Customs is being extended upto 31st March 2029.

      S. No.

      S. No. of 50/2017Cus

      Brief Description

      1.

      212A

      Medicines/drugs/vaccines supplied free by United  Nations International Children's Emergency Fund (UNICEF), Red Cross etc

      2.

      213

      Drugs and materials

      3.

      428

      Specified goods imported by accredited press cameraman

      4.

      429

      Specified goods, imported by accredited journalist

      5.

      549

      Capital goods, raw materials and spares for repairs of ocean-going vessels

      6.

      550

      Spare parts and consumables for repairs of ocean going vessels registered in India.

      7.

      577

      Lifesaving medical equipment for personal use

      8.

      607

      Life Saving drugs like Keytruda etc

      9.

      607A

      Lifesaving drugs/medicines for personal use

      10.

      611

      Archaeological artefacts for exhibition in a museum

      11.

      612

      Specified raw material for sports goods

      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

      Topics

      ActsIncome Tax