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Act Rules Bills
Modernizing Tax Deduction at Source on Salaries : Clause 392(1)-(6) of the Income Tax Bill, 2025 Vs....
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Tax Deduction at Source on Salaries modernizes employer TDS obligations and clarifies perquisite and reporting requirements.
Clause 392 modernizes Tax Deduction at Source on salaries by retaining the employer duty to deduct tax at the average rate on estimated salary payments, preserving the employer option to pay tax on non monetary perquisites (treated as TDS), providing special timing for start up equity perquisites, and requiring employers to consider specified employee declarations (other salary, reliefs, house property loss, other income, and tax deducted elsewhere) subject to limitations on reductions. It mandates prescribed statements, evidence, record keeping, and permits intra year TDS adjustments, with procedural details to be set by rules.
Act Rules Bills
Tax Deduction Failures and Direct Payment Modernizing the Assessee's Obligations :Clause 391 of the ...
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Direct payment obligation makes the recipient liable where TDS is absent, with deductor deemed in default if both parties fail.
Clause 391 requires the recipient to pay income tax directly where TDS is not applicable or has not been deducted, includes a deferred payment mechanism for specified securities and sweat equity issued by eligible start-ups as per the Bill's timelines, and creates a deeming fiction rendering the deductor or employer an assessee-in-default if both deductor and assessee fail to discharge the liability, while preserving interest, penalty and crediting consequences.
Act Rules Bills
Transforming Tax Deduction and Collection : Clause 390(1) - (3) of the Income Tax Bill, 2025 Vs. Sec...
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Tax Collection at Source: payment obligations arise with income receipt and stand independent of later assessments.
Clause 390 mandates three modes of tax payment-deduction or collection at source, advance payment, and payment under section 392(2)(a)-to be effected "as per this Chapter," establishes that these obligations arise irrespective of later assessment proceedings, and includes a savings provision preserving the substantive charge to tax under section 4(1), thereby ensuring collection mechanisms do not affect the underlying tax liability.
Act Rules Bills
Continuity of Tax Liability After Firm Dissolution : Clause 330 of Income Tax Bill, 2025 Vs. Section...
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Continuity of tax liability: dissolved firms treated as continuing for assessment, penalties, and recovery under new clause.
Clause 330 treats a dissolved or discontinued firm as continuing for assessment and recovery, empowering tax authorities to assess total income, impose penalties, and apply all Act provisions; it imposes joint and several liability on partners and legal representatives and permits continuation of proceedings at the stage they stood at dissolution, while preserving other relevant statutory provisions through a saving clause.
Act Rules Bills
Joint and Several Liability of Partners for Firm Tax Dues : Clause 329 of the Income Tax Bill, 2025 ...
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Joint and several liability of partners: partners and estates may be pursued for firm tax and related penalties under the new Bill.
The Bill imposes joint and several liability on every person who was a partner during the tax year and on the legal representatives of deceased partners for tax, penalty and other sums payable by the firm, allowing recovery from the firm or any partner and applying the Act's assessment, recovery and penalty machinery to such liabilities.
Act Rules Bills
Taxation of Successor and Predecessor Partnership Firms : Clause 328 of the Income Tax Bill, 2025 Vs...
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Succession of partnership firms requires separate assessments to apportion tax between predecessor and successor periods.
Clause 328 mandates separate assessments where a firm is succeeded by another: income up to succession is assessed in the predecessor's hands and income thereafter in the successor's hands, with procedural rules to be applied as per Section 313; the clause excludes cases covered by the provision addressing change in constitution, preserving the distinction between succession and mere partner changes.
Act Rules Bills
Assessing the Impact of Constitutional Changes in Firms : Clause 327 of the Income Tax Bill, 2025 Vs...
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Change in constitution of a firm: assessment on the firm as constituted at assessment time, preserving tax continuity.
Change in constitution of a firm provides that assessment shall be on the firm as constituted at the time of assessment where partners cease, new partners are admitted (with at least one pre existing partner continuing), or shares change; an exception preserves dissolution on the death of a partner. The clause modernizes language and cross references to updated assessment provisions, maintains continuity in tax liability, and places emphasis on partnership deeds, record keeping, and potential factual disputes over reconstitution versus succession.
Act Rules Bills
Procedural Compliance and Taxation of Partnership Firms : Clause 326 of the Income Tax Bill, 2025 Vs...
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Procedural compliance in partnership taxation: noncompliance bars firm deductions for partner payments while avoiding partner double taxation.
Clause 326 of the Income Tax Bill, 2025, applies where a partnership firm fails to comply with Clause 325 procedural requirements; it invokes a non-obstante override to disallow deductions for payments to partners described as interest, salary, bonus, commission or remuneration, and concurrently excludes those disallowed amounts from taxation in the hands of partners, mirroring the substantive effect of the earlier statute while updating cross-references and structure.
Act Rules Bills
Continuity and Change in the Taxation of Partnership Firms : Clause 325 of the Income Tax Bill, 2025...
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Firm assessment requirements: written certified partnership instrument needed, with non compliance causing denial of partner deductions.
Clause 325 requires that a partnership be evidenced by a written instrument specifying each partner's share and that a certified copy accompany the return when assessment as a firm is first sought; certification must be by all partners (excluding minors) or relevant predecessors/representatives on dissolution. Once assessed as a firm, continuity of assessment applies unless the firm's constitution or shares change, in which case a revised certified instrument must be filed and the conditions reapply. Failure to comply triggers denial of deductions for payments to partners and prevents those payments from being taxed in the partners' hands.
Act Rules Bills
Tax Recovery from Directors of Private Companies : Clause 323 of the Income Tax Bill, 2025 Vs. Secti...
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Director liability for unpaid company taxes: joint and several personal exposure subject to defence of absence of gross neglect.
Clause 323 imposes joint and several personal liability on every person who was a director at any time during the relevant tax year where tax due from a private company cannot be recovered, with "tax due" including penalty, interest, fees and other sums; the director may avoid liability only by proving that non recovery was not attributable to gross neglect, misfeasance or breach of duty, and the provision overrides contrary company law provisions.
Act Rules Bills
Personal Liability and Tax Compliance in Liquidation of companies : Clause 322 of Income Tax Bill, 2...
Show AI Summary
Liquidator personal liability: enforced civil responsibility to secure tax dues during liquidation while aligning with insolvency priorities.
Clause 322 requires any liquidator or receiver to notify the assessing officer within thirty days of appointment and, after the assessing officer notifies an amount sufficient to cover tax liabilities (within three months), to set aside that sum and refrain from disposing of assets without leave; exceptions permit payment of tax, secured creditors with legal priority, and reasonable winding up expenses. Non compliance attracts personal civil liability for the liquidator, capped at the notified amount where applicable, and obligations are joint and several, with Clause 322 subject to the primacy of the Insolvency and Bankruptcy Code.
Act Rules Bills
Assessment and Enforcement against Dissolved Associations : Clause 321 of the Income Tax Bill, 2025 ...
Show AI Summary
Assessment continuity: Dissolution of an AOP does not prevent assessment, penalty imposition, or recovery from members.
Clause 321 permits assessment of an association of persons as if no discontinuance or dissolution had taken place, applying all statutory provisions including penalties and other sums. It empowers original and appellate officers to impose penalties specified in the penalty chapter, imposes joint and several liability on members and their legal representatives, and allows continuation of proceedings already commenced against such persons from the stage they stood at dissolution. A saving clause preserves interaction with specified cross referenced provisions.
Act Rules Bills
Accelerated Assessment upon Business Discontinuance ; Clause 320 of Income Tax Bill, 2025 Vs. Sectio...
Show AI Summary
Accelerated assessment on business discontinuance enables taxation up to cessation with mandatory notice and taxation of post-cessation receipts.
Clause 320 permits discretionary accelerated assessment of income up to the date of business discontinuance, mandates separate assessments for each completed tax year or part thereof, requires mandatory notification of discontinuance within fifteen days, empowers notice and information-gathering powers on persons, partners or officers, and deems post-discontinuance receipts to be taxable as income of the recipient while clarifying that tax charged under the clause is additional to any other tax liability.
Act Rules Bills
Preventing Tax Avoidance by Asset Transfer : Clause 319 of the Income Tax Bill, 2025 Vs. Section 175...
Show AI Summary
Preventive assessment of likely asset transfers: current year taxation triggered by AO belief of tax avoidance intent.
Clause 319 empowers the Assessing Officer to tax the total income of persons believed likely to dispose of assets to avoid tax, charging income in the current tax year from its first day until proceedings commence; it requires formation of an AO opinion based on credible material, applies procedural provisions analogous to those for persons leaving the jurisdiction, and raises interpretive issues including the undefined scope of "assets", the standard for AO satisfaction, the truncated assessment period, and overlap with other anti avoidance rules.
Act Rules Bills
Taxation of AOPs, BOIs, and AJPs Formed for Specific Purposes : Clause 318 of the Income Tax Bill, 2...
Show AI Summary
Taxation of short lived entities: income of event specific AOPs/BOIs/AJPs charged in the tax year up to dissolution.
Clause 318 empowers the Assessing Officer to treat the total income of an AOP, BOI or AJP formed for a particular event or purpose as chargeable to tax for the tax year from its first day up to the date of dissolution where the AO is satisfied the entity is likely to dissolve, and applies the Bill's expedited procedural machinery for assessment, provisional determination and recovery.
Act Rules Bills
Assessment of Individuals Leaving India : Clause 317 of the Income Tax Bill, 2025 Vs. Section 174 of...
Show AI Summary
Assessment of persons leaving India: expedited tax assessment from the tax year start to departure with short notice requirements.
Clause 317 permits the Assessing Officer to assess an individual's total income from the first day of the current tax year up to the probable date of departure where the AO reasonably believes the individual intends not to return; income is assessed by completed tax years or part-years at rates in force, may be estimated if not readily determinable, and the AO may require an expedited return within a minimum seven-day period, with taxes charged under this provision being additional to other tax liabilities.
Act Rules Bills
Enforcement of Tax Recovery from Non-Residents : Clause 422 of the Income Tax Bill, 2025 Vs. Section...
Show AI Summary
Recovery of tax from non residents: source withholding and attachment of any assets within India enable enforcement.
Clause 422 and Section 173 authorise two primary enforcement mechanisms against non residents: recovery by deduction at source imposed on payers, agents or representative assessees, and recovery by attachment of any assets of the non resident that are, or may at any time come, within India. These powers apply whether tax is assessed in the non resident's name or in the name of a representative assessee and operate without prejudice to other assessment and recovery provisions, creating a continuing domestic enforcement right subject to definitional, procedural and treaty interaction issues.
Act Rules Bills
Presumptive Taxation of Foreign Shipping Companies : Clause 316 of the Income Tax Bill, 2025 Vs. Sec...
Show AI Summary
Presumptive taxation of foreign shipping secures Indian tax on carriage income via deemed income and port clearance linkage.
Clause 316 introduces a presumptive regime deeming a fixed proportion of amounts paid or payable for carriage from Indian ports as income of non resident ship owners or charterers, includes demurrage and similar charges, requires the ship's master to file a pre departure return with the Assessing Officer (with limited deferred filing), empowers assessment within nine months, ties tax payment or satisfactory arrangements to port clearance, and preserves an option for regular assessment with payments treated as advance tax.
Act Rules Bills
Taxation of Hindu Undivided Families after Partition : Clause 315 of the Income Tax Bill, 2025 Vs. S...
Show AI Summary
HUF partition rules preserve deemed continuity and joint liability, limiting recognition of partial partitions and strengthening tax recovery.
Clause 315 deems an assessed HUF to remain undivided for tax purposes until a formal finding of partition is recorded; mandates AO inquiry with notice to all members when a partition is claimed; assesses HUF income up to the partition date as if no partition occurred; imposes joint and several liability on former members for tax, penalties, interest and other sums; allows recovery from pre-partition members; computes several liability in proportion to property allotted; and disallows recognition of partial partitions for tax purposes within the specified post-cut-off period.
Act Rules Bills
Aligning Tax Assessments with Business Reorganisation and Modified Returns : Clause 314 of the Incom...
Show AI Summary
Modified return requirement ensures tax assessments follow business reorganisation orders and must be adjusted accordingly.
Clause 314 mandates that a successor entity furnish a modified return within the prescribed period after a business reorganisation order, limited to changes necessitated by that order, and requires the Assessing Officer to modify completed assessments or complete pending assessments in accordance with the order and the modified return; ordinary Act provisions apply unless expressly overridden, and key terms including business reorganisation and successor are defined with coverage of insolvency-sanctioned reorganisations.

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

24 July, 2024

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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

Acts Income Tax
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