Loading...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 TMI Notes - Adv. Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Law:
---- All Laws---- ❯
  • ---- All Laws----
  • Benami Property
  • Bill
  • Central Excise
  • Companies Law
  • Customs
  • DGFT
  • FEMA
  • GST
  • GST - States
  • IBC
  • Income Tax
  • Indian Laws
  • Money Laundering
  • SEBI
  • SEZ
  • Service Tax
  • VAT / Sales Tax
Types:
---- All Types ---- ❯
  • ---- All Types ----
  • Act Rules
  • Case Laws
  • Circulars
  • Manuals
  • News
  • Notifications
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Act Rules Bills
    Understanding various Deductions from Business Income: Clause 32 of the Income Tax Bill, 2025 vs. Se...
    Act Rules Bills
    Tax Compliance and Non-Deductibility of certain expenditure: Clause 35 of the Income Tax Bill, 2025 ...
    Act Rules Bills
    Building, etc., partly used for business, etc., or not exclusively so used: Clauses 28 and 33 of the...
    Act Rules Bills
    The Evolution of Business Expenditure Deductions: Insights from Clause 34 of the Income Tax Bill, 20...
    Act Rules Bills
    Deduction from Business Income: Clause 32 of the Income Tax Bill, 2025 vs. Section 36 of the Income ...
    Act Rules Bills
    Bad and doubtful debt deductions - Clause 31 of the Income Tax Bill, 2025 vs. Section 36 of Income T...
    Act Rules Bills
    Digital Age Tax Enforcement: Understanding the Implications of Clause 247 of the Income Tax Bill, 20...
    Act Rules Bills
    Understanding Insurance Premium Deductions: Clause 30 of the Income Tax Bill, 2025 vs. Section 36 o...
    Act Rules Bills
    Employee welfare expenses: Clause 29 of the Income Tax Bill, 2025 vs. Sections 36 and 40A of the Inc...
    Act Rules Bills
    Business Income Deductions - Employee Welfare Contributions: A Legal Perspective on Clause 29 and Se...
    Act Rules Bills
    Tax Incentives for Agricultural and Skill Development Projects: Clause 47 of Income Tax Bill, 2025 v...
    Act Rules Bills
    Site Restoration Fund: Clause 49 and Schedule X of the Income Tax Bill, 2025 vs. Section 33ABA of th...
    Act Rules Bills
    Incentivizing Investment in Specified Businesses: Clause 46 vs. Section 35AD
    Act Rules Bills
    Amortization of Preliminary Expenses in the Income Tax Bill, 2025: Clause 44 vs. Section 35D
    Act Rules Bills
    Clause 52 of the Income Tax Bill, 2025 Explained: Amortisation of expenses and Tax Implications for ...
    Act Rules Bills
    Tax Incentives for Scientific Research: Clause 45 of the Income Tax Bill, 2025 vs. Section 35
    Act Rules Bills
    Clause 33 vs. Section 32: A Comparative Analysis of Depreciation Provisions
    Act Rules Bills
    Business income deductions against Rent, repairs etc.: Clause 28 of the Income Tax Bill, 2025 Compar...
    Act Rules Bills
    Business Income: Comparative Analysis of Clause 26 of the Income Tax Bill, 2025 and Section 28 of th...
    Act Rules Bills
    Rental Income from House Property: Owner Definition Under Income Tax Bill 2025 and Income Tax Act 19...
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

Notes
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
Act Rules Bills
Show AI Summary
Business deductions clarify allowable expenses, limiting interest capitalization and setting conditions for reserves and bond discounting.
Clause 32 specifies allowable business deductions including bona fide bonuses or commissions, capitalization of interest until asset use, pro rata discount deduction for zero coupon bonds, conditional deductions for contributions to credit guarantee funds and statutory corporation expenditures, limits on special reserves for financial entities, deduction of marked to market losses under prescribed standards, phased family planning capital deductions, agricultural purchase deductions within government price limits, animal loss adjustments, and transaction tax deductions where trading forms part of business income.
Act Rules Bills
Show AI Summary
Non-deductibility of expenses: new clause tightens TDS compliance, equalisation levy and partnership deduction limits.
Clause 35 of the Income Tax Bill, 2025 prescribes categories of business or professional expenditures that are non-deductible, confirming taxes on income and related imposts are not deductible, disallowing deductions where TDS was not deducted or paid (subject to later allowance upon payment), denying deduction for cross-border salary payments lacking TDS compliance, treating equalisation levy and state-imposed charges as non-deductible, and conditioning deductions in partnerships and associations on authorization and prescribed limits to reinforce compliance and prevent tax avoidance.
Act Rules Bills
Show AI Summary
Apportionment of deductions clarifies business use limits and streamlines depreciation rules under the new income tax framework.
Clause 28 limits deductions for rent, local taxes, insurance and repairs to amounts wholly and exclusively for business use and permits apportionment by the Assessing Officer where use is mixed; Clause 33 creates a structured depreciation regime for tangible and intangible assets (excluding goodwill) including block of asset calculations, special provisions for new machinery and power generation assets, short use treatment, and rules on successor transactions.
Act Rules Bills
Show AI Summary
Business expenditure deductions: exclusions tightened to bar CSR, political ads, and payments tied to unlawful conduct.
Clause 34 requires that only expenditures incurred wholly and exclusively for business purposes, not of a capital or personal nature and not falling within specified exclusions, are deductible. It expressly disallows deductions for expenditures linked to offenses or prohibited activities, corporate social responsibility obligations, and political-advertisement costs, and clarifies that benefits, perquisites, compounding payments, and settlements related to unlawful conduct are non-deductible.
Act Rules Bills
Show AI Summary
Business income deductions clarified and modernized, expanding allowable items and tightening conditions for claiming them.
Clause 32 prescribes a list of allowable other deductions for business income computation, covering employee bonuses and commissions, interest on borrowed capital (with exclusions until assets are in use), contributions to specified credit guarantee funds, pro rata discount on zero coupon instruments, amounts carried to special reserves by defined financial entities, non-capital expenditure by notified statutory corporations, cooperative society purchase expenditure, marked to market or expected losses, family planning expenditures by companies, cost of animals used in business adjusted for carcass receipts, and transaction taxes where income is included in business profits.
Act Rules Bills
Show AI Summary
Bad debt deductions: new limits and conditions for financial institutions, distinguishing rural-advance treatment and recovery rules.
Clause 31 of the Income Tax Bill, 2025 creates a structured regime for deductions for provisions for bad and doubtful debts and for bad debts written off, prescribing percentage-based deduction limits for specified financial institutions with an additional allowance for rural-branch advances; it requires that write-offs be reflected in income computations, provides for partial recovery treatment, and distinguishes provisions from actual bad debts while aligning deductions with accounting and disclosure standards.
Act Rules Bills
Show AI Summary
Search and seizure powers expanded to permit access to digital records, enhancing tax enforcement while raising privacy concerns.
Clause 247 expands search and seizure authority to electronic media and digital records, authorising officers to access and seize emails, social media, trading and bank accounts where information indicates non production of documents or undisclosed assets; it modernises enforcement by treating digital records equivalently to physical evidence while raising privacy and misuse concerns that require procedural safeguards.
Act Rules Bills
Show AI Summary
Insurance premium deductions permit tax relief for business stock, cattle insurance, and employer-paid health cover via non-cash payments.
Clause 30 permits deduction for premiums paid for insurance against damage or destruction of business stocks, for premiums by federal milk cooperative societies to insure the life of cattle of primary society members engaged in milk supply, and for employers' premiums for employee health insurance provided payment is made through non-cash modes under approved schemes.
Act Rules Bills
Show AI Summary
Employee welfare deductions clarified: new limits, timing and eligibility for employer contributions under Clause 29.
Clause 29 prescribes conditions and limits for deducting employer contributions to recognized provident funds, approved superannuation funds, pension schemes (subject to a uniform percentage of salary including dearness allowance), and approved gratuity funds, sets the due date rules for employee contributions, and restricts deductions for provisions or contributions unless expressly authorised, thereby clarifying and refining the deductibility regime compared with current Sections 36 and 40A.
Act Rules Bills
Show AI Summary
Employee welfare deductions clarified: permitted employer contributions to approved funds subject to prescribed limits and arm's-length scrutiny.
Deductions for employer contributions to specified employee welfare vehicles are permitted only when made to recognised or approved funds and in accordance with prescribed limits, timing and conditions; provision-only gratuity reserves are generally non-deductible unless conditions are met, and contributions to other funds or trusts are disallowed except as expressly allowed or required by law.
Act Rules Bills
Show AI Summary
Tax deduction for agricultural and skill development projects streamlines incentives while barring duplicate claims under the Act.
Clause 47 permits deductions for expenditures on agricultural extension projects and for companies' skill development projects, excluding land and building costs, subject to Board notification and requisite documentation. It includes an express prohibition on claiming the same expenditure under any other provision of the Act for the same or any other tax year, consolidating and streamlining prior separate incentives while imposing compliance obligations to substantiate eligibility.
Act Rules Bills
Show AI Summary
Site restoration fund deductions limited and conditional; misuse of withdrawals treated as taxable income under new regime.
Clause 49 and Schedule X create a Site Restoration Fund regime allowing deductions for deposits into specified accounts subject to caps and conditions: claims require a government agreement and audited accounts, deposits must be made by year-end, withdrawals are restricted to scheme purposes and misuse is taxed as income, expenditures funded by withdrawals are nondeductible, and disposals tied to the scheme within a set period reverse deductions and are taxed.
Act Rules Bills
Show AI Summary
Capital expenditure deduction for specified businesses enables immediate full write-off, subject to eligibility, exclusivity and usage conditions.
Clause 46 permits full deduction of capital expenditure for a specified business in the year incurred, including pre-operational capitalized expenditure, subject to conditions: no splitting or reconstruction of existing businesses, prohibition on previously used machinery or plant, and, for certain sectors, fulfillment of regulatory approval and operational criteria; it bars claiming other deductions for the same expenditure and requires assets to be used exclusively for the specified business for at least eight years.
Act Rules Bills
Show AI Summary
Amortization of preliminary expenses enables staged tax relief for businesses under the new income tax provision.
The clause permits staged deduction of specified preliminary expenses by allowing an Indian company or resident individual to deduct one fifth of eligible preliminary expenses in each of five successive tax years, subject to an overall ceiling computed at the option of the taxpayer against either project cost or capital employed; eligible expenditures include feasibility and project reports, market and engineering studies, legal charges and other prescribed preparatory costs, and a statement of expenditure must be furnished to the prescribed authority.
Act Rules Bills
Show AI Summary
Amortisation of expenditure: Tax treatment extended to telecommunications, amalgamation, demerger and voluntary retirement schemes clarified.
Clause 52 provides for amortisation of expenditures: amalgamation or demerger costs and voluntary retirement payments are amortisable over five tax years from the tax year of the event or payment; spectrum and licence fees for telecommunication services are amortisable over the period the rights remain in force, beginning in the later of business commencement or payment year. It further addresses tax consequences on transfer of such rights and empowers the Assessing Officer to rectify income where deductions were incorrectly claimed.
Act Rules Bills
Show AI Summary
Research expenditure deductions expanded under new clause; certification and continuity rules affect pre commencement and institutional payments.
Clause 45 allows deductions for capital and revenue scientific research expenditures related to business, excluding land acquisition; permits certified pre commencement expenditures up to three years; allows payments to research associations, universities and approved companies; conditions claims on prescribed documentation and compliance; protects deductions when approvals are later withdrawn; and contains provisions on non duplication of deductions, depreciation applicability, and amalgamation asset treatment.
Act Rules Bills
Show AI Summary
Depreciation rules modernized to clarify asset categories and additional allowances, affecting business tax deductions and compliance.
Clause 33 creates a unified regime for depreciation on tangible and intangible assets used in business or profession, excluding goodwill; mandates written down value treatment for a block of assets with proportional deductions for partial business use; halves rates for assets used less than 180 days; provides pro rata apportionment on succession, amalgamation and demerger; treats leasehold improvements as depreciable buildings; permits late claims and carry forward of unabsorbed depreciation; allows disposal deductions for written down value shortfalls; and grants additional depreciation for new machinery and plant in manufacturing and power generation.
Act Rules Bills
Show AI Summary
Deductions for rent and repairs clarified: proportionate claims allowed for partial business use under new clause.
Clause 28 consolidates deductions for premises, machinery, plant, and furniture used wholly and exclusively for business or profession, allowing deductions for insurance premiums, local taxes, rent, and current (non-capital) repairs. It preserves tenant-specific rent and repair claims and imposes an explicit apportionment rule: where assets are not wholly used for business, deductions are limited to a fair proportionate part as determined by the Assessing Officer, thereby centralising assessment discretion and requiring supporting documentation for partial-use allocations.
Act Rules Bills
Show AI Summary
Business income taxation modernisation clarifies taxable receipts and expands scope to include government-related compensations and non-monetary benefits.
Clause 26 restates chargeability of income under the head "Profits and gains of business or profession" for the tax year, replacing the term "previous year," and refines categories of taxable receipts by expressly including compensation for termination or contract vesting with government bodies, consolidating export incentives, recognizing non-monetary benefits, and preserving existing treatments for partner receipts, Keyman insurance proceeds, inventory-to-capital conversions, capital-asset sums, speculative transactions, and the exclusion of residential letting income.
Act Rules Bills
Show AI Summary
Owner definition clarified in income tax reform, expanding deemed ownership and streamlining property tax provisions.
The Bill clarifies the owner concept for house property income taxation by expressly deeming transfers without adequate consideration to close relatives as ownership (with specified exceptions), streamlining provisions for impartible estates, cooperative society members, and part-performance rights, expanding categories of transactions that create ownership-like rights with specific lease-term criteria, and omitting prior references to annual and capital charge and service taxes to simplify the framework.

TMI Notes

Back

All TMI Notes

Showing Results for :
Reset Filters
No Records Found

TMI Notes

Back

All TMI Notes

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

24 July, 2024

Contents
Notifications
Plus +
Summary
Note

Note

-

Bookmark

Print

Print

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