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    Digital Annual Information Transformation in Tax Administration : Clause 510 of the Income Tax Bill,...
    Crypto-Asset Reporting Obligations under Indian Tax Law : Clause 509 of the Income Tax Bill, 2025 Vs...
    Evolving Obligations: A Comparative Analysis of Clause 508 of the Income Tax Bill, 2025 and Section ...
    Transparency and Taxation in Media Production : Clause 507 of the Income Tax Bill, 2025 Vs. Section ...
    Disclosure Norms for Indian Concerns in Cross-Border Transactions : Clause 506 of the Income Tax Bil...
    Statutory Reporting by Non-Resident Liaison Offices : Clause 505 of the Income Tax Bill, 2025 Vs. Se...
    Procedural Safeguards for Assessment of Discontinued Businesses : Clause 504 of the Income Tax Bill,...
    Continuity of Tax Proceedings after Partition or Dissolution : Clause 503 of the Income Tax Bill, 20...
    Analysis of Authentication of Notices in Indian Income Tax Legislation : Clause 502 of Income Tax Bi...
    Legal and Practical Dimensions of Service of Notices under Indian Tax Law : Clause 501 of the Income...
    Power to provisionally attach property during tax proceedings : Clause 500 of the Income Tax Bill, 2...
    Voidable Transfers in Tax Law : Clause 499 of the Income Tax Bill, 2025 Vs. Section 281 of the Incom...
    Changing Face of Criminal Procedure in Income Tax Offence Prosecution : Clause 498 of Income Tax Bil...
    Procedural Reform in Tax Offence Trials : Clause 497 of the Income Tax Bill, 2025 Vs. Section 280C o...
    Jurisdictional Framework for Tax Prosecutions : Clause 496 of the Income Tax Bill, 2025 Vs. Section ...
    Designation and functioning of Special Courts for the trial of offences under the proposed legislati...
    Legal Protections against Unauthorized Disclosure in Indian Tax Law : Clause 494 of Income Tax Bill,...
    Proof of Official Entries in Tax Prosecutions : Clause 493 of the Income Tax Bill, 2025 Vs. Section ...
    Comparative Review of Non-Cognizable Offences in Indian Income Tax Legislation : Clause 492 of the I...
    Safeguards and Procedures in Income Tax Prosecution : Clause 491 of the Income Tax Bill, 2025 Vs. Se...
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    Act RulesBills
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    Annual Information Statement: statutory digital disclosure enabling taxpayers to verify and reconcile reported financial data.
    The provision requires upload of an Annual Information Statement into the assessee's registered electronic filing account by the prescribed income tax authority or an authorised person, in the prescribed form, manner and time, containing such information as is in the possession of the authority; specifics of content, format and timelines are left to subordinate rules, and the clause confines AIS data to information already held by the authority.
    Act RulesBills
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    Crypto-asset reporting obligations require prescribed entities to file periodic transaction statements and correct inaccuracies promptly.
    Clause 509 creates a statutory obligation for prescribed reporting entities to furnish periodic statements on crypto-asset transactions to the income-tax authority in a prescribed form and manner; it provides time-bound notice-and-cure procedures for defective or non-filed statements, mandates prompt self-correction of inaccuracies, and empowers rule-making for registration, record-keeping and due diligence including KYC.
    Act RulesBills
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    Obligation to furnish financial transaction statements expands reporting duties and mandates due diligence, thresholds, and correction procedures.
    Clause 508 requires prescribed persons to furnish statements of specified financial transactions and reportable accounts, with rules determining scope, thresholds, form and timing. It mandates registration, record maintenance and due diligence for identifying reportable accounts, sets timelines for rectification of defective statements and correction of inaccuracies, and permits the Board and Central Government to prescribe differential thresholds and procedural details; unrectified defects or failures are treated as inaccurate information, invoking consequences under the Act.
    Act RulesBills
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    Reporting obligations for media producers require disclosure of substantial payments to enhance transparency and tax oversight.
    Clause 507 requires persons producing cinematograph films or engaging in specified entertainment activities during any part of a tax year to furnish prescribed statements to income-tax authorities identifying payments made or due to each engaged person that exceed the aggregate reporting threshold; it defines inclusive categories of specified activities, delegates timing, form and manner to subordinate rules (including electronic filing and standardized formats), and emphasizes reporting both actual payments and accrued liabilities to enhance transparency and tax oversight.
    Act RulesBills
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    Disclosure obligations for indirect transfers require Indian concerns to furnish prescribed information to tax authorities.
    Clause 506 requires an Indian concern, where a foreign company's shares or interests derive substantial value from Indian assets held through that concern, to furnish prescribed information and documents within prescribed periods and manners to the prescribed income-tax authority to enable determination of income arising in India under the indirect transfer regime. The clause mirrors Section 285A's substantive obligations, defers detailed compliance requirements to rules, and aligns with operational specifics exemplified by Rule 114DB regarding form, timelines, documentary breadth, retention, and group-filing.
    Act RulesBills
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    Statutory reporting by liaison offices requires a fixed sixty day post tax year filing to strengthen compliance and oversight.
    Clause 505 requires every non-resident having a liaison office established under RBI/FEMA to deliver a prescribed statement of the office's activities to the Assessing Officer within sixty days from the end of the tax year, with the form and particulars to be specified by delegated legislation and non-compliance subject to general penalty provisions.
    Act RulesBills
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    Service of notice for discontinued businesses allows authorities to serve former members or principal officers to proceed with assessment.
    Clause 504 permits the Assessing Officer, where an assessment is to be made under section 320, to serve a notice on the person whose income is to be assessed, any person who was a member of a firm or association of persons at the time of its discontinuance, or the principal officer of a company; such notice may contain all or any of the requirements included in a notice under section 268(1), and the Act's provisions shall apply as if the notice were issued under that sub section.
    Act RulesBills
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    Service of notice after partition preserves tax proceedings by enabling notice on designated former managers or adult members.
    Clause 503 secures continuation of tax proceedings after a HUF's total partition or a firm's dissolution by allowing service of notices for pre disruption income on the last manager of the HUF (or, if deceased, all adults who were members immediately before partition) and on any adult partner or member of a dissolved firm or association; a formal finding of partition or dissolution by the Assessing Officer triggers application and minors are excluded from service.
    Act RulesBills
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    Authentication of notices: statutory deeming of validity where designated authority details appear, enabling electronic and paper issuance.
    Clause 502 requires notices and documents to be signed and issued in paper form or communicated electronically as per prescribed procedures, deems documents authenticated where the name and office of a designated income-tax authority are printed, stamped or written thereon, and defines designated authorities as those authorized by the Board to issue such authenticated documents, thereby centralizing authorization while delegating procedural detail to subordinate rules.
    Act RulesBills
    Show AI Summary
    Service of notices: modernised electronic and prescribed modes expand tax communication obligations and board rule making.
    Clause 501 prescribes authorised modes for serving statutory tax communications-post or Board approved courier, CPC methods for summons, electronic records under the IT Act, and other prescribed means-while empowering the CBDT to designate addresses (including electronic mail addresses) for service and to prescribe additional modes. It supplies a comprehensive, technology neutral definition of electronic mail covering messages and attachments, thereby modernising and clarifying the law of service and reducing ambiguities present in the earlier statutory cross references.
    Act RulesBills
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    Provisional attachment powers protect revenue by allowing property restraint pending tax proceedings, subject to guarantees and time limits.
    Clause 500 empowers the Assessing Officer to provisionally attach assessee property during assessment, reassessment or specified penalty proceedings subject to prior written approval of a defined Competent Authority, execution in the prescribed manner, and a default six month duration extendable for recorded reasons within statutory limits; it permits substitution of a bank guarantee equal to fair market value (or a lower amount if objectively sufficient), mandates valuation by a Valuation Officer, sets timelines for revocation upon guarantee receipt, and prescribes invocation, application and release mechanics for guarantees.
    Act RulesBills
    Show AI Summary
    Voidable asset transfers: transfers during tax proceedings can be voided against tax claims, with exceptions for bona fide transferees.
    Clause 499 renders charges or transfers of assets void against tax claims when effected during proceedings or after completion but before service of recovery notice, covering transfers by sale, mortgage, gift, exchange or any other mode and an expansive list of assets including virtual digital assets. Exceptions protect transfers made for adequate consideration without notice and those with prior permission of the Assessing Officer, while stock in trade is excluded; the clause updates procedural references and preserves core safeguards from the predecessor provision.
    Act RulesBills
    Show AI Summary
    Application of new criminal procedure code aligns tax prosecutions under updated procedures, altering prosecutor status and qualification requirements.
    Clause 498 applies the Bharatiya Nagarik Suraksha Sanhita, 2023 to Special Court proceedings under the Income Tax Bill, deeming the person conducting the prosecution to be a Public Prosecutor and enabling the Central Government to appoint Special Public Prosecutors. Appointments require an experienced advocate with "special knowledge of law", and appointees are treated as Public Prosecutors within the BNSS definition, thereby importing BNSS powers, duties and procedural rules to tax prosecutions.
    Act RulesBills
    Show AI Summary
    Summons case classification: minor tax offences must be tried by Special Courts under the new criminal procedure framework.
    Clause 497 requires that offences under the Income Tax Bill punishable with imprisonment not exceeding two years, or with fine, or with both, be tried as summons cases by a Special Court, overriding contrary BNSS provisions and applying the BNSS summons-case procedure accordingly.
    Act RulesBills
    Show AI Summary
    Exclusive jurisdiction of Special Courts centralises tax prosecutions, with cognizance only on authorised complaints.
    Clause 496 mandates exclusive trial of income tax offences by designated Special Courts, subject to actual designation for relevant areas or classes of cases, and contains a non obstante provision giving it overriding effect over the general criminal procedure code. Cognizance by a Special Court is restricted to complaints filed by authorities authorised under the Act. Transitional rules preserve continuity by allowing designated courts to continue existing and future trials and permitting non designated courts to finish pending matters; the clause cross references the Bill's procedural provision to align competence within the reorganised statute.
    Act RulesBills
    Show AI Summary
    Special Courts designation enables focused, consolidated trials for tax offences and aligns procedure with the new criminal code.
    Clause 495 empowers the Central Government, after consultation with the Chief Justice of the High Court, to notify one or more courts of Judicial Magistrate of the first class as Special Courts for specified areas, cases or classes of cases to try offences under the Income Tax Bill, 2025; it permits these Special Courts to try related offences joined at the same trial under the applicable criminal procedure and updates procedural references to the Bharatiya Nagarik Suraksha Sanhita, 2023, while preserving the core scheme of Section 280A.
    Act RulesBills
    Show AI Summary
    Unauthorized disclosure by public servants criminalised; prosecution requires Central Government sanction and carries imprisonment and fine.
    Clause 494 criminalises unauthorized furnishing of taxpayer information or production of documents by a public servant in contravention of the Bill's secrecy provision, prescribes imprisonment and fine, and requires prior sanction of the Central Government before prosecution.
    Act RulesBills
    Show AI Summary
    Admissibility of official tax records: certified copies allowed as evidence, easing prosecution while preserving challenge rights.
    Clause 493 mandates that entries in records or documents in the custody of an income-tax authority "shall be admitted in evidence" in prosecution proceedings under the chapter and permits proof either by production of the original records or by production of a certified copy signed by the custodian stating it is a true copy and that the originals are in its custody. The clause covers varied formats of records, limits application to criminal proceedings under the chapter, and preserves courts' power to test genuineness and require originals where fairness demands.
    Act RulesBills
    Show AI Summary
    Non-cognizable classification of specified tax offences requires magistrate sanction before arrest or investigation, limiting summary enforcement.
    Clause 492 of the Income Tax Bill, 2025 designates specified income tax offences as non-cognizable for purposes of the Bharatiya Nagarik Suraksha Sanhita, 2023 by means of a non-obstante provision. As a result, arrest cannot be effected without a magistrate-issued warrant and investigations into those offences require prior magistrate authorization, imposing judicial gatekeeping at the threshold of criminal proceedings and constraining unilateral police action in tax enforcement.
    Act RulesBills
    Show AI Summary
    Prior sanction for tax prosecution centralises oversight, enables compounding, and restricts arbitrary criminal initiation against taxpayers.
    Clause 491 makes prior sanction by designated senior officers a precondition to prosecution for specified tax offences, authorises senior regional heads and the Board to issue directions, permits compounding of offences at any stage by senior officials, bars prosecution where specified penalties have been reduced or waived, and affirms that statements or documents given to tax authorities remain admissible notwithstanding an expectation of penalty reduction or compounding.

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

      24 July, 2024

      Contents
      Notifications
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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