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    Act RulesBills
    Taxation of Oral Trusts in India : Clause 308 of the Income Tax Bill, 2025 Vs. Section 164A of the I...
    Act RulesBills
    Taxation of Indeterminate Beneficiary Trusts : Clause 307 of the Income Tax Bill, 2025 Vs. Section 1...
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    Act RulesBills
    The Evolution of Representative Assessee Provisions : Clause 303 of the Income Tax Bill, 2025 Vs. Se...
    Act RulesBills
    Continuity of Tax Obligations After Death of the assessee : Clause 302 of the Income Tax Bill, 2025 ...
    Act RulesBills
    Integrating Special Search Assessment Procedures : Clause 300 of the Income Tax Bill, 2025 Vs. Secti...
    Act RulesBills
    Assessing Authority in Search Cases : Clause 299 of the Income Tax Bill, 2025 Vs. Section 158BG of t...
    Act RulesBills
    Interest and Penalty Regime in Search Proceedings : Clause 298 of Income Tax Bill, 2025 Vs. Section ...
    Act RulesBills
    Relief from Interest and Penalty in Search Assessments : Clause 297 of the Income Tax Bill, 2025 Vs....
    Act RulesBills
    Time Limitation in Search Assessments : Clause 296 of the Income Tax Bill, 2025 Vs. Section 158BE of...
    Act RulesBills
    Assessment of Third-Party Undisclosed Income : Clause 295 of the Income Tax Bill, 2025 Vs. Section 1...
    Act RulesBills
    Transforming the Framework for Search-Based Income Tax Assessments : Clause 294 of the Income Tax Bi...
    Act RulesBills
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    Act RulesBills
    Evolving the Law of Search Assessments : Clause 292 of the Income Tax Bill, 2025 Vs. Section 158BA o...
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    Act RulesBills
    Taxation of Oral Trusts in India : Clause 308 of the Income Tax Bill, 2025 Vs. Section 164A of the I...
    Show AI Summary
    Taxation of oral trusts: income charged at the maximum marginal rate regardless of other provisions, deterring informal trusts.
    Income from oral trusts is taxed at the maximum marginal rate under both Section 164A and Clause 308, with a non-obstante clause to override other provisions; Clause 308 modernises the framework by referring to the person appointed under an oral trust and centralising the definition, thereby broadening potential liability and simplifying enforcement while raising disclosure and evidentiary burdens on assessees.
    Act RulesBills
    Taxation of Indeterminate Beneficiary Trusts : Clause 307 of the Income Tax Bill, 2025 Vs. Section 1...
    Show AI Summary
    Taxation of indeterminate-beneficiary trusts: highest marginal rate applies unless narrow bona fide exceptions permit AOP rate.
    Clause 307 taxes income of representative assessees at the maximum marginal rate where beneficiaries or their shares are not expressly identifiable in the trust instrument or court order, with deeming provisions treating ambiguity as indeterminacy. Exceptions permit taxation at the AOP rate for beneficiaries below exemption limits and not under other trusts, sole will-declared trusts, bona fide pre-1970 family trusts for dependents, and bona fide employee benefit funds. Business profits are generally taxed at the maximum rate, except for sole testamentary trusts for dependent relatives which may get AOP treatment.
    Act RulesBills
    Agents of Non-Residents under Indian Tax Law : Clause 306 of the Income Tax Bill, 2025 Vs. Section 1...
    Show AI Summary
    Agent of non resident: expanded definition enables tax assessment and recovery from connected persons and intermediaries.
    The clause defines who may be regarded as an agent of a non resident for tax purposes, listing persons employed by or acting for the non resident, those having any business connection with the non resident, persons from or through whom the non resident receives income, trustees, and any person acquiring a capital asset in India by transfer; it excludes certain brokers and requires an opportunity of being heard before treating any person as an agent.
    Act RulesBills
    Safeguarding the Right of Representative Assessees to the Recover Tax under this act : Clause 305 of...
    Show AI Summary
    Representative assessee rights to recover or retain tax protect intermediaries and permit certified withholding pending final liability.
    Clause 305 grants a representative assessee a statutory right to recover from the principal any sum paid under the Act or to retain an equivalent amount from monies in his possession; allows withholding of an estimated liability prior to assessment; authorizes obtaining an Assessing Officer's certificate to fix the amount eligible for retention pending settlement; and limits recoverable liability to the certificate amount except insofar as the representative then holds additional assets of the principal.
    Act RulesBills
    Representative Assessee Liability under India's Income Tax Law : Clause 304 of the Income Tax Bill, ...
    Show AI Summary
    Representative assessee liability clarified: apportionment formula and direct beneficiary assessment enhance tax recovery powers.
    Representative assessees are treated as if represented income were received beneficially by them, making them liable to assessment and recovery in their name in a representative capacity; a bar on double assessment applies. The Assessing Officer may directly assess or recover tax from the beneficiary, and may use the same remedies against property under the representative's control as against property of any taxpayer. For partly chargeable trust income the Clause prescribes a formula to apportion each beneficiary's taxable share, while omitting the prior maximum marginal rate rule for trustees' business income.
    Act RulesBills
    The Evolution of Representative Assessee Provisions : Clause 303 of the Income Tax Bill, 2025 Vs. Se...
    Show AI Summary
    Representative assessee provisions modernized: agents, guardians and trustees held liable for tax compliance and assessment.
    Clause 303 designates specified persons as representative assessees-agents of non-residents, guardians/managers for minors and persons of unsound mind, court-appointed managers and trustees of written and oral trusts-and deems each representative to be an assessee for all purposes, including filing returns, payment of tax, and submission to assessment and appeal proceedings; it also provides a deeming mechanism allowing informal trusts to be treated as written trusts when a written statement is submitted to the Assessing Officer within prescribed timelines.
    Act RulesBills
    Continuity of Tax Obligations After Death of the assessee : Clause 302 of the Income Tax Bill, 2025 ...
    Show AI Summary
    Continuity of tax liability: legal representatives remain liable for deceased's tax obligations, limited to the estate, with exceptions.
    Clause 302 establishes that the legal representative is liable for any sum the deceased would have owed, is deemed to be an assessee, and that pending or potential assessments may be continued or initiated against the legal representative; liability is ordinarily limited to the estate's capacity but personal liability arises where the representative alienates or charges estate assets while liabilities remain, capped at the value of the asset so alienated.
    Act RulesBills
    Integrating Special Search Assessment Procedures : Clause 300 of the Income Tax Bill, 2025 Vs. Secti...
    Show AI Summary
    Saving clause preserves general tax provisions in search assessments unless the special chapter expressly overrides them.
    Clause 300 and Section 158BH operate as a saving clause preserving applicability of all general provisions of the Act to assessments under the special search chapter, except where the special chapter expressly provides otherwise; this ensures procedural, substantive and remedial provisions (notice, appeals, penalties, recovery, limitation rules) continue to apply unless specifically overridden, while raising interpretive issues about the extent of overriding effect, classification of provisions as procedural or substantive, and transitional application under the new Bill.
    Act RulesBills
    Assessing Authority in Search Cases : Clause 299 of the Income Tax Bill, 2025 Vs. Section 158BG of t...
    Show AI Summary
    Authority for block assessments: senior officer decision plus prior supervisory approval required to validate search based assessments.
    Orders assessing undisclosed income in search cases must be passed by an Assessing Officer at or above specified senior ranks and only with the previous approval of a higher authority; Clause 299 of the Income Tax Bill, 2025 carries forward this core framework from Section 158BG while aligning applicability to the commencement of the new Act. The requirement that approvals reflect a genuine application of mind, clear documentation of the approval process, and management of transitional cases are central operative obligations.
    Act RulesBills
    Interest and Penalty Regime in Search Proceedings : Clause 298 of Income Tax Bill, 2025 Vs. Section ...
    Show AI Summary
    Interest and penalty in search assessments: revised rules mandate monthly interest and a fixed half tax penalty with a compliance safe harbor.
    Clause 298 retains the Section 158BFA framework by charging simple interest on tax determined on undisclosed income for delay or non-filing after a search notice and imposing a fixed penalty equal to fifty percent of tax on undisclosed income, while providing a safe harbor where return is filed, tax paid with evidence and no appeal is filed; procedural safeguards include a right to be heard, supervisory approval for larger penalties, exclusion of rehearing and court stay periods from limitation, and mandatory communication of penalty orders to the Assessing Officer.
    Act RulesBills
    Relief from Interest and Penalty in Search Assessments : Clause 297 of the Income Tax Bill, 2025 Vs....
    Show AI Summary
    Relief from interest and penalty: block-period undisclosed income in search assessments taxed without additional interest or penalty.
    Clause 297 exempts assessees from interest and penalty for undisclosed income assessed or reassessed for the block period in search and seizure proceedings, limiting relief to block-period income and applying to both initial block assessments and reassessments while leaving regular assessments and other penalties unaffected.
    Act RulesBills
    Time Limitation in Search Assessments : Clause 296 of the Income Tax Bill, 2025 Vs. Section 158BE of...
    Show AI Summary
    Time limitation for block assessments ensures fixed completion period with specified exclusions and reference extensions.
    Clause 296 mandates that block assessment orders be completed within twelve months from the end of the month in which the last search or requisition authorisation was executed, extends that period by twelve months where a statutory reference is made, excludes up to 180 days for transfer of seized material to the jurisdictional Assessing Officer, provides a minimum residual period of sixty days after exclusions, and suspends the limitation clock for a specified list of circumstances such as court stays, international information exchange (capped), audits and valuation references, and advance ruling proceedings.
    Act RulesBills
    Assessment of Third-Party Undisclosed Income : Clause 295 of the Income Tax Bill, 2025 Vs. Section 1...
    Show AI Summary
    Assessment of third-party undisclosed income enables transfer of seized material to jurisdictional AO for special assessment procedure.
    Clause 295 mandates that where an AO is satisfied undisclosed income discovered in a search pertains to a person other than the one searched, all seized assets, documents and information must be handed over to the AO having jurisdiction over that third person, who will assess the third party under the Bill's special assessment procedure, with the relevant chapter's provisions applying mutatis mutandis, and explicitly includes virtual digital assets and electronic records within scope.
    Act RulesBills
    Transforming the Framework for Search-Based Income Tax Assessments : Clause 294 of the Income Tax Bi...
    Show AI Summary
    Block assessment procedure tightens timelines and mandates electronic filing, broadening assessment to total income including undisclosed income
    The clause establishes a restructured block assessment procedure triggered by search or requisition, requiring the Assessing Officer to issue a notice for a return in a prescribed form and manner with mandatory electronic filing for specified categories. Returns must be filed within a capped period, revised returns are barred, and furnished returns carry deeming consequences; prior supervisory approval is required before issuing the notice. The AO must determine tax on the basis of the block period, applying renumbered computation, penalty and procedural provisions "so far as may be," and may verify tax credits claimed against assessed undisclosed income.
    Act RulesBills
    Comparative Legal Analysis of Block Period Income Computation : Clause 293 of the Income Tax Bill, 2...
    Show AI Summary
    Block period income computation clarifies aggregation, exclusions and evidentiary basis for assessing undisclosed income in search cases.
    Clause 293 prescribes a structured, evidence based aggregation of block period income, listing components such as voluntary disclosures, income previously assessed, income declared in response to notices, income determined from books and documents, and any additional undisclosed income identified by the Assessing Officer on available evidence. It excludes international and specified domestic transactions from block assessment, applies special rules for firms, disallows set off of prior losses and unabsorbed depreciation against undisclosed income, and permits carry forward of such losses for subsequent years.
    Act RulesBills
    Evolving the Law of Search Assessments : Clause 292 of the Income Tax Bill, 2025 Vs. Section 158BA o...
    Show AI Summary
    Search assessment regime establishes exclusive procedure for block-period income, abatement and revival rules, and separate regular-income treatment.
    Clause 292 creates an exclusive special procedure for block-period assessments triggered by search or requisition, mandating automatic abatement of all pending assessments and related references or orders for relevant tax years, requiring completion of earlier search assessments before subsequent ones (with minimum extensions where needed), prescribing separate treatment of regular income for the year of the last search, providing revival of abated proceedings if the special assessment is annulled, and standardising taxation of block-period income by cross-reference to the Bill's charging provision.
    Act RulesBills
    Redefining Search Assessments : Clause 301 of Income Tax Bill, 2025 Vs. Section 158B of Income-tax A...
    Show AI Summary
    Block period definition modernisation clarifies timeframe and triggers for assessing undisclosed income in search and requisition cases.
    Clause 301 provides an interpretative framework for special search assessments by defining the block period as a multi year look back plus the portion of the year of search or requisition, modernising terminology to "tax year", clarifying that the conclusion of search (as per the last panchnama) determines execution irrespective of seizure, defining requisitioned and seized items, and expressly including virtual digital assets and incorrect claims of deductions within the definition of undisclosed income.
    Act RulesBills
    Streamlining Appeals and Ensuring Judicial Consistency : Clause 376 of the Income Tax Bill, 2025 Vs....
    Show AI Summary
    Identical question of law deferral: appeals stayed pending final decision in lead cases, subject to collegium and taxpayer acceptance.
    Clause 376 provides for deferral of revenue appeals where an identical question of law is pending before a High Court or the Supreme Court. A collegium of senior Commissioners may direct non-filing of appeals where the precedent case favours the assessee; the Principal Commissioner/Commissioner must instruct the Assessing Officer to file a prescribed-form application within set timelines. Deferral requires the assessee's acceptance of identity; absent such acceptance ordinary appellate procedures apply. If the final decision in the lead case is adverse to the revenue, appeals may be filed within specified periods.
    Act RulesBills
    Mechanisms for Avoidance of Repetitive Appeals under Indian Income Tax Statutes : Clause 375 of Inco...
    Show AI Summary
    Avoidance of repetitive appeals: a declaration procedure lets an assessee defer identical legal issues pending higher court decisions.
    Clause 375 permits an assessee to file a prescribed declaration to defer litigation where an identical question of law is pending in another case before a higher forum; the authority must verify the claim with a report from the Assessing Officer and an opportunity to be heard, and may admit or reject the claim by reasoned written order which is final. If admitted, the case may be disposed of without awaiting the other case's decision, the assessee is barred from raising the issue in further appeals for that case, and the final decision in the other case must be applied, with amendment of earlier orders if necessary.
    Act RulesBills
    Legal Framework for Technological Innovation in Tax Administration : Clause 532 of the Income Tax Bi...
    Show AI Summary
    Power to frame schemes enables broad faceless, technology driven tax administration with authority to modify statutory application.
    Clause 532 grants the Central Government power to notify schemes for any purposes of the Income Tax Act to enhance efficiency, transparency and accountability by eliminating taxpayer interface where technologically feasible and optimising resource use; it further authorises notifications to modify application of Act provisions for scheme implementation, allows amendment of existing schemes under the prior law, and requires that such notifications be laid before Parliament.

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      Bills

      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

      ActsIncome Tax
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