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    Supervisory Powers in Income Tax Assessments : Clause 272 of Income Tax Bill, 2025 Vs. Section 144A ...
    Procedural Safeguards and Administrative Discretion in Best Judgment Assessments : Clause 271 of the...
    Procedural Evolution in Tax Return Assessment : Clause 270 of the Income Tax Bill, 2025 Vs. Section ...
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    Evolution of Self-Assessment: Continuity and Change in Indian Tax Law : Clause 266 of the Income Tax...
    Modernizing the Verification of Tax Returns in India : Clause 265 of the Income Tax Bill, 2025 Vs. S...
    Procedural Innovations in Tax Compliance : Clause 263(2)(a) of Income Tax Bill, 2025 Vs. Section 139...
    The Legal Transformation of Return Filing : Clause 263(2)(a) of the Income Tax Bill, 2025 Vs. Sectio...
    The Evolution of Tax Return Preparer Schemes : Clause 264 of the Income Tax Bill, 2025 Vs. Section 1...
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    Legal Architecture of PAN, Aadhaar, and High-Value Transaction : Clause 262 of the Income Tax Bill, ...
    A New Paradigm for Income Tax Return Filing in India : Clause 263 of the Income Tax Bill, 2025 Vs. S...
    Regulation of Taxpayer Information Disclosure under Indian Income Tax Laws : Clause 258 of the Incom...
    Continuity and Change in the Judicial Status of Tax Proceedings : Clause 257 of the Income Tax Bill,...
    Legal Implications of Faceless Schemes in Income Tax : Clause 260 of the Income Tax Bill, 2025 vs. S...
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    Act RulesBills
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    Supervisory power of Joint Commissioner permits binding directions in pending assessments, with a hearing before any prejudicial direction.
    Clause 272 empowers the Joint Commissioner to intervene in any pending assessment by suo motu action, AO reference, or assessee application, to call for records and issue directions that are binding on the Assessing Officer where deemed necessary or expedient; no direction prejudicial to the assessee may be issued without an opportunity of being heard, while directions prescribing lines of investigation are not treated as prejudicial.
    Act RulesBills
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    Best judgment assessment: requirement of notice and opportunity to be heard before AO determines taxpayer's liability under reformed assessment framework.
    Clause 271 creates a mechanism for best judgment assessment where the AO may assess income or loss when an assessee defaults on filing returns or complying with statutory notices; the AO must consider all relevant materials, issue a show cause notice affording an opportunity of being heard (subject to an exception where an earlier notice suffices), and determine the sum payable based on his best judgment, with certain interpretative ambiguities left for administrative or judicial clarification.
    Act RulesBills
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    Assessment procedure modernization strengthens mandatory intimation and centralized processing, enhancing taxpayer engagement and procedural certainty.
    Clause 270 modernises return assessment by allowing specified prima facie adjustments (arithmetical errors, incorrect claims apparent from the return, late loss set-off, audit discrepancies, late deductions) only after mandatory written or electronic intimation and consideration of the assessee's response; acknowledges deemed intimation where no adjustment arises; fixes an outer deadline for intimation; permits authorised officers to select cases for scrutiny within a prescribed period and requires written assessment orders after evidence is considered; and provides safeguards for exempt entities and non-profits while enabling centralised, technology-driven processing schemes.
    Act RulesBills
    Show AI Summary
    Faceless tax administration: broad power to frame schemes and modify statutory application for digitalised tax processes.
    Clause 532 authorises the Central Government to make schemes by notification for any purpose under the Income Tax Bill, 2025, aiming to enhance efficiency, transparency, and accountability by reducing taxpayer-official interface and optimising resource utilisation. For implementation, the Government may issue notifications that disapply or modify provisions of the Act, and may amend schemes previously framed under the 1961 Act; every such notification must be laid before each House of Parliament. The Board may be empowered to make schemes subject to control of the Central Government.
    Act RulesBills
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    Valuation references: statutory regime for Valuation Officer reports, with procedural safeguards and enforceable reporting timelines.
    Clause 269 empowers the Assessing Officer to refer estimation of value of any asset, property, or investment to a Valuation Officer, who must consider all evidence, provide an opportunity to be heard, inspect premises with prescribed notice, and submit a valuation report to the AO and assessee; the VO may make a best judgment assessment if the assessee fails to cooperate and may rectify mistakes apparent from the record, while the AO may use the report after affording the assessee a hearing.
    Act RulesBills
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    Inquiry before assessment: AO empowered to call for documents and order special audits, with senior approval and procedural safeguards.
    Clause 268 creates a structured regime for Inquiry before assessment granting the Assessing Officer power to call for returns, accounts, documents and statements of assets and liabilities, subject to prior senior approval for intrusive disclosures and temporal limits on record production. It authorises special audits and inventory valuations with nominated professionals, mandates standardised forms and verifications, provides time limits for reports with limited extensions, secures the assessee's right to be heard before use of inquiry material in assessment, and shifts audit/valuation expenses to the Central Government under prescribed guidelines.
    Act RulesBills
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    Updated return taxation requires prior payment of tax, interest, fees and graded additional tax before filing an updated return.
    Clause 267 requires prior payment of tax, interest, fee and a graded additional income-tax before filing an updated return, prescribes allowable credits and reliefs to determine net liability (including advance tax, TDS/TCS, foreign tax reliefs and specified tax credits), treats refunds and earlier credits to prevent double benefit, mandates proof of payment with the updated return, clarifies interest computation on assessed tax under the new code, and empowers the administration to issue implementation guidelines subject to a time-limited sunset and parliamentary oversight.
    Act RulesBills
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    Self-assessment obligation: pay tax, interest and fees before filing return, with proof, or face default consequences.
    Clause 266 requires payment, before filing the return, of any tax payable together with interest and fee and proof of such payment; payments short are appropriated in the order fee, then interest, then tax; interest is computed after reducing advance tax, TDS/TCS and specified reliefs and credits; ''assessed tax'' is defined as tax on returned income reduced by those credits and reliefs; failure to pay renders the assessee an assessee in default and triggers recovery and penal consequences without prejudice to other liabilities.
    Act RulesBills
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    Verification of returns: clarified authorised signatories and integration of insolvency professionals, with some procedural ambiguities remaining.
    Clause 265 modernises verification of returns by enumerating, in tabular form, the persons authorised to verify returns for specified taxpayer categories, preserving traditional authorities (individual, Karta, managing/designated partner, principal officer, CEO) while incorporating insolvency professionals for entities under insolvency. The Bill omits an explicit "absence from India" reference for individuals and does not expressly require attachment of powers of attorney for non-resident companies, raising potential evidentiary and interpretive issues. The provision allows designation of "other persons as prescribed," aligning the statute with Rule 12AA but requiring careful subordinate rule-making.
    Act RulesBills
    Show AI Summary
    Electronic filing rules broaden CBDT authority to require verification, disclosures, and secure transmission for tax returns.
    Clause 263(2)(a) expands CBDT rule-making authority over procedural return-filing aspects by authorising prescription of classes of persons, the form and manner of furnishing returns, methods of verification, supporting documentation requirements (including post-filing production), and the technological resources or electronic records for transmission, thereby enabling broader disclosures, digital authentication, and integration with other databases to support data-driven compliance.
    Act RulesBills
    Show AI Summary
    Return filing modernization enables rulemaking for electronic forms, verification, and document on demand in a risk based regime.
    Clause 263(2)(a) empowers the Board to prescribe the form, manner, verification and electronic transmission of returns, to specify which supporting documents need not accompany the return but must be produced on demand, and to require prescribed particulars in returns (such as exempt income, specified assets, bank and card details, high value expenditures, audit reports and business or partner details), thereby enabling a risk based, post filing verification regime and differentiated electronic filing requirements for classes of taxpayers.
    Act RulesBills
    Show AI Summary
    Tax Return Preparer scheme shifts operational detail to subordinate legislation, increasing administrative discretion and need for oversight.
    Clause 264 empowers the Central Board of Direct Taxes to notify a Tax Return Preparer scheme allowing specified non corporate, non audited persons to have returns prepared and furnished through authorised TRPs. The clause retains exclusions for audit required entities and certain disqualified persons, mandates scheme notification as per the statutory procedure, and delegates operational details-qualifications, authorisation period, code of conduct, duties, withdrawal and disciplinary mechanisms-to subordinate legislation, increasing administrative flexibility while placing emphasis on oversight, transparency, and transitional arrangements.
    Act RulesBills
    Show AI Summary
    PAN-Aadhaar authentication strengthens transaction traceability and imposes reciprocal verification duties on parties.
    Clause 262(9) requires every person entering into prescribed transactions to quote and authenticate their PAN or Aadhaar and obliges recipients of transaction documents to ensure such quoting and authentication, with authentication involving verification against demographic or biometric information through prescribed authorities and modalities to be specified by the CBDT.
    Act RulesBills
    Show AI Summary
    Permanent Account Number and Aadhaar integration expands mandatory identification and digital authentication for specified transactions and filings.
    Clause 262 consolidates allotment, quoting and authentication of the Permanent Account Number and integrates PAN with Aadhaar by mandating application and quoting obligations for specified classes, enabling voluntary applications, requiring intimation of changes, prohibiting multiple PANs, and empowering rule-making and notification to prescribe transactions, authentication procedures and exemptions; it permits Aadhaar linkage and use in lieu of PAN, contemplates inoperative PAN for non-intimation, and relies on Rules 114AAB, 114B, 114BA and 114BB for operational detail while triggering penalties under the existing framework modeled on Section 272B.
    Act RulesBills
    Show AI Summary
    Mandatory Return Filing expands scope and tightens timelines while enabling updated returns with safeguards.
    Clause 263 consolidates and expands return-filing obligations by listing classes of mandatory filers, requiring threshold income computation without regard to specified exemptions, defining key terms such as beneficial owner and specified entity, prescribing differentiated due dates, authorising rule-making for electronic filing and return particulars, providing a nine-month window for belated and revised returns, maintaining a forty-eight-month updated return regime subject to specified exclusions, and setting a procedure for defective returns with a rectification period and potential invalidation if unrectified.
    Act RulesBills
    Show AI Summary
    Controlled disclosure of taxpayer information limited by a public interest test, with executive power to restrict access and final administrative decisions.
    Clause 258 authorises income tax authorities to disclose information obtained in the discharge of their functions to other tax, duty, cess, or foreign exchange authorities and to notified bodies, constrained by necessity and a public interest limitation; it allows private parties to apply for information subject to satisfaction of senior tax officials and renders disclosure decisions final and non justiciable, while empowering the Central Government by notification to restrict furnishing of information for specified classes of assessees or authorities.
    Act RulesBills
    Show AI Summary
    Deemed judicial status for tax proceedings brings perjury and court grade procedural safeguards to tax adjudication processes.
    Clause 257 treats proceedings before income tax authorities as judicial proceedings and deems those authorities to be Civil Courts for specified sections of the Bharatiya Nyaya Sanhita, 2023 and the Bharatiya Nagarik Suraksha Sanhita, 2023, thereby subjecting participants to penal provisions for false evidence, insult to authority, and related offences while preserving a complaint based procedural safeguard for initiating prosecutions through the income tax authority.
    Act RulesBills
    Show AI Summary
    Faceless collection of information: executive empowered to implement digital, non interface tax information schemes with parliamentary oversight.
    Clause 260 empowers the Central Government, by notification, to create a faceless collection of information scheme for calling for and collecting tax information, inspecting company registers, and exercising assessing powers, enabling elimination of physical interfaces, centralised resource optimisation, team based dynamic jurisdiction, and exceptions or modifications to other statutory provisions to implement the scheme, with the requirement that notifications be laid before both Houses of Parliament.
    Act RulesBills
    Show AI Summary
    Powers of competent authority: generic clause grants Assessing Officer equivalent enquiry powers, raising definition and safeguard concerns.
    Clause 256 gives a competent authority the power to make any enquiry under the Act with all the powers of an Assessing Officer, mirroring Section 135 of the 1961 Act but replacing an enumerative list of officials with a generic term whose scope depends on definitions and notifications; the clause defers procedural safeguards to the general framework of the Act, making clear definition and transparent designation critical to avoid arbitrariness and jurisdictional overlap.
    Act RulesBills
    Show AI Summary
    Inspection of company registers enables tax units to verify ownership and financial interests under faceless assessment reforms.
    Inspection of company registers authorises specified income-tax authorities to inspect and copy registers of members, debenture holders and mortgagees to verify ownership and transactions; such inspections require specific written authorisation and Clause 255 expands exercisable authority to unit-based entities like assessment and verification units, enabling centralized and faceless access while raising questions on necessity thresholds, coverage of electronic records, and procedural safeguards.

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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