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    Act Rules Bills
    Evolution of Tax Enforcement : Clause 247 of Income Tax Bill, 2025 Vs. Section 132, Income-tax Act, ...
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Act Rules Bills
Evolution of Tax Enforcement : Clause 247 of Income Tax Bill, 2025 Vs. Section 132, Income-tax Act, ...
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Search and seizure powers modernized to encompass electronic records, provisional attachment, and expanded evidentiary presumptions.
Clause 247 modernises search and seizure for income tax enforcement by explicitly covering electronic records and undisclosed foreign assets, authorising entry, search, extraction, seizure or prohibitory orders, requisitioning technical assistance, and provisional attachment subject to prior approval and recorded reasons, while retaining the reason to believe standard and rebuttable statutory presumptions regarding ownership and authenticity of seized material.
Act Rules Bills
Quasi-Judicial Powers of Income-tax Authorities : Clause 246 of the Income Tax Bill, 2025 Vs. Sectio...
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Quasi judicial powers enable tax authorities to compel discovery, attendance, and document production with procedural safeguards.
Clause 246 vests specified income tax authorities with civil court-equivalent powers for discovery, inspection, compulsory attendance, production of books and documents, examination on oath, and issuance of commissions; permits exercise of those powers in the absence of pending proceedings where there is a reason to suspect or by Board notification; authorises impounding of produced documents subject to recorded reasons, a limited retention period excluding holidays, and sanctioned extensions.
Act Rules Bills
Transformation of Tax Jurisdiction : Clause 245 of the Income Tax Bill, 2025, and Section 130 of the...
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Faceless jurisdiction transforms tax administration by institutionalizing remote assessment and team-based dynamic jurisdiction.
Clause 245 creates a statutory Scheme for faceless jurisdiction, authorising the Central Government to operate specified income-tax powers and functions remotely, including vesting jurisdiction in assessing officers, transferring cases, and ensuring continuity on change of incumbency; it permits notifications to modify Act provisions to implement the Scheme and requires such notifications to be laid before Parliament, balancing administrative flexibility with concerns about the scope of delegated legislation and safeguards for procedural fairness.
Act Rules Bills
Legal Safeguards and Procedural Continuity under Indian Income Tax Law : Clause 244 of Income Tax Bi...
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Change of incumbent of an office: successor may continue proceedings but assessee can demand reopening or rehearing.
Clause 244 provides that when an income-tax authority ceases to exercise jurisdiction and is succeeded by another, the successor may continue the proceeding from the stage left by the predecessor, and before such continuation the assessee may demand that the previous proceeding or any part thereof be reopened or that the assessee be reheard before any assessment order is passed.
Act Rules Bills
Modernizing the Statutory Framework for Jurisdictional Transfers and Natural Justice : Clause 243 of...
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Power to transfer cases: modernised transfer framework preserves opportunity to be heard while enabling cross jurisdictional transfers.
Clause 243 empowers designated senior income tax authorities to transfer any "case"-defined to include pending, completed and future proceedings-among Assessing Officers within or across jurisdictions; transfers between different authorities require agreement or, failing that, Board intervention. The clause mandates, where practicable, a reasonable opportunity of being heard and recording of reasons, exempts intra city/locality transfers from prior hearing, permits transfers at any stage without re issuing notices, and consolidates authority designations under the term "specified income tax authority."
Act Rules Bills
Legal and Administrative Framework Determining the Jurisdiction of Assessing Officers : Clause 242 o...
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Assessing Officer jurisdiction clarified: territorial nexus, strict time bars and internal administrative resolution govern assessment authority.
The clause anchors AO jurisdiction to the taxpayer's principal place of business, profession, or residence and empowers a specified income-tax authority to determine jurisdictional questions, with escalation to the Board where multiple authorities are involved. It mandates strict time limits for raising jurisdictional objections linked to notice service or assessment stages, requires AO referral of unresolved objections before completing assessment, and preserves AO powers over income arising within their area despite jurisdictional disputes.
Act Rules Bills
Jurisdictional Architecture under the income tax : Clause 241 of the Income Tax Bill, 2025 Vs. Secti...
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Centralized jurisdiction and delegation: Board directions reallocate tax authorities' powers, shaping jurisdictional clarity and administrative flexibility.
Clause 241 vests income-tax authorities with powers exercisable in accordance with directions issued by the Board, permits higher authorities to exercise functions of lower authorities, authorizes delegated written orders for subordinates, and sets jurisdictional criteria including territorial area, persons, classes of income and cases. It enables the Board to issue general or special orders empowering specified senior officers to perform others' functions, contains deeming provisions treating references to the Assessing Officer as references to substituted officers and removes certain approval requirements, and expands notification powers to prescribe the manner of returns and designate responsible authorities.
Act Rules Bills
Statutory Foundations of the Taxpayer's Charter : Clause 240 of the Income Tax Bill, 2025 Vs. Sectio...
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Taxpayer's Charter mandated: statutory duty to adopt a charter, but enforceability and remedies remain undefined.
Clause 240 of the Income Tax Bill, 2025 and Section 119A of the Income-tax Act require the Central Board of Direct Taxes to adopt and declare a Taxpayer's Charter and empower the Board to issue orders, instructions, directions or guidelines for its administration. Both provisions mandate adoption while leaving substantive content, enforceability, remedies, review, and stakeholder consultation to the Board's discretion, creating interpretive issues concerning legal status, variability of protections, and mechanisms for accountability.
Act Rules Bills
Power to issue instruction for the purpose of the proper administration of this Act : Clause 239 of ...
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Administrative instruction power guides tax authorities, subject to non interference in individual cases and parliamentary oversight.
Clause 239 grants the Board a broad administrative instruction power to issue binding orders and directions to income tax authorities for uniform administration, subject to safeguards: it cannot direct outcomes in individual cases or interfere with appellate discretion. The clause permits targeted interventions-general or special orders for assessment and collection, condonation of belated claims by non appellate authorities, and relaxation of deduction requirements where default is beyond the assessee's control and compliance occurs before completion of assessment-and requires reasons and parliamentary laying of certain relaxation orders.
Act Rules Bills
Administrative Hierarchy under the Income Tax Law : Clause 238 of Income Tax Bill, 2025 Vs. Section ...
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Control of tax authorities: Board may notify subordination of income-tax authorities, affecting jurisdiction and publication standards.
Clause 238 and Section 118 empower the Board to issue notifications directing that specified income-tax authorities be subordinate to other specified authorities; this confers broad administrative control over hierarchies and supervision while remaining subject to administrative-law limits. A key textual difference is Clause 238's omission of an explicit requirement for publication in the Official Gazette, raising questions about the formal mode of notification, transparency, and enforceability that subordinate rules or judicial interpretation should address.
Act Rules Bills
Statutory Framework for Appointment of Income-tax Authorities : Clause 237 of Income Tax Bill, 2025 ...
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Appointment of income-tax authorities: Central Government retains primary power with controlled delegation and service-rule safeguards.
Clause 237 vests primary appointment authority for income-tax authorities in the Central Government while authorising delegation to the Board and specified senior officers for appointments below Deputy/Assistant Commissioner, and permits authorised income-tax authorities to appoint executive or ministerial staff, all subject to rules and orders regulating conditions of service and Board authorisation.
Act Rules Bills
Hierarchy of Income-tax Authorities in India : Clause 236 of the Income Tax Bill, 2025 Vs. Section 1...
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Hierarchy of tax authorities clarified: consolidation and streamlined nomenclature aim to centralise appellate functions and improve clarity.
Clause 236 consolidates the hierarchy of income-tax authorities-from the Central Board of Direct Taxes to Inspectors and Tax Recovery Officers-streamlining nomenclature and grouping alternative designations. It notably omits Deputy Commissioners (Appeals), signalling possible consolidation of first-level appellate functions at higher levels, and leaves allocation of specific powers and appellate responsibilities to subordinate rules and notifications.
Act Rules Bills
Exclusion from the Indian Tonnage Tax Regime : Clause 234(4)-(7) of the Income Tax Bill, 2025 Vs. Se...
Show AI Summary
Tonnage tax exclusion: anti abuse power to remove companies from the regime where transactions lack bona fide commercial purpose.
Clause 234(4)-(7) empowers the Assessing Officer to exclude a tonnage tax company by written order where transactions amount to an abuse of the tonnage tax scheme, operating retrospectively from the first day of the tax year in which the transaction was entered into; exclusion requires prior show cause notice and higher-level approval, and does not apply where the company satisfies the Assessing Officer that the transaction was a bona fide commercial arrangement not entered into for tax advantage.
Act Rules Bills
Anti-Abuse Safeguards in the Indian Tonnage Tax Regime : Clause 234(1)-(3) of the Income Tax Bill, 2...
Show AI Summary
Anti-abuse safeguards in tonnage tax: exclusion applies where arrangements produce tax advantages for non-eligible activities.
Clause 234(1)-(3) excludes the tonnage tax scheme where a tonnage tax company is party to any transaction or arrangement that constitutes an abuse by resulting, or that would but for the clause have resulted, in a tax advantage for persons other than the tonnage tax company or for the company in respect of its non-tonnage activities. "Tax advantage" includes manipulation of expense or interest allowances or cost allocation affecting non-tonnage income or loss, and transactions producing more than ordinary profits from tonnage tax activities.
Act Rules Bills
Temporary Cessation and Qualifying Status under India's Tonnage Tax Regime : Clause 232(22)-(23) of ...
Show AI Summary
Temporary cessation of operations preserves tonnage tax continuity, but temporary loss of qualifying status suspends benefits for that period.
A company is deemed to be operating a qualifying ship for tonnage tax purposes during periods of temporary cessation of operations, so long as the cessation is not permanent; however, a ship that temporarily ceases to meet the statutory criteria of a qualifying ship is excluded from qualifying status for the period of non-qualification and cannot attract tonnage tax benefits during that time.
Act Rules Bills
Continuity of Tonnage Tax Benefits in Shipping Sector Demergers : Clause 233(5)-(6) of Income Tax Bi...
Show AI Summary
Continuity of tonnage tax benefits preserves scheme application for qualifying companies after demerger, subject to statutory conditions.
Where a demerged company transfers its business to a resulting company before expiry of its tonnage tax option, the tonnage tax scheme shall, subject to other provisions, apply to the resulting company for the unexpired period if it is a qualifying company; similarly, the demerged company retains its option for the unexpired period if it continues to be a qualifying company, with both continuities conditional on statutory eligibility, procedural compliance, and anti-avoidance requirements.
Act Rules Bills
Continuity of Tonnage Tax Benefits in Shipping Amalgamations : Clause 233(1)-(4) of the Income Tax B...
Show AI Summary
Continuity of tonnage tax: amalgamated qualifying shipping companies retain the scheme subject to qualifying status and option deadlines.
Clause 233(1)-(4) secures continuity of the tonnage tax regime on amalgamation by applying the scheme to the amalgamated company if it remains a qualifying company, requiring non-tonnage amalgamated companies to elect the scheme within a prescribed short period, granting the amalgamated entity the longest unexpired option period when multiple merging companies are under the scheme, and excluding entities that failed to elect during the original implementation window from accessing the regime post-amalgamation.
Act Rules Bills
Determination of Tonnage for Shipping Companies under Indian Tax Law : Clause 227(9) of the Income T...
Show AI Summary
Tonnage determination by statutory certificates ensures objective tonnage income computation and limits administrative discretion, aligning with international practice.
The net tonnage for tonnage income must be determined from prescribed certificates: Indian ships by Merchant Shipping Rules or the 1969 Convention certificate as applicable; foreign ships by a DG Shipping licence reflecting Flag State tonnage certificates or other evidence acceptable to the DG; inland vessels by Inland Vessels Act, 2021 certificates. Reliance on statutory certificates is central, reducing subjective measurement and constraining administrative assessment to verification of certificate authenticity.
Act Rules Bills
Compliance Requirements under India's Tonnage Tax Regime : Clause 232(21) of Income Tax Bill, 2025 v...
Show AI Summary
Tonnage tax compliance: separate books and certified accountant's report required or tonnage tax option lapses for the year.
Clause 232(21) makes the tonnage tax option contingent, each year, on maintaining separate books of account for qualifying ship operations and on furnishing a prescribed, duly signed and verified accountant's report before the specified filing date; failure of either requirement renders the tonnage tax option ineffective for that tax year.
Act Rules Bills
Charter-in Limits under India's Tonnage Tax Regime : Clause 232(15)-(20) of the Income Tax Bill, 202...
Show AI Summary
Charter in cap limits chartered tonnage; breach triggers loss of tonnage tax benefit and possible scheme disqualification.
Clause 232(15)-(20) limits chartered in net tonnage for tonnage tax electors, requires assessment on average net tonnage with the averaging method prescribed in consultation with the Director General of Shipping, excludes bareboat charter cum demise vessels from charter in calculations, and prescribes loss of tonnage tax benefit for a year of breach and permanent cessation of the option after two consecutive years of breach.

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Co-operative Societies [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

24 July, 2024

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Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

In the case of co-operative societies, the rates of income-tax have been

specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for FY 2023-24. The amount of income tax shall be increased by a surcharge at the rate of 7% of such income-tax in case the total income of a co-operative society exceeds one crore rupees but does not exceed ten crore rupees. Surcharge at the rate of 12% of such income-tax shall continue to be levied in case of a co-operative society having a total income exceeding ten crore rupees.

2. Marginal relief is provided in cases of surcharge.

3. On satisfaction of certain conditions, a co-operative society resident in India shall have the option to pay tax at 22% as per the provisions of section 115BAD. Surcharge would be at 10% on such tax. Further, under section 115BAE of the Act, a manufacturing co-operative society set up on or after 1.4.2023, which commenced manufacturing or production on or before 31.3.2024 and does not avail of any specified incentive or deductions, may opt to pay tax at a concessional rate of 15% for assessment year 2024-25 onwards. Surcharge would be at 10% on such tax.

[Clauses 2, 37 & the First Schedule]

 

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Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

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