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    Act RulesBills
    Doctrine of Reasonable Cause in Tax Penalties : Clause 470 of the Income Tax Bill, 2025 Vs. Section ...
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    Reasonable cause defense protects taxpayers from penalties for bona fide, non culpable defaults and encourages documented compliance.
    Clause 470 creates an exception to specified penalty provisions: no penalty shall be imposed if the assessee proves there was reasonable cause for the failure. It functions as a non obstante provision covering enumerated sections, shifts the burden of proof to the taxpayer, and is aimed primarily at bona fide procedural or technical lapses rather than deliberate violations.
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    Clause 468 empowers the Assessing Officer to impose a fixed monetary penalty for failure to comply with Section 397 and for quoting a false Tax Deduction and Collection Account Number in prescribed documents where the person knows or believes it to be false, making the penalty discretionary and imposing a mens rea requirement for false quoting while not expressly providing for a statutory opportunity of being heard.
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    Clause 465 creates a penalty regime for procedural non compliance under the Income Tax Bill, 2025: a fixed penalty for discrete defaults, a daily penalty for continuing defaults, a cap tying certain penalties to the amount of tax deductible or collectible, and specified authorities empowered to impose penalties; it broadens the definition of income tax authority and updates cross references to the restructured Bill, while notably omitting an explicit provision requiring an opportunity to be heard before penalty imposition.
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    Reporting penalties: new clause preserves escalating daily fines and a large fixed penalty for inaccurate international tax reports.
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    Penalty for failure to report transfers of management or control triggers significant compliance and enforcement consequences.
    Clause 458 creates a penalty for failure by an Indian concern to furnish information or documents under section 506, authorising the prescribed income-tax authority to impose either a transaction-value-based penalty where a transaction effects a direct or indirect transfer of management or control, or a fixed monetary penalty otherwise, and otherwise mirrors the substantive framework and enforcement objectives of Section 271GA of the Income-tax Act, 1961.
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    Transfer pricing documentation penalty: failure to furnish documents leads to transaction value based penalties and enforcement by tax authorities.
    Failure to furnish prescribed transfer pricing information or documentation for international or specified domestic transactions triggers a transaction value based penalty under Clause 457, enforceable by the Assessing Officer, authorised Transfer Pricing Officer and the Commissioner (Appeals); the clause ties this enforcement directly to the obligations in section 171(2) and raises interpretive issues concerning the meaning of failure, computation of transaction value, overlap with other penalties, and the availability of a reasonable cause defence.
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    Penalty for failure to furnish statements: eligible investment funds face a fixed sanction under the bill; authority may impose it.
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    Act RulesBills
    Penalties for Inaccurate Financial Reporting under Indian Income Tax Law : Clause 455 of the Income ...
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    Penalty for inaccurate financial reporting imposes institutional and account-holder liability while enabling recovery of penalties from account holders.
    Clause 455 mandates penalties for persons required to furnish statements of financial transactions or reportable accounts for providing inaccurate information or failing to meet due diligence obligations, and imposes an additional per-account penalty on reporting financial institutions where inaccuracies stem from account-holder-supplied false information; reporting institutions may recover such additional penalties from the responsible account holders by direct recovery or retention of funds, with imposition directed by the prescribed income-tax authority and substantive continuity with the former Section 271FAA.
    Act RulesBills
    Penalties for Non-Compliance in Financial Transaction Reporting : Clause 454 of the Income Tax Bill,...
    Show AI Summary
    Penalty for failure to furnish financial transaction statements - escalating daily sanctions for continued non-compliance after notice.
    Clause 454 creates a statutory penalty regime for failure to furnish a statement of financial transaction or reportable account, prescribing a daily penalty accruing from the date the filing deadline lapses, with an escalated daily rate where default continues after a formal notice, and vesting discretionary imposition authority in the income-tax authority subject to procedural safeguards and rights to challenge.
    Act RulesBills
    Penalty Provisions for Non-compliant Loan Repayments in India's Income Tax Law : Clause 453 of the I...
    Show AI Summary
    Penalty for non-compliant loan repayments: Assessing Officer may impose a penalty equal to the amount repaid for procedural breaches.
    Clause 453 permits the Assessing Officer to impose a penalty equal to any loan, deposit or specified advance repaid in contravention of section 188, applying to all persons and covering repayments made by non-transparent modes. The provision creates strict liability based on procedural breach rather than mens rea, centralizes enforcement with the Assessing Officer, and omits an explicit reasonable-cause defence, raising potential interpretative and transitional issues regarding the scope of specified advances and procedural safeguards.
    Act RulesBills
    Mandatory Electronic Payments and Penalty Regimes : Clause 452 of the Income Tax Bill, 2025 Vs. Sect...
    Show AI Summary
    Electronic payment mandate triggers daily penalties for non compliance unless a taxpayer proves good and sufficient reason.
    Clause 452 empowers the Assessing Officer to impose a fixed per day monetary penalty for failure to provide prescribed electronic modes of payment under section 187, subject to a saving where the person proves good and sufficient reason for the failure; the provision mirrors the former section 271DB framework but streamlines authority and lacks detailed procedural guidance.
    Act RulesBills
    Evolving Penalty Regimes for Monetary Transaction Violations : Clause 451 of the Income Tax Bill, 20...
    Show AI Summary
    Monetary transaction penalty: discretion to impose a penalty equal to prohibited receipt unless good and sufficient reasons are proved.
    Clause 451 empowers the Assessing Officer to impose a penalty equal to the sum received in contravention of section 186 unless the recipient proves good and sufficient reasons; the provision emphasises proportionality, vests discretion in enforcement, omits explicit procedural safeguards and mens rea, and mirrors the substantive penalty quantum and defence in the earlier statutory regime while differing in statutory tone and procedural concision.

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      Review of Customs duty Exemptions

      1 February, 2025

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      Union Budget 2025-26 (Full) + Finance Bill, 2025

      VII. Review of Customs duty Exemptions

      A. Review of conditional exemption rates of BCD prescribed in notification No. 50/2017- Customs dated 30.6.2017:

      A comprehensive review has been undertaken in respect of 25 conditional exemptions/concessional rate entries in Notification No. 50/2017-Customs dated 30th June, 2017 whose validity is expiring by 31.3.2025. After review, 24 entries are being continued for varying periods with modification in few entries and 1 entry is being lapsed.

      (1) The details of exemptions/concessional rates being extended with or without modifications:

      S.No

      Description

      Entry No

      End date

      1

      Ships and vessel for breaking up

      S. No. 555A

      31.3.2035

      2

      Raw materials, components, consumables or parts, for use in the manufacture of ships/vessels

      S. No. 559

      31.3.2035

      3

      Bulk drugs for manufacture of drugs or medicines [A separate entry is being created for Drugs, medicines, diagnostic kits specified in List 3 with modifications in the list]

      S. No. 166

      31.3.2029

      4

      Bulk drugs used in the manufacture of polio vaccine and Monocomponent insulins

      S. No. 166A

      31.3.2029

      5

      Bulk drugs used in the manufacture of life saving drugs or medicines [A separate entry is being created for Drugs, medicines, diagnostic kits specified in List 4 with modifications in the list]

      S. No. 167

      31.3.2029

      6

      Drugs, Medicines or Food for Special Medical Purposes (FSMP) used for treatment of rare disease

      S. No. 167A S. No. 607B

      31.3.2029

      7

      Good specified in List 36 imported by testing agencies specified in List 37, for the purpose of testing and/or certification

      S. No. 532A

      31.3.2029

      8

      Crude Glycerin for use in manufacture of Epichlorohydrin

      S. No. 81A

      31.3.2027

      9

      Denatured ethyl alcohol for use in manufacture of industrial chemicals

      S. No. 104B

      31.3.2027

      10

      Fish meal for use in manufacture of aquatic feed S. No. 104C 31.3.2027

       

       

      11

      Goods for the manufacture of telecommunication grade optical fibres or optical fibre cables

      S. No. 168, S. No. 341, S. No. 341A

      31.3.2027

      12

      Textile machinery (with addition of two new machinery)

      S. No. 460 S. No. 460A S. No. 460B S. No. 460C S. No. 460D

      31.3.2027

      13

      Parts and components for use in manufacturing of textile machineries

      S. No. 460E

      31.3.2027

      14

       Goods for use in the manufacture of Open cell of LCD and LED TV panel

      S. No. 515B

      31.3.2027

      15

      Seeds for use in manufacturing of rough Lab- Grown Diamonds [IGCR condition removed]

      S. No. 345B

      31.3.2026

      16

      Parts of wind operated electricity generators, for the manufacture or the maintenance of wind operated electricity generators [The entry has also been modified]

      S. No. 405

      31.3.2026

      17

      Permanent magnets for manufacture of PM synchronous generators above 500KW for use in wind operated electricity generators

      S. No. 406

      31.3.2026

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      (2) The following entry is being allowed to lapse with effect from 01.04.2025:

      S. No.

      S. No. of 50/2017- Customs

      Description

      1.

      489AA

      Heat Coil for use in the manufacture of Electric Kitchen Chimneys falling under tariff item 84146000

      (3) Other Changes in notification No. 50/2017 -Customs dated 30.6.2017

      Certain entries are being modified as under:

      S. No.

      S. No. of 50/17-Cus

      Brief Description

      1.

      257A

      9 new groups of items such as sea shell, adhesive etc are being added to the list of duty free items for use in manufacture of handicrafts for export. The time period for export of the handicraft items is also being increased from 6 months to 1 year, further extended by another three months.

      2.

      539

      BCD exemption is being extended to imports of ground installations for satellites and payloads and its spares and consumables of such installations.

      3.

      539A

      BCD exemption is being provided on goods for use in the building of launch vehicles and launching of satellites

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      B. Amendment of Notifications Nos. 16/2017-Customs dated 20.04.2017 and 153/94-Customs dated 13.07.1994

      Notification No.

      Brief Description

      16/2017-customs dated 20.04.2017

      The notification exempts specified drugs and medicines from the whole of the duty of customs leviable thereon subject to their being supplied free to cost to patients under Patient Assistance Programme (PAP) run by the pharmaceutical companies.

       

      37 new drugs and 13 patient assistance programmes are being added to the list

      153/94-customs dated 13.07.1994

      Currently, articles of foreign origin can be imported into India for maintenance, repair and overhauling subject to their export within six months extendable to 1 year. The duration for export in the case of railway goods imported for such purpose has been increased from 6 months to 1 year further extendable by 1 year

      Note: Description of entries is indicative. Notification may be referred to for complete description.

       

      Full Text:

      Union Budget 2025-26 (Full) + Finance Bill, 2025

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