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    Providing check on survey operations under section 133A of the Act.
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    NewsBills
    Providing check on survey operations under section 133A of the Act.
    Show AI Summary
    Survey approval requirements: amended hierarchy now mandates higher-level approval before conducting surveys under section 133A.
    Amendment introduces a tiered prior-approval regime for exercise of survey powers: where information is received from a prescribed authority, lower-ranked officers require prior approval from the intermediate supervisory tier; in other cases, officers below the senior administrative tier require prior approval from that senior tier. The change raises the approval threshold in non-prescribed-authority cases and takes effect from the stated effective date.
    NewsBills
    Provision for e-appeal.
    Show AI Summary
    E-appeal scheme to enable faceless electronic appellate proceedings and permit government to modify appellate procedure.
    A proposed insertion to section 250 empowers the Central Government to notify an e-appeal scheme to enable electronic disposal of appeals, eliminate in-person interface between Commissioner (Appeals) and appellants to the extent technologically feasible, optimise resource use through economies of scale and functional specialisation, and introduce an appellate system with dynamic jurisdiction. The power includes directing, by notification, that statutory provisions on jurisdiction and appellate procedure may not apply or may apply with specified exceptions, modifications and adaptations, and requires such notifications to be laid before both Houses of Parliament.
    NewsBills
    Amendment in Dispute Resolution Panel (DRP).
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    Dispute Resolution Panel expansion: added non-resident taxpayers can seek DRP review when AO proposes prejudicial assessment variations.
    Amendment expands the Dispute Resolution Panel (DRP) procedure to require the Assessing Officer to forward a draft assessment order when proposing any variation prejudicial to the assessee, permitting the taxpayer to file objections with the DRP whose binding directions govern the AO. The definition of eligible assessee is widened to include non-resident persons other than companies alongside foreign companies and cases with transfer pricing adjustments.
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    Modification of e-assessment scheme.
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    E-assessment scheme expanded to include best-judgement assessments and extend direction power through a temporary sunset period.
    Amendment expands the E-assessment Scheme, 2019 to include best judgement assessment within the scope of the scheme-making power under sub-section (3A) of section 143, and permits the Central Government to issue directions under the provision for a prescribed limited period, effective from the commencement of the stated assessment year.
    NewsBills
    Widening the scope of Commodity Transaction Tax (CTT).
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    Commodity Transaction Tax expansion: new tax coverage for options in goods and derivatives tied to other derivatives.
    Amendments expand the scope of Commodity Transaction Tax (CTT) to include sales of derivatives based on prices or indices of commodity derivatives and sales of an option in goods, and replace "recognised association" with "recognised stock exchange". The proposal allocates CTT liability by product and settlement mode-seller liability for derivatives based on derivatives' prices or indices, purchaser liability for exercised options in goods with different treatment for physical delivery versus non-delivery settlement-and updates statutory definitions, the CTT schedule, and value computation accordingly.
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    Rationalization of tax treatment of employer’s contribution to recognized provident funds, superan...
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    Employer contribution cap to retirement funds: excess employer contributions taxable and related accretions treated as perquisite.
    A combined upper limit is proposed on employer contributions to the National Pension Scheme, superannuation funds and recognized provident funds; employer contributions exceeding the combined cap in a year will be taxable, and annual accretions to the fund relating to such employer contributions shall be treated as a perquisite to the extent included in total income.
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    Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittan...
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    Tax Collected at Source expanded to cover overseas remittances, tour packages and sales-based collections with specified exemptions.
    Amendments expand Tax Collected at Source (TCS) under section 206C to require authorised dealers to collect TCS on specified overseas remittances under LRS and sellers to collect TCS on sale of overseas tour packages, both with higher rates for non-PAN/Aadhaar cases and specified exemptions. Separately, sellers with turnover above a prescribed threshold must collect TCS on sale of goods above a set consideration limit, subject to notification-based exemptions and exclusions for certain government and diplomatic entities. Provisions take effect from 1 April 2020.
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    Widening the scope of TDS on E-commerce transactions through insertion of a new section.
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    TDS on e commerce transactions: operators must withhold on gross platform receipts and treat direct payments as operator credits.
    A new provision imposes TDS on e commerce transactions by requiring the e commerce operator to deduct tax on the gross amount of sales or services when credited to or paid to an e commerce participant; direct payments by purchasers are treated as operator payments. Low volume individual and HUF participants who furnish PAN or Aadhaar are exempt from withholding. The provision overrides other TDS liabilities for the same transactions, excludes operator receipts for unrelated advertising services, and includes definitions and consequential amendments to align withholding and procedural provisions.
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    Enlarging the scope for tax deduction on interest income under section 194A of the Act.
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    Tax deduction on interest income: large co-operative societies must withhold tax when turnover and per payee interest exceed specified thresholds.
    The amendment narrows exemptions in section 194A(3) so that a co operative society otherwise exempt under clause (v) or (viia) must deduct tax at source if it exceeds a specified turnover threshold in the preceding year and if the interest credited or paid to a payee in the financial year exceeds specified per payee thresholds, with separate thresholds for senior citizens and others.
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    Reducing the rate of TDS on fees for technical services (other than professional services).
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    TDS on technical services adjusted to reduce classification disputes and align withholding with work contract payments.
    To reduce classification disputes and litigation, the law prescribes a reduced withholding rate specifically for fees for technical services (other than professional services), aligning its TDS incidence more closely with that applicable to payments for execution of work contracts; withholding rates for other categories of fees remain unchanged and the amendment takes effect from the commencement date specified in the measure.
    NewsBills
    Allowing deduction for amount disallowed under section 43B, to insurance companies on payment basis.
    Show AI Summary
    Deduction timing for Section 43B: insured business expenses disallowed earlier permitted when actually paid.
    A proviso is proposed to Rule 5 of the First Schedule so that any sum added back under Section 43B in accordance with clause (a) of Rule 5 shall be allowed as a deduction in computing income under the rule in the previous year in which such sum is actually paid; the amendment takes effect from 1 April 2020 and applies to assessment year 2020-21 and onwards.
    NewsBills
    Amendment for providing attribution of profit to Permanent Establishment in Safe Harbour Rules under...
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    Attribution to Permanent Establishment now covered in safe harbour rules and advance pricing agreements, providing transfer pricing certainty.
    Amendments expand Safe Harbour Rules to permit acceptance of declared transfer prices that address attribution of profits to a Permanent Establishment, and amend Advance Pricing Agreement provisions to allow APAs to determine or specify the manner of determining such attribution, thereby extending transfer pricing certainty to both safe harbour and APA mechanisms for future and rollback years.
    NewsBills
    Modification of the definition of “business trust”
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    Business trust definition modified: listing requirement removed so tax pass-through and regime apply to unlisted trusts.
    The proposal amends clause (13A) of section 2 to remove the requirement that units be listed on a recognised stock exchange for a trust to qualify as a business trust, aligning the income tax definition with SEBI amendments that eliminated mandatory listing for InvITs; under section 115UA such trusts remain subject to taxation rules including pass through treatment for SPV interest and rent and filing and reporting obligations.
    NewsBills
    Allowing carry forward of losses or depreciation in certain amalgamations.
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    Carry forward of losses extended to statutory bank and government insurance company amalgamations under specified nationalisation schemes.
    Section 72AA's allowance for carry forward of accumulated losses and unabsorbed depreciation is extended to include amalgamations of corresponding new banks under the Banking Companies (Acquisition and Transfer of Undertakings) Acts and amalgamations of Government companies arising under the General Insurance Business (Nationalisation) Act, with defined terms to be read from those enactments and the extension operating notwithstanding specified exclusions in the Act.
    NewsBills
    Deferring TDS or tax payment in respect of income pertaining to Employee Stock Option Plan (ESOP) of...
    Show AI Summary
    Deferral of TDS on ESOP perquisites allows employers to delay tax deduction until sale or employment cessation.
    Amendments permit eligible start-ups to defer deduction or payment of tax on ESOP perquisites: tax must be deducted or paid within fourteen days of the earliest of (i) expiry of the prescribed post-allotment period, (ii) sale of the specified security or sweat equity share by the employee, or (iii) cessation of employment. Tax is computed using the rates applicable in the financial year when the security or share was allotted or transferred.
    NewsBills
    Exempting non-resident from filing of Income-tax return in certain conditions.
    Show AI Summary
    Non-resident return filing exemption extended to royalty and FTS when withholding tax is applied at prescribed rates.
    A statutory amendment will exempt a non-resident from filing an income-tax return where the non-resident's total income consists solely of dividend or interest, or specified royalty or fees for technical services, provided that withholding tax on such income has been deducted under Chapter XVII-B at rates not lower than the rates prescribed for tax determination under section 115A(1); the amendment takes effect from the stated commencement date and applies to the relevant assessment year and subsequent years.
    NewsBills
    Providing an option to the assessee for not availing deduction under section 35AD.
    Show AI Summary
    Optional 35AD deduction safeguards right to claim depreciation where assessee forgoes the investment allowance under amended rules.
    The amendment makes the 100% capital expenditure deduction under section 35AD optional and restricts the sub section (4) non allowance rule so that other deductions, including normal depreciation, are disallowed only if the section 35AD deduction has been claimed and allowed; the change applies prospectively to the assessment year beginning 1 April 2020.
    NewsBills
    Increase in safe harbour limit of 5 per cent. under section 43CA, 50C and 56 of the Act to 10 per ce...
    Show AI Summary
    Safe harbour threshold for stamp valuation adjustments increased, reducing valuation-driven recharacterisation of consideration for transfers.
    Increase of the safe harbour threshold from five per cent to ten per cent for valuation comparisons where declared consideration for transfer or receipt of immovable property is lower than the stamp valuation authority's value, so that a declared consideration within the safe harbour is treated as the full value for computing capital gains or income from other sources; effective from 1st April, 2021 and applying to the relevant assessment year and subsequent years.
    NewsBills
    Excluding interest paid or payable to Permanent Establishment of a non-resident Bank for the purpose...
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    Interest limitation carve-out excludes debt from permanent establishments of foreign banks from interest disallowance under amended rules.
    The amendment provides that the interest limitation will not apply to interest paid in respect of debt issued by a lender which is a permanent establishment of a non-resident engaged in banking in India, thereby carving out loans from branches of foreign banks from the section 94B restriction and avoiding application of the earnings based disallowance to such debt.
    NewsBills
    Amendment of section 194LD of the Act to extend the period of concessional rate of withholding tax a...
    Show AI Summary
    Concessional withholding tax extended and applied to municipal debt, enabling foreign investor interest relief within a renewed operative window.
    Amendment to section 194LD extends the concessional withholding tax regime and applies the concessional rate to interest on municipal debt securities by Foreign Institutional Investors and Qualified Foreign Investors, preserving the reduced TDS rate for eligible interest payments and changing the operative period so that interest paid within the newly prescribed window qualifies for the concession, with the amendment taking effect from the start of the specified fiscal period.

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      Bills

      OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS

      1 February, 2025

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

      IV. OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS

      A.

      Changes in Basic Customs Duty (to be effective from 02.02.2025)

      Rates of Duty

      S. No.

      Chapter, Heading, sub- heading, tariff item

      Commodity

      From

      To

       

       

      Aquafarming & Marine Exports

       

       

       1.

      0304 99 00

      Frozen Fish Paste (Surimi) for use in manufacture of Surimi Analogue products, for export

       30%

       5%

      2.

      2301 20

      Fish Hydrolysate for use in manufacture of aquatic feed

      15%

      5%

       

       

      Leather

       

       

      3.

      4104 11 00 4104 19 00 4105 10 00 4106 21 00 4106 31 00 4106 91 00

      Wet blue leather (hides and skins)

      10%

      Nil

       

       

      Gems and Jewellery Sector

       

       

      4.

      7113

      Platinum Findings

      25%

      5%

       

       

      Metal Scrap & Lithium-Ion Battery Waste and Scrap

       

       

      5.

      7802

      Lead waste and scrap

      5%

      Nil

      6.

      7902

      Zinc waste and scrap

      5%

      Nil

      7.

      8105 20 30

      Cobalt powders

      5%

      Nil

      8.

      8549 13 00 8549 14 00 8549 19 00

      Waste and scrap of Lithium-Ion Battery

      5%

      Nil

       

       

      IT and Electronics Sector

       

       

      9.

      8517

      Ethernet switches Carrier grade

      20%

      10%

      10.

      8524 8529

      Open cell for Interactive Flat Panel Display Module with or without touch, Touch Glass Sheet and Touch Sensor PCB for the manufacture of the Interactive Flat Panel Display Module.

      15%/10%

      5%

      11.

      8529

      Inputs and Parts of the Open Cells for use in the manufacture of Television Panels of LED/LCD TV.

      2.5%

      Nil

      12.

      Any chapter

      Inputs or Parts/sub-parts for use in the manufacture of the Printed Circuit Board Assembly, Camera module and connectors of cellular mobile phones and inputs and raw materials for use in the manufacture of specified parts of cellular mobile phones i.e on Wired Headset, Microphone and Receiver, USB Cable and Fingerprint reader/Scanner of Cellular Mobile Phone.

      2.5%

      Nil

      13.

      Any chapter

      Add 35 capital goods for use in the manufacture of lithium-ion battery of EVs and 28 capital goods for use in the manufacture of lithium-ion battery of mobile phones in the list of exempted capital goods

      As applicable

      Nil

      14.

      Any chapter

      To amend entry S. No. 6D of Notification No. 57/2017-Customs and incorporate ‘any chapter’ in column (2) for  goods  used  to  manufacture mechanics of mobile phone

      As applicable

      10%

       

       

      Automobile

       

       

      15.

      8702

      Motor vehicles for transport of 10 or more persons

      25%/40%

      20%

      16.

         8703

      Motor cars and other motor vehicles with CIF value more than US $40,000 or with engine capacity more than 3000 cc for petrol run vehicles and more than 2500 cc for diesel run vehicles or with both

         100%

         70%

      17.

      8704

      Motor vehicles for transport of goods

      25%/40%

      20%

      18.

      8711

      Motor cycles with engine capacity not exceeding 1600cc in CBU form

      50%

      40%

      19.

      8711

      Motor cycles with engine capacity not exceeding 1600cc in SKD form

      25%

      20%

      20.

      8711

      Motor cycles with engine capacity not exceeding 1600cc in CKD form

      15%

      10%

      21.

      8711

      Motor cycles with engine capacity of 1600cc and above in CBU form

      50%

      30%

      22.

      8711

      Motor cycles with engine capacity of 1600cc and above in SKD form

      25%

      20%

      23.

      8711

      Motor cycles with engine capacity of 1600cc and above in CKD form

      15%

      10%

       

       

      Toys

       

       

      24.

       9503 00 91

      Parts of electronic toys for manufacture of electronic toys

       25%

       20%

      B.

      Changes in Export Duty (To be effective from 2nd February, 2025)

      Rate of Duty

      S. No.

      Tariff item

      Commodity

      From

      To

      1.

      4104 41 00

      Crust leather (hides and skins)

       

       

      4104 49 00

      4105 30 00

      4106 22 00

      4106 32 00

      4106 92 00

       

      20%

      Nil

       

      Full Text:

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

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