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Statutory Classification of Minerals under Indian Income Tax Law : SCHEDULE-XII of the Income Tax Bi...
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Mineral classification determines tax incentive eligibility for prospecting and extraction, preserving continuity but requiring clearer definitions.
Statutory classification of minerals determines which mineral activities qualify for tax incentives under income tax law by listing specified minerals and associated groups; SCHEDULE XII (2025) reproduces SCHEDULE 07 (1961) verbatim in substance, enumerating 27 minerals and 16 associated groups as the determinative reference for eligibility of capital expenditure on prospecting, extraction and processing, while leaving interpretive issues (broad terms, technical thresholds, typographical inconsistencies) that may require periodic review and clearer definitions.
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Modernising Provident, Superannuation, and Gratuity Fund Regulation and Taxation : SCHEDULE-XI of th...
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Recognised Provident Fund rules modernised, clarifying recognition conditions, tax treatment of contributions, portability, and trustee obligations.
The Schedule modernises the framework governing Recognised Provident Funds, approved superannuation and gratuity funds by restating recognition and approval conditions (employment location, fixed contribution structure, irrevocable trust, permitted assets), procedures for recognition or withdrawal, trustee recordkeeping and appeals, and explicit tax rules: taxable employer contributions above prescribed rates and excess interest, deductibility of employee contributions, exclusion of accumulated balances only upon meeting service-duration or contingency conditions or permitted transfers, retroactive taxation where conditions fail, and mandatory tax deduction at source.
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Insurance business taxation: updated rules tie taxable profits to actuarial surplus and reorganized disallowance cross-references.
Schedule-XIV requires separate computation of life insurance profits by annual averaging of actuarial surplus/deficit from the last inter-valuation period, with add-backs of inadmissible expenditures under the reorganized disallowance provisions; it updates crediting rules for tax paid during multi-year valuation periods, prescribes profit computation and specified add-backs and deductions for other insurance business (including treatment of investment gains/losses and reserves for unexpired risks), and provides a proportional premium-based deeming rule for non-resident insurers, while streamlining interpretative definitions.
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Clause 535 grants the Central Government power to issue orders to remove implementation difficulties in the Income Tax Bill, 2025, provided such orders are not inconsistent with the Act; it expressly permits adaptations of the prior law for assessments up to the tax year ending 31 March 2026, limits the power to three years from 1 April 2026, and requires that every order be laid before both Houses of Parliament.
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Clause 534 mandates that specified subordinate tax instruments-rules under the Act, Appellate Tribunal procedural rules, and notifications under designated provisions including Chapter XIII G-be laid before each House of Parliament promptly for a cumulative thirty days. If both Houses agree within the following session to modify or annul an instrument, it will thereafter take effect only in the modified form or be of no effect, while a without prejudice clause preserves the validity of actions previously taken under that instrument.
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Rule-making powers: Board may frame subordinate tax rules under government control, with limits on prejudicial retrospective application.
Clause 533 vests the Central Board of Direct Taxes with broad rule-making authority, subject to Central Government control, to frame subordinate legislation for carrying out the purposes of the Income Tax Act. It prescribes an illustrative list of subjects - including income ascertainment, depreciation, procedural matters, electronic filing and international taxation - empowers estimation methods where precise computation is impracticable, and restricts retrospective rules so as not to prejudice assessees unless expressly permitted, all while remaining subject to ultra vires review.
Act Rules Bills
The Legal Evolution of Tax Exemptions for Union Territories : Clause 531 of the Income Tax Bill, 202...
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Rescission of tax exemptions enables government withdrawal of legacy territorial tax benefits, raising procedural fairness and treaty questions.
Clause 531 empowers the Central Government to rescind previously granted tax exemptions, rate reductions, or modifications for specified Union territories by general or special order. Focused solely on withdrawal, the provision applies to any assessee or class of assessees and to part or whole of income, is not time limited, and lacks statutory procedural safeguards, leaving only administrative law principles as constraints and raising questions about retrospectivity, legitimate expectations, and treaty-based concessions.
Act Rules Bills
Evolution and Analysis of Interim Tax Charging Provisions : Clause 530 of the Income Tax Bill, 2025 ...
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Interim tax charging provision ensures continuity, applying the more favourable provision to taxpayers pending enactment.
Clause 530 provides that if, on the first day of a tax year, no Central Act has been enacted to charge income tax, the Act shall operate until such provision is made as if either the provision in force in the preceding tax year or the provision proposed in the Bill before Parliament were in force, whichever is more favourable to the assessee, thereby ensuring continuity of assessment and collection pending enactment.
Act Rules Bills
Evolution of Executive Scheme-Making Powers in Indian Income Tax Law : Clause 532 of the Income Tax ...
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Power to frame schemes expands executive authority to enable faceless, technology-driven tax administration and modify statutory application.
Clause 532 grants the Central Government authority to make schemes for any purpose of the Act to enhance efficiency, transparency and accountability by eliminating taxpayer interface and optimising resources, and to issue notifications modifying the application of any provision of the Act to give effect to such schemes; it also permits amendment of schemes under the Income-tax Act, 1961 and requires that notifications be laid before each House of Parliament.
Act Rules Bills
Withdrawal of Statutory Approvals under Indian Income Tax Law : Clause 529 of the Income Tax Bill, 2...
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Withdrawal of approvals: authorities may rescind statutory tax approvals after recording reasons and giving a fair hearing.
Clause 529 authorises the Central Government, the Board, or income-tax authorities to withdraw any approval under the Act at any time after recording reasons and giving the assessee a reasonable opportunity of being heard, even if the enabling provision lacks an express withdrawal clause. The provision mandates recorded reasons and a hearing but leaves "approval" undefined, does not specify substantive grounds for withdrawal, and does not prescribe a limitation period, which may raise uncertainty and prompt judicial scrutiny of procedural adequacy.
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Legal Perspectives on Condonation of Delay in Income Tax Approvals : Clause 528 of Income Tax Bill, ...
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Condonation of delay: authority may excuse late tax approvals for sufficient cause, subject to discretionary review and safeguards.
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Executive discretion in tax exemptions for mineral oil sector enables tailored fiscal relief to investors and service providers.
Clause 527 vests the Central Government with discretionary power to grant exemptions, reductions or other modifications in income tax for persons engaged in prospecting, extraction or production of mineral oils, including operators, service providers, suppliers and their employees; notifications must be laid before Parliament and key terms like "mineral oil" and "status" are defined or cross referenced in the Bill.
Act Rules Bills
Immunity and Jurisdictional Bar in Tax Administration : Clause 526 of the Income Tax Bill, 2025 Vs. ...
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Bar on civil suits prevents civil court challenges to tax proceedings, preserving exclusive statutory remedies and good faith immunity.
The provision bars any civil suit to set aside or modify "any proceeding taken or order made" under the Act and grants immunity to the Government and its officers for acts done or intended to be done in good faith, channeling challenges to the statutory appellate and revisionary framework while preserving writ review for ultra vires, mala fide, or constitutional breaches.
Act Rules Bills
Authorisation and Assessment in Multi-Person Search Cases : Clause 525 of the Income Tax Bill, 2025 ...
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Authorisation for multi-person searches: single authorisations allowed, but assessments must be made separately for each person.
Clause 525 permits a single search or requisition authorisation to name multiple persons without requiring separate instruments, and provides that such joint naming does not, by itself, constitute authorisation against an AOP or BOI. Notwithstanding a consolidated authorisation, assessment or reassessment must be made separately in the name of each person mentioned, preserving individualized tax liability determinations while allowing administrative consolidation of search procedures.
Act Rules Bills
Rebuttable Presumptions in Tax Searches : Clause 524 of the Income Tax Bill, 2025 Vs. Section 292C o...
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Rebuttable presumption in tax searches shifts evidentiary burden to taxpayers and explicitly covers virtual digital assets.
Clause 524 establishes a rebuttable presumption that items found in search or survey-books, documents, money, bullion, jewellery, other valuables and virtual digital assets-belong to the person in whose possession they were found; that contents of books and documents are true; that signatures and handwriting are authentic; and that stamped, executed or attested documents were duly executed, with identical presumptions applying to items requisitioned to officers as if discovered in a search.
Act Rules Bills
Deeming Service of Notice in Tax Proceedings Under Income Tax Law : Clause 523 of the Income Tax Bil...
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Deeming validity of notice: participation or cooperation bars later objections unless raised before assessment completion.
Clause 523 creates a deeming fiction that an assessee's appearance in proceedings or co-operation in an inquiry shall be treated as valid and timely service of any statutory notice, and it precludes the assessee from later objecting that the notice was not served, not timely served, or served improperly; however, this preclusion does not apply where the assessee raises the objection before completion of the assessment or reassessment.
Act Rules Bills
Technicalities vs. Substantive Justice : Clause 522 of the Income Tax Bill, 2025 Vs. Section 292B of...
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Substantial compliance preserves tax proceedings despite minor procedural errors when the instrument fulfils legislative intent.
Clause 522 preserves the validity of returns, assessments, notices, summonses and other proceedings despite clerical, typographical or similar procedural defects, provided the document or action is in substance and effect in conformity with the intent and purposes of the Act; it does not cure defects that go to jurisdiction, authority, limitation, or breaches of natural justice, and mirrors Section 292B to maintain continuity of judicial interpretation and application.
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Exclusion of Probationary Relief for Tax Offenders : Clause 521 of the Income Tax Bill, 2025 Vs. Sec...
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Exclusion of probationary relief bars adult tax offenders from probationary provisions, preserving minors' exception and updating criminal code reference.
The clause mandates that the Probation of Offenders Act and the analogous provision in the new criminal procedure code shall not apply to persons convicted under the Income Tax Bill, 2025, except for those under eighteen, thereby removing judicial discretion for adult tax offenders, updating statutory references, and preserving a minors' exception while raising procedural questions on age determination and scope.
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Jurisdictional Thresholds for Tax Offence Trials : Clause 520 of the Income Tax Bill, 2025 Vs. Secti...
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Jurisdictional threshold: income tax offences must be tried by a Judicial Magistrate of the first class, altering forum nomenclature.
Clause 520 mandates that no court inferior to a Judicial Magistrate of the first class shall try any offence under the Income Tax Bill, 2025, creating a uniform jurisdictional threshold for all tax offences. The provision modernizes terminology compared with Section 292 of the 1961 Act by omitting presidency magistrates, aligning with the CrPC framework and metropolitan magistrates' equivalence, while leaving potential ambiguities about special statute courts and transitional application. Its practical effect is to require complaints be filed before competent magistrates and to enable jurisdictional challenges where proceedings are instituted in inferior forums.

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OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS

1 February, 2025

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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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Acts Income Tax
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