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    Manuals Income Tax
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Manuals Income Tax
How Much Time Revised Return Can Be Revised?
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Revised return can be filed multiple times within the limitation period when omissions or errors are discovered in the original filing.
An assessee may file a revised return multiple times so long as each revision is within the applicable limitation period and corrects an omission or wrong statement discovered in the earlier return, permitting successive amendments prior to expiry of the statutory time bar.
Manuals Income Tax
Can Revised Return Substitute Original Return?
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Revised return substitutes the original return, while mere corrections leave the original filing intact for assessment.
A validly filed revised return withdraws and substitutes the original return for assessment purposes; corrections or amendments made to a filed return without filing a revised return do not change the filing's character and therefore do not effect such substitution.
Manuals Income Tax
Is It Possible To File Auditor Report With Revised Return?
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Auditor's report: may be filed with a revised return to rectify omission from the original tax return.
Where an assessee obliged to furnish an auditor's report with its income tax return fails to submit it with the original filing, the auditor's report may be furnished subsequently with the revised return, permitting rectification of that omission under the return amendment regime.
Manuals Income Tax
Whether Assessment Made Under Section 143(1) Would Be Considered as Assessment For Revised Return?
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Assessment under section 143(1) not an assessment; revised return filed after intimation remains valid for consideration.
An intimation issued under section 143(1) is procedural and does not constitute a formal assessment; therefore a revised return filed after such an intimation but within the statutory period must be treated as duly filed and considered by the Assessing Officer.
Manuals Income Tax
X Ltd., closely held company issues 1,000 shares to Mr. A (resident) whose face value is 10, issue p...
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Share premium taxation under Section 56(2)(viib): excess consideration over fair market value is taxable on closely held companies.
Taxability of share premium for a closely held company turns on whether consideration per share exceeds fair market value; if FMV exceeds consideration (FMV 42, consideration 40) no tax arises, whereas if consideration exceeds FMV (consideration 40, FMV 31) the excess per share (9) is taxable under the provision governing share premium receipts.
Manuals Income Tax
X Ltd., closely held company receives shares of A Ltd. (a listed public company) for 10,000 whose fa...
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Taxability of discounted transfers to closely held companies: listed company shares are excluded from gift inclusion, so not taxable.
Receipt of listed public company shares by a closely held company for consideration below fair market value does not attract tax under the provision addressing gifts to firms and closely held companies, because shares of a listed company are excluded from that inclusion and therefore are not characterized as taxable income from other sources under that rule.
Manuals Income Tax
Example: 3) X gets by way of gift a plot of land in Pune from a partnership firm. The partnership fi...
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Taxability of gifts: transfers from a partnership firm to an individual are taxable when the firm is not a relative.
A gift of immovable property from a partnership firm to an individual is taxable under the gift provisions because a partnership firm is not a "relative" even if the partners are relatives; the stamp duty valuation of the plot is noted for valuation reference.
Manuals Income Tax
Example: 2) X gets a gift of 43,000 from C, who is cousin of his father and he also gets a gift of 2...
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Taxability of gifts: gifts received from non-relatives are taxable under the gifts provision, not excluded as relative transfers.
Gifts received by an individual or HUF from persons who do not qualify as "relatives" are taxable as income from other sources; in the example, gifts from a father's cousin and from the recipient's grandfather's elder brother are excluded from the relative exemption and the aggregate amount received from those non-relatives is taxable.
Manuals Income Tax
Example: 1) X purchases a house property situated in Nagpur from A on 31st March, 2013. The purchase...
Show AI Summary
Gift taxation: stamp duty valuation excess over purchase price becomes taxable from the amendment's effective date under income rules.
The amendment taxes, as Income from Other Sources, the difference between stamp duty value and actual purchase price where consideration is below stamp duty valuation, applying only from the amendment's effective date; transactions concluded prior to that date are not subject to this valuation-based charge.
Manuals Income Tax
Example:- Loan Taken on 01-05-2006 of ₹ 5,00,000. Construction ends on 07-09-2012. Rate of int...
Show AI Summary
Pre-construction interest deduction allows spreading pre-acquisition interest across subsequent assessment years, with current-year interest treated separately.
Pre-construction interest under Sec. 24 is computed for the period from loan drawal to the day before completion; the total pre-construction interest (here computed as principal x months x rate) is capitalised and apportioned equally across the prescribed subsequent assessment years as the annual deduction. Interest accruing in the fiscal year of completion is allowed in that year and amounts accruing between the fiscal year start and actual completion date are excluded from the pre-construction spread.
Manuals Income Tax
Example: 4) The details of House property are as follows: Municipal value: 80,000, Fair rent: 78,00...
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Gross Annual Value calculation: vacancy adjustment reduces taxable house property value under applicable law provision.
Annual Lettable Value is the higher of Municipal Value or Fair Rent but capped by Standard Rent, fixed here at 80,000. Annual receipts excluding unrealised rent are 54,000. Deducting vacancy loss of 18,000 from the Annual Lettable Value produces a Gross Annual Value of 62,000 as the taxable base for house property income.
Manuals Income Tax
Example: 3) The details of House property are as follows: Municipal value: 60,000, Fair rent: 65,00...
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Gross Annual Value under Section 23 caps assessed value at standard rent; vacancy adjustment affects the GAV calculation.
Gross Annual Value under Section 23 applies the higher of municipal value or fair rent but not exceeding standard rent (63,000) as the Actual Lettable Value; after excluding unrealised rent and adjusting for vacancy, the Annual Rent Receivable is 42,000, taken as the Gross Annual Value under the cited provision.
Manuals Income Tax
Example: 2) The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,00...
Show AI Summary
Gross Annual Value rule for house property: higher of municipal or fair rent subject to standard rent cap.
Determination of Gross Annual Value requires taking the higher of municipal value or fair rent as the annual lettable value, provided it does not exceed the standard rent; the Gross Annual Value is then the greater of this lettable value and the actual annual rent received excluding unrealised rent.
Manuals Income Tax
Example: 1)The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,000...
Show AI Summary
Gross Annual Value rule: ALV equals the higher of municipal value or fair rent but capped at standard rent.
Annual Letting Value (ALV) is the higher of municipal value and fair rent but capped at the standard rent; with municipal value 60,000, fair rent 68,000 and standard rent 62,000 the ALV (and Gross Annual Value under the cited clause) is 62,000. Annual rent received excluding unrealised rent is 60,000, which is recorded separately from the statutory ALV used to determine Gross Annual Value.
Manuals Income Tax
What does building or land appurtenant includes?
Show AI Summary
Building and land appurtenant defined: includes residential and commercial structures and adjoining land like gardens.
For house property chargeability, building includes residential, factory, office, shop, godown and other commercial premises, while land appurtenant means land connected with the building such as gardens and garages, establishing which assets constitute house property for income assessment.
Manuals Income Tax
Mr. Ram annually earns ₹ 3,00,000 (after all deductions) and pays an annual rent of ₹ 1,...
Show AI Summary
Deduction under Section 80GG determined as the least of three statutory measures; example illustrates rent-based cap applies.
Deduction under Section 80GG is the least of: (1) Rs. 2,000 per month (Rs. 24,000 per annum); (2) rent paid less 10% of total income; and (3) 25% of total income. In the supplied example with total income of Rs. 3,00,000 and rent paid Rs. 1,50,000, the three measures are Rs. 24,000; Rs. 1,20,000; and Rs. 75,000 respectively, so Rs. 24,000 is the allowable deduction under the prescribed formula.
Manuals Income Tax
Documentation required for claiming deduction U/s. 80G?
Show AI Summary
Deduction under 80G requires a stamped receipt showing the trust's registration number and valid registration on donation date.
Deduction u/s. 80G requires a stamped receipt evidencing the donation that records the trust's registration number for 80G, and the trust's registration must be valid on the date the donation is made; lacking validity or the registration number on the receipt affects entitlement to the deduction.
Manuals Income Tax
Deduction if donation deducted from Salary and donation receipt certificate is on the name of employ...
Show AI Summary
Donation deduction eligibility: employer certificate confirming salary deduction enables employee claim of 80G deduction on donations.
Employees may claim a deduction under 80G where the employer provides a certificate stating the contribution was made from the employee's salary account; that employer statement operates as the operative documentary basis for the employee's deduction claim even if the donation receipt is in the employer's name.
Manuals Income Tax
Whether donations made to foreign trusts qualify for deduction under this section?
Show AI Summary
Deductibility of donations: eligibility hinges on whether the recipient trust meets qualifying donee and compliance requirements.
Whether donations to foreign trusts qualify for deduction under section 80G is a focused eligibility question hinging on whether the recipient trust is a qualifying donee and whether its registration, recognition, domicile or jurisdictional status and accompanying documentary proof and procedural compliance satisfy the statutory conditions for claiming a deduction.
Manuals Income Tax
What are the specified diseases and ailments for the purpose of deduction under section 80DDB?
Show AI Summary
Deduction for specified diseases: treatment costs for listed serious neurological, oncological, renal and hematological ailments qualify.
Deduction for medical treatment is available for specified diseases and ailments: neurological disorders (including certified disability of 40% or above, dementia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia, Parkinson's), malignant cancers, full blown AIDS, chronic renal failure, and hematological disorders such as hemophilia and thalassaemia.

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Bill

OTHER CHANGES PROPOSED IN THE CUSTOM NOTIFICATIONS

1 February, 2026

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Union Budget 2026-27 - Finance Bill, 2026

1. S. No. 69A of notification No. 25/2002 dated 1st March, 2002 is being modified to extend the BCD exemption currently available on capital goods for use in the manufacturing of Lithium- Ion Cells for batteries of Electrically Operated Vehicles, to cover batteries for stationary energy storage applications i.e. Battery Energy Storage Systems (BESS) also. This change is being made effective from 02.02.2026.

2. S. No. 334A is being introduced in TABLE I of notification No. 45/2025-Customs dated 24.10.2025 to extend BCD exemption to raw materials for manufacture of parts of aircraft for maintenance, repair, or overhauling of aircraft or components or parts of aircraft, including engines, provided that the goods are imported by Public Sector Units under the Ministry of Defence. This exemption is subject to following the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 (IGCRS Rules 2022). Further, the importer has to produce an end-use certificate from an officer not below the rank of Joint Secretary in the Ministry of Defence. This change is being made effective from 02.02.2026.75

3. S. No. 335A is being introduced in TABLE I of notification No. 45/2025-Customs dated 24.10.2025 to extend BCD exemption to components or parts, including engines, of aircraft, for the manufacture of aircraft and parts thereof, provided that the importer adheres to the procedure set out in the IGCRS Rules 2022. This change is being made effective from 02.02.2026.

4. The exemption under S.No. 66 of TABLE II in notification No. 45/2025-Customs has been modified to cover goods required for setting up of specified Nuclear Power Project, irrespective of their capacity, as certified by an officer not below the rank of a Joint Secretary to the Government of India in the Department of Atomic Energy. Further, the validity of this exemption is being extended from 30.09.2027 to 30.09.2035. The eligibility of contracts covered under the scope of this exemption is also being extended to all contracts registered with the Customs Houses concerned on or before 30.09.2035. This change is being made effective from 02.02.2026.

5. The List 3 appended to TABLE I of notification No. 45/2025-Customs dated 24.10.2025 has been modified to include 17 new drugs/medicines for extending BCD exemption. This change is being made effective from 02.02.2026.

6. The List 22 appended to TABLE I of notification No. 45/2025-Customs dated 24.10.2025 has been modified to include 7 rare diseases that are a part of National Policy for Rare Disease (NPRD), 2021 for extending custom duty exemption on drugs, medicines and food for special medical purposes, when imported for personal use. This change is being made effective from 02.02.2026

7. Notification No. 36/2024-Customs dated 23.07.2024 was issued to exempt 55 groups of critical minerals from Basic Customs Duty and Social Welfare Surcharge. As a simplification measure, 29 entries of this notification are being been omitted with effect from 01.05.2026 by shifting the effective rates to the Tariff itself. Further, 22 redundant entries are being omitted from this notification with effect from 02.02.2026. In addition, the following three entries are being merged in notification No. 45/2025-Customs dated 24.10.2025, with effect from 02.02.2026. As a consequence, notification No. 36/2024-Customs is proposed to be rescinded with effect from 01.05.2026.

Sl.No.

S. No. of notification No. 36/2024- Customs

Description

1.

38

Salts of oxometallic or peroxometallic acids of Beryllium and Rhenium

[vide insertion of S.No. 110B in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

2.

39

Compounds, inorganic or organic of rare earth metals

[vide insertion of S.No. 111A in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

3.

55

Unwrought; waste and scrap; powders of: —

(i) Gallium

(ii) Germanium

(iii) Indium

(iv) Niobium

(v) Vanadium

[vide insertion of S.No. 226A in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

Note: Effective BCD rates will remain the same.

 

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Union Budget 2026-27 - Finance Bill, 2026

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Acts Income Tax
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