Just a moment...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Keyword Search :
AI Tools : New
Ask tax questions in natural language. Powered by AI trained on the TaxTMI legal database. Use AI Tools ➞
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
    6. Text Search
  6. The system will try to fetch results that contains ALL your words.
  7. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
    8. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 TMI Notes - Adv. Search ❯
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Law:
---- All Laws---- ❯
  • ---- All Laws----
  • Benami Property
  • Bill
  • Central Excise
  • Companies Law
  • Customs
  • DGFT
  • FEMA
  • GST
  • GST - States
  • IBC
  • Income Tax
  • Indian Laws
  • Money Laundering
  • SEBI
  • SEZ
  • Service Tax
  • VAT / Sales Tax
Types:
---- All Types ---- ❯
  • ---- All Types ----
  • Act Rules
  • Case Laws
  • Circulars
  • Manuals
  • News
  • Notifications
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Manuals Income Tax
    Example:-X is employed by a company. He has been provided a car (1200cc) owned by employer, cost of ...
    Manuals Income Tax
    Example:- X, a director-employee of a private sector company based at Indore (population: 24Lakhs),...
    Manuals Income Tax
    Example:-X, an employee of ABC Ltd., posted at Ajmer (population: 18 Lakh), draws ₹ 3,00,000 a...
    Manuals Income Tax
    Example:-X has received following amount during the previous year. Basic Salary 7,000 p.m.; Dearness...
    Manuals Income Tax
    Example:-Mr. X received voluntary retirement compensation of ₹ 7,00,000 after 30 years 4 month...
    Manuals Income Tax
    Example:-Mr. X received retrenchment compensation of ₹ 10,00,000 after 30 years 4 months of se...
    Manuals Income Tax
    Example:-Mr. X retired from ABC Ltd. on 11th March 2014 after serving for 30 years and 11 months and...
    Manuals Income Tax
    Example:-X retires from B Ltd. on 31st July, 2014. He gets pension of ₹ 1,000 per month up to ...
    Manuals Income Tax
    Example:-An employee of X Ltd. retires on 10th March, 2015 after service of 26 years and receives &#...
    Manuals Income Tax
    Example:-X, an employee of A Ltd., receives ₹ 62,000 as gratuity (he is covered under the Paym...
    Manuals Income Tax
    Example:- X, an employee of Central Govt., receives 9,20,000 as gratuity at the time of his retirem...
    Case Laws Central Excise
    Applicability of a Circular issued by the Board - Prospective or Retrospective - Demand of duty prio...
    Manuals Service Tax
    Whether there is any provision regarding refund of application fee if applicant withdraw the applica...
    Manuals Service Tax
    Whether Advance Ruling Authority can reconsider or review its own order after giving final answer on...
    Manuals Service Tax
    Whether Advance Ruling application can be filed for a question related to Circular issued by the Cen...
    Manuals Service Tax
    Whether a Government company can apply for a advance ruling ? if yes, whether subsidiary of a govern...
    Manuals Service Tax
    Whether appeal can be filed against the order of Advance Ruling Authority ? If no, whether there is ...
    Manuals Service Tax
    Whether an appeal can be filed by the person on an entirely different ground, in whose favour decisi...
    Manuals Service Tax
    Whether appeal filed by the person other than aggrieved party is maintainable?
    Manuals Service Tax
    Whether an appeal can be restored by filing fresh appeal which was earlier rejected on some grounds?
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

Open Link
Notes
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
Manuals Income Tax
Example:-X is employed by a company. He has been provided a car (1200cc) owned by employer, cost of ...
Show AI Summary
Perquisite valuation of employer provided motor car treats engine capacity, driver cost, recoveries and private use depreciation.
Perquisite valuation for employer provided motor cars uses a fixed monthly valuation for car and driver where engine capacity falls below the higher threshold; recoveries from the employee do not reduce that fixed valuation. If the vehicle is used exclusively for private purposes, the taxable perquisite is calculated as annual depreciation plus petrol, driver and maintenance costs, minus any amount recovered from the employee.
Manuals Income Tax
Example:- X, a director-employee of a private sector company based at Indore (population: 24Lakhs),...
Show AI Summary
Rent-free accommodation valuation: taxable value is the lower of a percentage of salary or employer-paid rent for perquisite computation.
Taxable value of a rent-free accommodation perquisite is the lower of (a) 15% of salary (computed as basic salary plus DA plus commission) and (b) employer paid annual rent. In the example the aggregated annual basic, DA and commission are used to calculate the 15% benchmark, which is then compared with the annual lease rent to determine the taxable perquisite.
Manuals Income Tax
Example:-X, an employee of ABC Ltd., posted at Ajmer (population: 18 Lakh), draws ₹ 3,00,000 a...
Show AI Summary
Taxable value of rent-free accommodation set at a percentage of salary when city population exceeds threshold.
Taxable perquisite for rent free accommodation is computed by applying the population based percentage to Salary, defined to include Basic, DA (forming part of salary) and Commission; the taxable value equals the prescribed percentage of that aggregated salary.
Manuals Income Tax
Example:-X has received following amount during the previous year. Basic Salary 7,000 p.m.; Dearness...
Show AI Summary
House Rent Allowance exemption under section 10(13A) requires choosing the minimum of three salary-based tests to determine taxable HRA.
The exemption under section 10(13A) and Rule 2A is the minimum of actual HRA received, rent paid in excess of ten percent of salary, and the prescribed percentage of salary. In the example actual HRA is 36,000; excess rent over ten percent of salary is 26,400; forty percent of salary is 38,400. The exempt amount is therefore 26,400 and the remaining 9,600 is included in gross salary.
Manuals Income Tax
Example:-Mr. X received voluntary retirement compensation of ₹ 7,00,000 after 30 years 4 month...
Show AI Summary
Voluntary retirement compensation tax treatment: exemption limited by statutory ceiling formulas; excess is treated as taxable salary.
Computation of taxability of voluntary retirement compensation is governed by a statutory exemption limited by prescribed ceiling formulas and the principle that the exempt amount is the lesser of specified sums. In the example, compensation received of 700,000 gives an exempt amount of 500,000 under the statutory ceiling, leaving 200,000 as taxable salary under the governing exemption provision and associated rules.
Manuals Income Tax
Example:-Mr. X received retrenchment compensation of ₹ 10,00,000 after 30 years 4 months of se...
Show AI Summary
Retrenchment compensation exemption under Sec. 10(10B): apply least-of-three test for calculating taxable retrenchment; excess taxable.
Computation of retrenchment compensation exemption under Sec. 10(10B): compute the three comparator sums using the employee's service length and salary components, take the least of those sums as exempt. In the example the exempt amount is Rs. 4,32,692 and the remaining Rs. 5,67,308 of the retrenchment payment is taxable.
Manuals Income Tax
Example:-Mr. X retired from ABC Ltd. on 11th March 2014 after serving for 30 years and 11 months and...
Show AI Summary
Leave salary exemption under section 10(10AA) limited by average salary and statutory caps, yielding the lowest applicable ceiling.
Computation of leave salary exemption under section 10(10AA) requires determining average salary by annualising ten months' basic pay plus the proportion of dearness allowance included for retirement benefits and dividing by ten. Unavailed leave months equal total entitlement minus leaves taken and leaves earlier encashed. The exempt leave salary is the least of (unavailed months x average salary), (ten months' average salary), and the statutory ceilings; the example selects the lowest applicable ceiling as exempt.
Manuals Income Tax
Example:-X retires from B Ltd. on 31st July, 2014. He gets pension of ₹ 1,000 per month up to ...
Show AI Summary
Commuted pension tax treatment: part exempt, part taxable; exemption reduced where gratuity is received.
Uncommuted pension is fully taxable as salary; commuted pension is partly exempt and partly taxable. Compute a notional full pension value from the commuted payment and apply an exemption fraction: if no gratuity is received, one half of the notional full pension value is exempt; if gratuity is received, one third is exempt. The remainder of the commuted payment is chargeable to tax as salary and must be added to taxable uncommuted pension to determine total taxable pension income.
Manuals Income Tax
Example:-An employee of X Ltd. retires on 10th March, 2015 after service of 26 years and receives &#...
Show AI Summary
Gratuity exemption: least of three test determines exempt portion for noncovered employers; excess gratuity is taxable.
Gratuity from a noncovered employer is exempt to the extent of the least of three amounts: the service based fraction computed from the average monthly salary (which includes basic pay, one month's dearness allowance, and average monthly commission), the statutory monetary ceiling, and the gratuity actually received; any excess over that exempt amount is taxable.
Manuals Income Tax
Example:-X, an employee of A Ltd., receives ₹ 62,000 as gratuity (he is covered under the Paym...
Show AI Summary
Gratuity exemption: part determined by 15 days salary times completed years, excess treated as taxable salary.
Gratuity exemption is determined by taking the least of: the product of 15 days' salary and completed years of service, the statutory ceiling, and the gratuity received. Completed years may be rounded to include qualifying months. The exempt portion is that least amount; any excess over the exempt amount is taxable as salary income in the assessment year.
Manuals Income Tax
Example:- X, an employee of Central Govt., receives 9,20,000 as gratuity at the time of his retirem...
Show AI Summary
Gratuity exemption under Section 10(10)(i) remains available even if retiree accepts private sector employment after retirement.
Gratuity paid to a government employee on retirement is fully exempt from income tax under the governing gratuity exemption provision, and that exemption remains available even if the retiree subsequently accepts employment in the private sector.
Case Laws Central Excise
Applicability of a Circular issued by the Board - Prospective or Retrospective - Demand of duty prio...
Show AI Summary
Prospective effect of administrative circulars: "henceforth" signals non-retrospective application, barring past-duty demands.
When the Board uses language such as "henceforth" a circular is to be treated as having prospective effect; consequently, if the Board did not intend retrospective application, the circular cannot support demands for duties predating its issuance.
Manuals Service Tax
Whether there is any provision regarding refund of application fee if applicant withdraw the applica...
Show AI Summary
Refund of application fee: advance ruling applications are not refundable even if the applicant withdraws the application.
There is no statutory or regulatory provision permitting refund of fees paid for advance-ruling applications; fees are retained and not returned on withdrawal, a position noted in the Service Tax Practice Manual and reflected in the Authority for Advance Rulings decision cited.
Manuals Service Tax
Whether Advance Ruling Authority can reconsider or review its own order after giving final answer on...
Show AI Summary
Advance ruling review barred except when ruling procured by fraud or misrepresentation, enabling annulment under law.
The Authority for Advance Rulings lacks jurisdiction to reconsider or review its own ruling absent a substantiated mistake of law or fact or a mistake apparent from the record warranting rectification or amendment under the procedural regulations; however, a previously announced ruling may be declared void ab initio if it is shown to have been obtained by fraud or misrepresentation of facts.
Manuals Service Tax
Whether Advance Ruling application can be filed for a question related to Circular issued by the Cen...
Show AI Summary
Advance ruling jurisdiction excludes Board circulars; notifications by the government are distinct and control admissibility.
Advance ruling jurisdiction does not extend to Board circulars because the statute expressly contemplates government notifications for advance-ruling purposes while omitting circulars; the power to issue circulars is conferred on the Board under the Central Excise framework made applicable to service tax, whereas notification-making power in the service-tax provisions is vested in the Central Government, producing a statutory limitation on advance-ruling admissibility.
Manuals Service Tax
Whether a Government company can apply for a advance ruling ? if yes, whether subsidiary of a govern...
Show AI Summary
Government company eligibility for advance ruling confirmed; subsidiaries retain separate legal personality and may also apply.
A government company is eligible to apply for an advance ruling and a subsidiary of a government company may also file because the holding company and each subsidiary are separate legal entities with independent rights to apply; a step-down subsidiary falls within the definition of an applicant, rendering its advance-ruling application maintainable.
Manuals Service Tax
Whether appeal can be filed against the order of Advance Ruling Authority ? If no, whether there is ...
Show AI Summary
Writ remedy against advance rulings where no statutory appeal exists; seek High Court review under constitutional writ jurisdiction.
No statutory appeal exists against orders of the Advance Ruling Authority; the available remedial route is a writ petition invoking constitutional writ jurisdiction in the appropriate High Court. The Supreme Court has indicated parties should approach the High Court rather than seek direct original jurisdiction at the apex court, and courts are urged to allocate and expedite fiscal writ matters.
Manuals Service Tax
Whether an appeal can be filed by the person on an entirely different ground, in whose favour decisi...
Show AI Summary
Appeal on new grounds barred where party lacks aggrievement; omitted issues may be raised later upon arising.
An appellant cannot maintain an appeal on entirely new grounds if the assessing or appellate authority has approved the assessee's classification or fully allowed the revenue's prayer, because there is no aggrievement; however, issues not considered by the tribunal may be agitated later when a cause of action arises.
Manuals Service Tax
Whether appeal filed by the person other than aggrieved party is maintainable?
Show AI Summary
Locus standi limits: only aggrieved private parties may challenge tax notices; third-party appeals are not maintainable.
Only the private operators against whom tax notices are issued possess the requisite standing to challenge those notices; third parties lack authority to prosecute appeals or writs on their behalf, and challenges must be instituted by the directly aggrieved parties through the statutory remedy, who may then raise all issues available to them in accordance with law.
Manuals Service Tax
Whether an appeal can be restored by filing fresh appeal which was earlier rejected on some grounds?
Show AI Summary
Finality of tribunal orders bars fresh appeals, preventing restoration by filing a new appeal against the same order.
When an appeal has been rejected by the Tribunal there is no scope for entertaining an application for restoration by filing a fresh appeal in respect of the same order; similarly, once a Tribunal order has become final for lack of further appeal, the finality of orders precludes fresh appeals challenging that same order.

TMI Notes

Back

All TMI Notes

Showing Results for :
Reset Filters
No Records Found

TMI Notes

Home › TMI Notes › Bill › News › Category › This
Back

All TMI Notes

whatsapp Join Channel
Showing Results for : Reset Filters
Bill

OTHER CHANGES PROPOSED IN THE CUSTOM NOTIFICATIONS

1 February, 2026

Contents
Plus +
Summary
Note

Note

-

Bookmark

Print

Print

Print Options

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.

 

Full Text:

Union Budget 2026-27 - Finance Bill, 2026

Topics

Acts Income Tax
Next ➔