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Immunity from Prosecution under Income Tax Law : Clause 519 of the Income Tax Bill, 2025 Vs. Section...
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Immunity from prosecution: conditional grants require full and true disclosure and are revocable if falsehood or concealment is found.
Immunity from prosecution allows the Central Government to grant discretionary, conditional immunity to persons concerned in concealment of income or tax evasion in exchange for a full and true disclosure, with written reasons required for the grant; acceptance limits prosecution and penalty to the scope specified, while failure to fully comply permits the government to record a finding and withdraw immunity, rendering the person liable to trial and penalty as if immunity had never been granted.
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Indemnity for withholding agents protects deductors from civil claims when acting lawfully under the tax statute.
Clause 518 of the Income Tax Bill, 2025 provides a statutory indemnity for persons who deduct, retain, or pay tax in pursuance of the tax statute in respect of income belonging to another person, serving as a defence against civil claims by the income recipient where the agent acts lawfully; the protection is conditional on actions being within the scope of the statute and leaves unresolved issues about consequential losses, claim procedures, and interaction with other legal remedies.
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Legal Mandate for Receipts in Indian Tax Law : Clause 517 of the Income Tax Bill, 2025 Vs. Section 2...
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Receipt obligation: mandatory issuance of receipts for any tax money paid or recovered, securing payment evidence and taxpayer protection.
The provision mandates that a receipt shall be given for any money paid or recovered under the Income Tax Bill, 2025, covering voluntary payments and enforced recoveries under the Act. The clause is mandatory but silent on form, content, timing, issuing authority, mode of delivery, and consequences for non-issuance; subordinated rules and administrative practice-including electronic acknowledgments-are expected to fill these operational gaps. The receipt serves as an acknowledgement and evidentiary record rather than an automatic discharge of liability.
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Rounding off rules: ignore paise then round to nearest ten rupees, making the rounded figure legally operative.
The provision applies rounding to computed total income and to amounts payable or refundable by first ignoring paise and then rounding the rupee amount to the nearest multiple of ten rupees-rounding up where the units digit is five or more and rounding down where it is less than five-and declares the rounded amount to be the deemed operative total income or amount payable or refundable for all purposes under the Act.
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Rounding of tax amounts: unified rule mandates nearest multiple rounding for total income, payable and refundable amounts.
Clause 516 prescribes a mandatory two-step rounding mechanism: ignore any paise, then round the rupee amount to the nearest multiple of ten-rounding up if the last digit is five or more and down if less than five-and deems the rounded figure to be the amount of total income, amount payable, or amount refundable for all purposes under the Act.
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Right of representation: statutory authorisation and disqualification framework balancing access to representation with safeguards.
The statute permits an assessee to appear by an authorised representative across all proceedings while preserving mandatory personal attendance for oath examination; it defines eligible representatives (including professionals, bank officers, relatives, legacy practitioners and any persons as prescribed), enumerates exhaustive exclusions and disqualifications to prevent conflicts of interest, distinguishes disciplinary regimes for professionals and nonprofessionals (with Rule 52 designating prescribed tax authorities to disqualify nonprofessionals), and mandates procedural safeguards including a hearing and appeal mechanism, while carrying forward prior disqualifications.
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Analysis of Registered Valuer Representation in Income Tax Proceedings : Clause 513 of the Income Ta...
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Registered valuer representation enables technical valuation expertise in tax proceedings, subject to personal-examination exception and updated registration framework.
Clause 513 grants an assessee the discretionary right to attend valuation-related proceedings before income-tax authorities or the Appellate Tribunal through a "registered valuer," excludes cases where personal attendance is required for examination on oath or affirmation, and defines "registered valuer" by reference to section 514 of the Bill, thereby creating a self-contained regime that modernizes registration, oversight, and professional standards for valuers.
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Public Disclosure of Tax Offenders : Clause 512 of the Income Tax Bill, 2025 Vs. Section 287 of the ...
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Public disclosure of tax offenders can deter non-compliance while imposing reputational consequences under discretionary publication powers.
Clause 512 empowers the Central Government to publish names and particulars of assessees when it considers such publication necessary or expedient in the public interest, subject to a safeguard that penalty-related publication await exhaustion or non-pursuit of appellate remedies, and permits publication of partners, directors and other associated persons if circumstances justify it. The clause modernises language and cross-references from Section 287 of the 1961 Act while preserving substantive continuity, raising interpretive concerns about the breadth of "particulars" and the subjectivity of "public interest."
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Legal Framework for International Group Reporting : Clause 511 of the Income Tax Bill, 2025 Vs. Sect...
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Country-by-Country reporting requires multinational groups to submit consolidated jurisdictional tax and economic data for risk assessment.
Clause 511 mandates Country-by-Country (CbC) reporting by parent entities or alternate reporting entities resident in India and requires Indian constituent entities to notify the tax authority of the parent or ARE. It prescribes report contents-aggregate jurisdictional financial and economic indicators, constituent identification, and business activities-provides a secondary filing route where the parent's jurisdiction lacks filing or exchange, allows designation of a single Indian filer, sets a revenue threshold for applicability, and grants verification powers to the authority, with procedural details to be prescribed.
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Digital Annual Information Transformation in Tax Administration : Clause 510 of the Income Tax Bill,...
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Annual Information Statement: statutory digital disclosure enabling taxpayers to verify and reconcile reported financial data.
The provision requires upload of an Annual Information Statement into the assessee's registered electronic filing account by the prescribed income tax authority or an authorised person, in the prescribed form, manner and time, containing such information as is in the possession of the authority; specifics of content, format and timelines are left to subordinate rules, and the clause confines AIS data to information already held by the authority.
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Crypto-Asset Reporting Obligations under Indian Tax Law : Clause 509 of the Income Tax Bill, 2025 Vs...
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Crypto-asset reporting obligations require prescribed entities to file periodic transaction statements and correct inaccuracies promptly.
Clause 509 creates a statutory obligation for prescribed reporting entities to furnish periodic statements on crypto-asset transactions to the income-tax authority in a prescribed form and manner; it provides time-bound notice-and-cure procedures for defective or non-filed statements, mandates prompt self-correction of inaccuracies, and empowers rule-making for registration, record-keeping and due diligence including KYC.
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Evolving Obligations: A Comparative Analysis of Clause 508 of the Income Tax Bill, 2025 and Section ...
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Obligation to furnish financial transaction statements expands reporting duties and mandates due diligence, thresholds, and correction procedures.
Clause 508 requires prescribed persons to furnish statements of specified financial transactions and reportable accounts, with rules determining scope, thresholds, form and timing. It mandates registration, record maintenance and due diligence for identifying reportable accounts, sets timelines for rectification of defective statements and correction of inaccuracies, and permits the Board and Central Government to prescribe differential thresholds and procedural details; unrectified defects or failures are treated as inaccurate information, invoking consequences under the Act.
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Reporting obligations for media producers require disclosure of substantial payments to enhance transparency and tax oversight.
Clause 507 requires persons producing cinematograph films or engaging in specified entertainment activities during any part of a tax year to furnish prescribed statements to income-tax authorities identifying payments made or due to each engaged person that exceed the aggregate reporting threshold; it defines inclusive categories of specified activities, delegates timing, form and manner to subordinate rules (including electronic filing and standardized formats), and emphasizes reporting both actual payments and accrued liabilities to enhance transparency and tax oversight.
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Disclosure obligations for indirect transfers require Indian concerns to furnish prescribed information to tax authorities.
Clause 506 requires an Indian concern, where a foreign company's shares or interests derive substantial value from Indian assets held through that concern, to furnish prescribed information and documents within prescribed periods and manners to the prescribed income-tax authority to enable determination of income arising in India under the indirect transfer regime. The clause mirrors Section 285A's substantive obligations, defers detailed compliance requirements to rules, and aligns with operational specifics exemplified by Rule 114DB regarding form, timelines, documentary breadth, retention, and group-filing.
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Statutory reporting by liaison offices requires a fixed sixty day post tax year filing to strengthen compliance and oversight.
Clause 505 requires every non-resident having a liaison office established under RBI/FEMA to deliver a prescribed statement of the office's activities to the Assessing Officer within sixty days from the end of the tax year, with the form and particulars to be specified by delegated legislation and non-compliance subject to general penalty provisions.
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Continuity of Tax Proceedings after Partition or Dissolution : Clause 503 of the Income Tax Bill, 20...
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Service of notice after partition preserves tax proceedings by enabling notice on designated former managers or adult members.
Clause 503 secures continuation of tax proceedings after a HUF's total partition or a firm's dissolution by allowing service of notices for pre disruption income on the last manager of the HUF (or, if deceased, all adults who were members immediately before partition) and on any adult partner or member of a dissolved firm or association; a formal finding of partition or dissolution by the Assessing Officer triggers application and minors are excluded from service.
Act Rules Bills
Analysis of Authentication of Notices in Indian Income Tax Legislation : Clause 502 of Income Tax Bi...
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Authentication of notices: statutory deeming of validity where designated authority details appear, enabling electronic and paper issuance.
Clause 502 requires notices and documents to be signed and issued in paper form or communicated electronically as per prescribed procedures, deems documents authenticated where the name and office of a designated income-tax authority are printed, stamped or written thereon, and defines designated authorities as those authorized by the Board to issue such authenticated documents, thereby centralizing authorization while delegating procedural detail to subordinate rules.
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Legal and Practical Dimensions of Service of Notices under Indian Tax Law : Clause 501 of the Income...
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Service of notices: modernised electronic and prescribed modes expand tax communication obligations and board rule making.
Clause 501 prescribes authorised modes for serving statutory tax communications-post or Board approved courier, CPC methods for summons, electronic records under the IT Act, and other prescribed means-while empowering the CBDT to designate addresses (including electronic mail addresses) for service and to prescribe additional modes. It supplies a comprehensive, technology neutral definition of electronic mail covering messages and attachments, thereby modernising and clarifying the law of service and reducing ambiguities present in the earlier statutory cross references.
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Power to provisionally attach property during tax proceedings : Clause 500 of the Income Tax Bill, 2...
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Provisional attachment powers protect revenue by allowing property restraint pending tax proceedings, subject to guarantees and time limits.
Clause 500 empowers the Assessing Officer to provisionally attach assessee property during assessment, reassessment or specified penalty proceedings subject to prior written approval of a defined Competent Authority, execution in the prescribed manner, and a default six month duration extendable for recorded reasons within statutory limits; it permits substitution of a bank guarantee equal to fair market value (or a lower amount if objectively sufficient), mandates valuation by a Valuation Officer, sets timelines for revocation upon guarantee receipt, and prescribes invocation, application and release mechanics for guarantees.

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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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