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Time Limitation in Search Assessments : Clause 296 of the Income Tax Bill, 2025 Vs. Section 158BE of...
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Time limitation for block assessments ensures fixed completion period with specified exclusions and reference extensions.
Clause 296 mandates that block assessment orders be completed within twelve months from the end of the month in which the last search or requisition authorisation was executed, extends that period by twelve months where a statutory reference is made, excludes up to 180 days for transfer of seized material to the jurisdictional Assessing Officer, provides a minimum residual period of sixty days after exclusions, and suspends the limitation clock for a specified list of circumstances such as court stays, international information exchange (capped), audits and valuation references, and advance ruling proceedings.
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Assessment of Third-Party Undisclosed Income : Clause 295 of the Income Tax Bill, 2025 Vs. Section 1...
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Assessment of third-party undisclosed income enables transfer of seized material to jurisdictional AO for special assessment procedure.
Clause 295 mandates that where an AO is satisfied undisclosed income discovered in a search pertains to a person other than the one searched, all seized assets, documents and information must be handed over to the AO having jurisdiction over that third person, who will assess the third party under the Bill's special assessment procedure, with the relevant chapter's provisions applying mutatis mutandis, and explicitly includes virtual digital assets and electronic records within scope.
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Transforming the Framework for Search-Based Income Tax Assessments : Clause 294 of the Income Tax Bi...
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Block assessment procedure tightens timelines and mandates electronic filing, broadening assessment to total income including undisclosed income
The clause establishes a restructured block assessment procedure triggered by search or requisition, requiring the Assessing Officer to issue a notice for a return in a prescribed form and manner with mandatory electronic filing for specified categories. Returns must be filed within a capped period, revised returns are barred, and furnished returns carry deeming consequences; prior supervisory approval is required before issuing the notice. The AO must determine tax on the basis of the block period, applying renumbered computation, penalty and procedural provisions "so far as may be," and may verify tax credits claimed against assessed undisclosed income.
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Comparative Legal Analysis of Block Period Income Computation : Clause 293 of the Income Tax Bill, 2...
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Block period income computation clarifies aggregation, exclusions and evidentiary basis for assessing undisclosed income in search cases.
Clause 293 prescribes a structured, evidence based aggregation of block period income, listing components such as voluntary disclosures, income previously assessed, income declared in response to notices, income determined from books and documents, and any additional undisclosed income identified by the Assessing Officer on available evidence. It excludes international and specified domestic transactions from block assessment, applies special rules for firms, disallows set off of prior losses and unabsorbed depreciation against undisclosed income, and permits carry forward of such losses for subsequent years.
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Evolving the Law of Search Assessments : Clause 292 of the Income Tax Bill, 2025 Vs. Section 158BA o...
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Search assessment regime establishes exclusive procedure for block-period income, abatement and revival rules, and separate regular-income treatment.
Clause 292 creates an exclusive special procedure for block-period assessments triggered by search or requisition, mandating automatic abatement of all pending assessments and related references or orders for relevant tax years, requiring completion of earlier search assessments before subsequent ones (with minimum extensions where needed), prescribing separate treatment of regular income for the year of the last search, providing revival of abated proceedings if the special assessment is annulled, and standardising taxation of block-period income by cross-reference to the Bill's charging provision.
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Redefining Search Assessments : Clause 301 of Income Tax Bill, 2025 Vs. Section 158B of Income-tax A...
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Block period definition modernisation clarifies timeframe and triggers for assessing undisclosed income in search and requisition cases.
Clause 301 provides an interpretative framework for special search assessments by defining the block period as a multi year look back plus the portion of the year of search or requisition, modernising terminology to "tax year", clarifying that the conclusion of search (as per the last panchnama) determines execution irrespective of seizure, defining requisitioned and seized items, and expressly including virtual digital assets and incorrect claims of deductions within the definition of undisclosed income.
Act Rules Bills
Streamlining Appeals and Ensuring Judicial Consistency : Clause 376 of the Income Tax Bill, 2025 Vs....
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Identical question of law deferral: appeals stayed pending final decision in lead cases, subject to collegium and taxpayer acceptance.
Clause 376 provides for deferral of revenue appeals where an identical question of law is pending before a High Court or the Supreme Court. A collegium of senior Commissioners may direct non-filing of appeals where the precedent case favours the assessee; the Principal Commissioner/Commissioner must instruct the Assessing Officer to file a prescribed-form application within set timelines. Deferral requires the assessee's acceptance of identity; absent such acceptance ordinary appellate procedures apply. If the final decision in the lead case is adverse to the revenue, appeals may be filed within specified periods.
Act Rules Bills
Mechanisms for Avoidance of Repetitive Appeals under Indian Income Tax Statutes : Clause 375 of Inco...
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Avoidance of repetitive appeals: a declaration procedure lets an assessee defer identical legal issues pending higher court decisions.
Clause 375 permits an assessee to file a prescribed declaration to defer litigation where an identical question of law is pending in another case before a higher forum; the authority must verify the claim with a report from the Assessing Officer and an opportunity to be heard, and may admit or reject the claim by reasoned written order which is final. If admitted, the case may be disposed of without awaiting the other case's decision, the assessee is barred from raising the issue in further appeals for that case, and the final decision in the other case must be applied, with amendment of earlier orders if necessary.
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Legal Framework for Technological Innovation in Tax Administration : Clause 532 of the Income Tax Bi...
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Power to frame schemes enables broad faceless, technology driven tax administration with authority to modify statutory application.
Clause 532 grants the Central Government power to notify schemes for any purposes of the Income Tax Act to enhance efficiency, transparency and accountability by eliminating taxpayer interface where technologically feasible and optimising resource use; it further authorises notifications to modify application of Act provisions for scheme implementation, allows amendment of existing schemes under the prior law, and requires that such notifications be laid before Parliament.
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Assessing Officer's Duty to Notify Losses : Clause 291 of the Income Tax Bill, 2025 Vs. Section 157 ...
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Clause 291 requires the Assessing Officer to notify the assessee by written order of the amount of loss computed for specified loss heads where a loss is established during assessment and is eligible for carry forward and set-off under the Bill; the written notification is the formal basis for claiming loss benefits in subsequent years, while the clause omits an express timeline, remedies for non-notification, and explicit treatment of appeal or rectification.
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Statutory mechanism for the modification and revision of demand notices : Clause 290 of Income Tax B...
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Modification of tax demand notices: AO must revise demands to reflect insolvency orders and subsequent appellate modifications.
Clause 290 requires the Assessing Officer to serve a modified demand notice treated as a demand under the restructured Act where an earlier demand is reduced by an order under the Insolvency and Bankruptcy Code, covering tax, interest, penalty, fine or any other sum, and mandates further revision if the insolvency order is altered on appeal.
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Examination of Notice of Demand Provisions in Indian Tax Statutes : Clause 289 of the Income Tax Bil...
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Notice of demand: modernised formal notice and deferment for start up share compensation, aligning tax timing with liquidity events.
Notice of demand is the statutory precondition for recovery: Clause 289(1) mandates issuance in a prescribed form for any payable sum following an order; Clause 289(2) deems certain system-generated intimations equivalent to notices to streamline automated recovery; Clause 289(3) defers tax on specified securities or sweat equity for eligible start-up employees until defined liquidity or employment-trigger events, thereby aligning tax payment timing with cash realization.
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Procedural Amendments and Rectification under Indian Income Tax Law : Clause 288 of Income Tax Bill,...
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Rectification of assessments: new provision expands AO authority to amend orders for subsequent events and compliance.
Clause 288 consolidates and prescribes time-bound powers for Assessing Officers to amend assessment orders when subsequent judicial, administrative or factual events render original assessments incorrect, covering partner/AOP adjustments, recomputation for carry-forward losses, capital gains recharacterisation, foreign tax credit, TDS credit timing, transfer pricing amendments and related categories, with generally four-year limitation periods and an emphasis on digital procedural integration.
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Procedural Safeguards and Rectification under Indian Tax Law : Clause 287 of the Income Tax Bill, 20...
Show AI Summary
Rectification of mistakes apparent from the record: updated authority scope, procedural safeguards, and prescribed timelines ensure corrective relief.
Clause 287 empowers income-tax authorities to rectify mistakes apparent from the record by amending orders and specified intimations, subject to the exclusion of matters already considered in appeal or revision. Rectification may be initiated suo motu or on application, but any amendment increasing liability requires prior notice and a reasonable opportunity to be heard and must be made by written order. Reductions of liability trigger refund obligations, increases trigger prescribed demand notices, and the power is constrained by a prescribed limitation period and a statutory timeline for disposal of applications.
Act Rules Bills
Reforming Assessment Timelines of assessment, reassessment, and recomputation of income : Clause 286...
Show AI Summary
Time limits for tax assessments clarified: tabular framework sets fixed periods, exclusions and minimum residual time for authorities.
Reform replaces narrative limitation provisions with a tabular, scenario-based regime specifying trigger dates and fixed completion periods-generally one year for routine assessments and reassessments-with special shorter windows for modifications. The draft adds a twelve-month extension for transfer pricing references, an exhaustive list of periods to be excluded from limitation computations (stays, reopenings, treaty exchanges, GAAR references, valuation reports, advance rulings, search handovers, etc.), and safeguards ensuring minimum residual time for authorities, end-of-month extensions, and abatement/revival protections to preserve procedural continuity.
Act Rules Bills
procedural aspects of assessment, reassessment, and recomputation where income has allegedly escaped...
Show AI Summary
Tax rate parity: reassessment must use original-year rates, allowing dropping of proceedings if no extra liability.
Clause 285 requires tax in assessments, reassessments or recomputations for escaped income to be charged at the rates that would have applied had the income been originally assessed; allows the Assessing Officer to drop reassessment proceedings if the assessee demonstrates that inclusion of the alleged escaped income would not increase tax liability and that the original assessment was not impugned under specified appellate or revision provisions; and bars the assessee from reopening matters concluded by certain specified orders once a claim to drop proceedings is made.
Act Rules Bills
From Faceless Assessment to Executive Schemes : Clause 532 of the Income Tax Bill, 2025 Vs. Section ...
Show AI Summary
Executive power to frame tax administration schemes may reshape processes while raising delegation and legal certainty concerns.
Clause 532 empowers the Central Government to notify schemes for any purpose under the Act to eliminate taxpayer-authority interface and optimize resources; it authorises modification or suspension of statutory provisions by notification to implement schemes, permits amendment of existing schemes for transitional continuity, and requires notifications be laid before Parliament, thereby enabling broad administrative reconfiguration through subordinate legislation while raising delegation, transparency, and legal certainty concerns.
Act Rules Bills
Authority and Accountability in Reopening Assessments : Clause 284 of the Income Tax Bill, 2025 Vs. ...
Show AI Summary
Sanction authority centralization for reopening assessments shifts approval to Additional/Joint Commissioners, reducing prior higher level oversight.
Clause 284 appoints Additional Commissioners, Additional Directors, Joint Commissioners, or Joint Directors as the sole authorities to grant sanction for notices under sections 280 and 281, replacing the earlier tiered sanction regime. It removes temporal thresholds and higher level approvals formerly applied to older or complex cases, centralizes decision making, omits explanatory and delegation provisions present in the prior framework, and may therefore streamline administration while raising concerns about reduced oversight, interpretive ambiguity, and possible increased litigation.
Act Rules Bills
Expanding the Framework for Assessment in Consequence of Appellate Orders : Clause 283 of the Income...
Show AI Summary
Giving effect to appellate findings: reassessment notices may issue despite limitation, subject to safeguards preventing reopening time barred years.
Clause 283 (Income Tax Bill, 2025) and Section 150 (Income tax Act, 1961) permit issuance of assessment, reassessment or recomputation notices to give effect to a finding or direction in appellate, revisional or judicial orders, explicitly including tribunals and Approving Panel directions in the 2025 Bill. Both provisions preserve a limitation safeguard: notices cannot be issued if, when the original order (or reference to the Approving Panel) was made, the relevant year's assessment was already time barred. Notices must show a direct nexus to the operative finding or direction and remain subject to procedural requirements.
Act Rules Bills
The Changing Landscape of Reassessment Notices in Indian Tax Law : Clause 282 of Income Tax Bill, 20...
Show AI Summary
Limitation periods for reassessment notices extended and a minimum cooling-off period introduced, retaining high-value reopening threshold.
Clause 282 restructures limitation periods for notices under sections 280 and 281 by extending both standard and extended windows for reopening, retaining a high-value threshold that requires the Assessing Officer to possess books, documents or other evidence of substantial escapement, and by introducing a mandatory minimum cooling-off period before any notice may be issued; it does not explicitly replicate earlier exclusions for time spent in show-cause proceedings, court stays, or special provisions for foreign assets, creating potential interpretive gaps.

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PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES AND CLARIFICATORY AMENDMENTS IN RESPECTIVE NOTIFICATIONS - FINANCE (No.2) BILL, 2019

5 July, 2019

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PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES AND CLARIFICATORY AMENDMENTS IN RESPECTIVE NOTIFICATIONS

S. No

Heading, sub-heading tariff item

Commodity

From

To

 

 

Defence 

 

 

1

Any Chapter 

Specified Defence equipment and their parts imported by the Ministry of Defence or the Armed Forces

Applicable rate

Nil

 

 

Medical Devices

 

 

2

Any Chapter

Raw material, parts or accessories  for use manufacture of artificial kidneys, disposable sterilized dialyzer and micro-barrier of artificial kidney

Applicable rate

Nil

 

 

Food processing

 

 

3

0801 32 10

Cashew kernel broken 

₹ 60/ Kg or45%, whichever is higher

70%

4

0801 32 20,

0801 32 90

Cashew kernel whole, Cashew nuts shelled, others 

₹ 75/ Kg or 45%, whichever is higher

70%

 

 

Nuclear Fuels and Nuclear Energy projects

 

 

5

2612 10 00

All forms of Uranium ores and Concentrates for generation of nuclear power (Uranium concentrate U3O8 already exempt)

2.5%

Nil

6

2844 20 00

All goods for use in generation of Nuclear power (Certain goods such as sintered natural uranium dioxide already exempt)

7.5%

Nil

7

9801

All goods required for setting up of the following power projects under project imports: -

a)Mahi Banswara Atomic Power project- 1 to 4, Mahi Banswara site Rajasthan

b)Kaiga Atomic Power project – 5 & 6, Kaiga site, Karnataka

c)Gorakhpur Atomic Power project- 3 & 4, GHAVP, Haryana

d)Chutka Atomic Power project- 1 & 2, Chutka site, Madhya Pradesh

Applicable rate

Nil

 

 

Oils and associated chemicals 

 

 

8

Chapter 15, 

2915 70,

3823 11 00,

3823 12 00, 3823 13 00,

3823 19 00

Palm stearin and other oils, having 20% or more free fatty acid, Palm Fatty Acid Distillate and other industrial monocarboxylic fatty acids, acid oils from refining, for use in manufacture of soap and oleochemicals.

Nil

7.5%

 

 

Petroleum and Petrochemicals

 

 

9

2709 00 00

Petroleum Crude

Nil

Re. 1 per tonne

10

2710

Naphtha

5%

4 %

11

2903 15 00

Ethylene dichloride (EDC)

2%

Nil

12

2910 20 00

Methyloxirane (Propylene Oxide)

7.5%

5%

13

 

Plastic and Rubber 

 

 

14

3904

Poly Vinyl Chloride

7.5%

10%

15

3926 90 91,

3926 90 99 

Articles of plastics 

10%

15%

16

4002 31 00

 All goods i.e. Butyl Rubber

5%

10%

17

4002 39 00

 Chlorobutyl rubber or bromobutyl rubber

5%

10%

 

 

Paper and Paper products

 

 

18

 48

a. Newsprint 

Nil

10%

 

 

b.Uncoated paper used for printing of newspapers

 

 

 

 

c.Lightweight coated paper used for printing of magazines

 

 

19

4901 10 10,

4901 91 00,

4901 99 00

Printed books (including covers for printed books) and printed manuals, in bound form or in loose-leaf form with binder, executed on paper or any other material including transparencies.

Nil

5%

 

 

Textiles

 

 

20

5101

Wool Fibre

5%

2.5%

21

5105

Wool Tops

5%

2.5%

 

 

Flooring materials

 

 

22

2515 12 20,

6802 10 00,

6802 21 10,

6802 21 20,

6802 21 90,

6802 91 00,

6802 92 00

Marble Slabs

20%

40%

 

 

Inputs for Optical Fibres

 

 

23

28 or 70

Raw materials used in manufacture of Preform of Silica:-

(i)Refrigerated Helium Liquid (2804 29 10)

(ii)Silicon Tetra Chloride and Germanium Tetra Chloride (2812 19 20, 2812)

(iii)Silica Rods (7002 20 90)

(iv)Silica Tube (7002 31 00)

Applicable Rate

 

Nil  

24

5603 94 00

Water blocking tapes for manufacture of optical fiber cable

Nil

20%

 

 

Precious Metals

 

 

25

7106

Silver dore bar, having silver content not exceeding 95%

8.5%

11%

26

7108

Gold dore bar, having gold content not exceeding 95%

9.35%

11.85%

27

71 or 98

(a) Gold (excluding ornaments studded with stones or pearls) imported by an eligible passenger as baggage

(b)Silver (excluding ornaments studded with stones or pearls)  imported by an eligible passenger as baggage

10%

12.5%

 

 

Iron and Steel, Other base metals

 

 

28

7218

Stainless steel in ingots or other primary forms; semi-finished products of stainless less

5%

7.5%

29

7224

Other alloy steel in ingots or other primary forms; semi-finished products of other alloy steel

5%

7.5%

30

 

7225, 

7225 19 90

Inputs for the  manufacture of CRGO steel:-

a) MgO coated cold rolled steel coils

b)Hot rolled coils

c)Cold-rolled MgO coated and annealed steel

d)Hot rolled annealed and pickled coils

e)Cold rolled full hard

5%

2.5%

31

7226 99 30

Amorphous alloy ribbon

10%

5%

32

7229

Wire of other alloy steel (other than INVAR)

5%

7.5%

33

8105 20 10

Cobalt mattes and other intermediate products of cobalt metallurgy

5%

2.5%

 

 

Capital goods

 

 

34

8474 20 10

Stone crushing (cone type) plants for the construction of roads

Nil

7.5%

35

82, 84, 85 or 90

Capital goods used for manufacturing of following electronic items, namely-

(i)Populated PCBA

(ii)Camera module of cellular mobile phones

(iii)Charger/Adapter of cellular mobile phone

(iv)Lithium Ion Cell

(v)Display Module

(vi)Set Top Box

(vii)Compact Camera Module 

Applicable rate

Nil

36

84, 85 or 90

Capital goods used for manufacturing of specified electronic items, namely-

(i)Cathode Ray tubes;

(ii)CD/CD-R/DVD/DVD-R;

(iii)Deflection components, CRT monitors/CTVs;

(iv)Plasma Display Panel

Nil 

Applicable 

 

 

Electronics

 

 

37

8504 40

Charger/Power adapter for CCTV camera/IP camera/DVR/NVR

Nil

15%

38

85

Specified electronic items like plugs, sockets, switches, connectors,  relays.

Nil

Applicable rate

 

 

Automobile and automobile parts 

 

 

39

8421 39 20,

8421 39 90

Catalytic convertor (All goods under these tariff items other than catalytic converters will continue at 7.5%)

5%

10%

40

8702, 8704

Completely Built Unit (CBU) of vehicles falling under heading 8702, 8704

25%

30%

41

Any Chapter 

(i)E-Drive assembly, 

(ii)On board charger, 

(iii)E-compressor and

(iv)Charging Gun

Following parts of electric vehicles: -

Applicable rate

Nil

42

87

Prescribing actual user condition in respect of existing exemption from BCD to parts of Hybrid vehicles

-

-

 

 

Oil rigs and other goods used for oil exploration

 

 

43

84 or any other chapter 

Providing option to pay BCD at transaction value on the disposal of goods, imported without payment of customs duty for petroleum operations / coal bed Methane operations where such disposal is made in unserviceable and mutilated condition

Applicable rate on depreciated value 

7.5% on transaction value

 

 

Export Promotion for Sports goods

 

 

44

39 , 4407 

Foam/EVA foam (39) and Pine Wood (4407) are being included in the list of items allowed duty free import upto 3% of FOB value of sports goods exported in the preceding financial year subject to specified conditions

Applicable rate

Nil

 

Clarifications and Miscellaneous changes regarding Basic Customs Duty

 

 

Fisheries

 

 

45

2309

Clarification is being issue that prawn feed and shrimp larvae feed, other than in pellet form will also attract 5% customs duty applicable on other fish feed in pellet form.  

 

 

 

 

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