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Act Rules Bills
Anti-Avoidance Provisions in Securities Transactions : Clause 175 of the Income Tax Bill, 2025 Vs. S...
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Anti-avoidance in securities transactions deems income to the economic owner to prevent dividend and bonus stripping abuse.
Clause 175 establishes a deeming regime that treats dividends and interest received by an interposed holder as the income of the original economic owner where securities are transferred and subsequently reacquired, limits taxpayer liability where similar securities are acquired, apportions income for partial-year beneficial interest holders, provides exceptions if the taxpayer proves absence of avoidance, disallows losses from dividend and bonus stripping within prescribed acquisition and disposal windows, and treats disallowed bonus-related losses as cost adjustments for retained units.
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Designed provisions to counteract tax avoidance schemes involving cross-border transactions : Clause...
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Deeming of income transferred to non-residents prevents tax avoidance by treating economic beneficiaries as taxable residents.
Clause 174 applies where a transfer of assets, before or after commencement, results in income payable to a non-resident, and where the transfer alone or with associated operations confers on any person rights that give the power to enjoy that income. Such income is deemed to be that person's income for all purposes; related capital sums are treated to prevent disguise as non-taxable receipts. Exceptions exist for bona fide commercial transactions, with the taxpayer bearing the burden to satisfy the assessing authority.
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Important Definition within the framework of transfer pricing and anti-avoidance measures : Clause 1...
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Arm's length price principle reaffirmed and clarified in revised transfer pricing definitions, with expanded enterprise and transaction scope.
Clause 173 of the Income Tax Bill, 2025 restates and refines transfer pricing definitions: arm's length price as the benchmark between independent parties in uncontrolled conditions; an expansive definition of "enterprise" covering goods, IP, services, contracts, investments and securities (directly or via units/subsidiaries); "permanent establishment" as a fixed place of business; and "transaction" to include informal or non enforceable arrangements. The clause updates the "specified date" cross reference to the Bill's return filing provision and adopts more itemised drafting while maintaining substantive continuity with Section 92F.
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Accountant's report requirement: certified transfer pricing reporting mandated for international and specified domestic transactions, with prescribed form and timing.
Clause 172 requires every person entering into an international or specified domestic transaction in a tax year to obtain and furnish, by the specified date, a report from an accountant in the prescribed form, signed and verified as prescribed, setting forth such particulars as may be prescribed; the clause makes the obligation statutory, preserves applicability across taxpayer categories, and defers procedural form, verification and timing details to subordinate legislation while maintaining continuity with the existing reporting mechanics.
Act Rules Bills
Revamped framework of the Transfer Pricing documentation & Penalties : Clause 171 of the Income Tax ...
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Transfer pricing documentation: contemporaneous records required and rapid furnishing on demand to enhance transparency and enforcement.
Clause 171 mandates maintenance and furnishing of prescribed transfer pricing documentation by persons entering into international or specified domestic transactions and by constituent entities of international groups, while delegating the specific content, retention periods, thresholds and filing procedures to rules. It enshrines a ten day furnishing requirement with possible extension, cross references definitions to the Bill's reporting provisions, and anticipates master file, local file and country by country reporting formats, thereby consolidating and modernising existing documentary obligations.
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Clause 170 mandates secondary adjustment where a primary transfer pricing adjustment of a prescribed monetary threshold increases income or reduces loss and excess money is not repatriated within the prescribed time; unrepatriated excess is deemed an advance to any non-resident associated enterprise and attracts notional interest computed as prescribed, with an alternative statutory option to pay an additional income-tax that is final and bars further credit or deduction.
Act Rules Bills
Streamlining APA Implementation and Transfer Pricing Compliance : Clause 169 of Income Tax Bill, 202...
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Advance Pricing Agreement application: modified returns must align tax assessments with agreed transfer pricing terms and timelines.
The statutory mechanism requires taxpayers to furnish a modified return limited to APA-impacted items within a prescribed post-agreement period, treats that filing as a return for assessment purposes, and directs assessing officers to modify completed assessments or complete pending proceedings in accordance with the APA; designated limitation and deeming provisions clarify timelines and the status of proceedings to ensure retrospective yet circumscribed implementation of the APA.
Act Rules Bills
Enhancing Certainty and Compliance in Transfer Pricing through Advance Pricing Agreements : Clause 1...
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Advance pricing agreements secure pre determination of arm's length pricing to enhance transfer pricing certainty and reduce disputes.
Clause 168 preserves the APA framework by empowering the Board, with Central Government approval, to determine the arm's length price or manner of attributing income to India for international transactions; to specify statutory and rule based methods (with adjustments); to make APAs prevail over general transfer pricing provisions; to bind both taxpayers and tax authorities for covered transactions; to permit rollback for prior years; and to declare APAs void ab initio for fraud or misrepresentation, with corresponding limitation period consequences and scheme making authority for procedural rules.
Act Rules Bills
Special provisions concerning the avoidance of tax, specifically empowering to Board to make "safe h...
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Safe harbour rules mandate acceptance of declared transfer prices and deemed income, delivering taxpayer certainty while limiting administrative discretion.
Clause 167 empowers the Board to prescribe safe harbour rules under which income-tax authorities shall accept the transfer price or deemed income declared by the assessee for transactions falling within section 9(2) and arm's length price provisions, creating a statutory presumption that reduces administrative discretion and dependency on detailed rule-making to specify eligibility, thresholds, documentation, and procedural requirements.
Act Rules Bills
Role of the Transfer Pricing Officer in Ensuring Arm’s Length Compliance : Clause 166 of the Incom...
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Arm's length pricing: multi year ALP option expands certainty and permits roll forward of transfer pricing determinations.
Clause 166 authorises the Assessing Officer to refer international and specified domestic related party transactions to a Transfer Pricing Officer for determination of the arm's length price, subject to prior approval; mandates notice, hearing, prescribed transfer pricing methods, and communication of the TPO order to AO and assessee; empowers the TPO to examine unreported transactions and to validate a taxpayer's option to apply a determined ALP to similar subsequent years, with rectification powers and corresponding AO amendment obligations, and permits issuance of Board guidelines to implement the multi year regime.
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Reframing Arm's Length Pricing in India's Evolving Transfer Pricing Regime : Clause 165 of the Incom...
Show AI Summary
Arm's length price determination: new clause refines methods and AO powers, emphasizing documentation and prescribed procedures.
Determination of Arm's Length Price requires selecting the most appropriate method from prescribed alternatives based on the transaction's nature, associated enterprise class, and functional analysis; where a single comparable price is found it is the arm's length price subject to a prescribed tolerance, while multiple prices must be reconciled in a prescribed manner. The tax authority may determine ALP during assessment if methods were not followed or documentation is inadequate, but must issue a show cause notice before adjustment; adjustments permit recomputation of total income and restrict deductions on enhanced income, with safeguards to prevent double adjustment.
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Meaning of Specified Domestic Transactions under Clause 164 of Income Tax Bill, 2025 Vs. Section 92B...
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Specified domestic transaction: extending transfer pricing to high-value related-party domestic dealings, subject to arm's length compliance.
Clause 164 defines specified domestic transaction by enumerating categories of non-international related-party dealings brought under transfer pricing when aggregate annual value exceeds a high-value threshold, includes a residual prescription power to notify additional transactions, and requires contemporaneous documentation and benchmarking to ensure compliance with the arm's length principle.
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Meaning of International Transaction : Clause 163 of the Income Tax Bill, 2025 Vs. Section 92B of th...
Show AI Summary
International transaction scope expanded broadens transfer pricing coverage to intangibles and indirect dealings, including restructuring and financing arrangements.
Clause 163 defines international transaction expansively to include tangible and intangible property (expressly including transfer), capital financing, services, business restructuring, cost sharing and any transaction affecting profits, income, losses or assets; it reproduces an illustrative list of intangibles and contains a deeming rule treating dealings with third parties as international transactions where terms are determined with or pursuant to an associated enterprise, thereby widening transfer pricing coverage and anti avoidance reach.
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Meaning of Associates Enterprise under Clause 162 of the Income Tax Bill, 2025 Vs. Section 92A of th...
Show AI Summary
Associated enterprise definition expands transfer pricing scope to include specified domestic transactions and indirect control.
Clause 162 defines associated enterprise through a general limb covering direct or indirect participation in management, control or capital and a list of deeming provisions-equity thresholds, significant loans and guarantees, board control, dependence on intangibles, supply and sales dependence, and familial/HUF control-while expressly extending the concept to specified domestic transactions and retaining prescribed catch-all and subjective influence tests that may require further guidance.
Act Rules Bills
Computation of income arising from international transactions and specified domestic transactions : ...
Show AI Summary
Arm's length price requirement drives transfer pricing adjustments to prevent profit shifting and protect the tax base.
Clause 161 mandates computation of income and the allowance of expenses or interest for international and specified domestic transactions among associated enterprises with reference to the arm's length price, requires arm's length allocation for shared costs or services, and prohibits transfer pricing adjustments that would reduce taxable income or increase losses, thereby strengthening scrutiny of intra group cost allocations and deductions to prevent profit shifting.
Act Rules Bills
Future of Unilateral Agreement relief in India : Clause 160 of the Income Tax Bill, 2025 Vs. Section...
Show AI Summary
Unilateral double taxation relief limits credit to the lower of domestic or foreign tax rates and requires proof of foreign tax payment.
Clause 160 provides unilateral relief for Indian residents and non-resident partners taxed on foreign income where no DTAA exists, limited to the lower of the Indian tax rate or the foreign tax rate, requires proof of foreign tax payment, and defines key terms to include excess profits or business profits taxes; it modernizes terminology and omits a prior country-specific carve-out, while raising evidentiary and computational ambiguities.
Act Rules Bills
Streamlining Double Taxation Relief and International Tax Agreements : Clause 159 of Income Tax Bill...
Show AI Summary
Double taxation relief framework modernised: new clause clarifies treaty adoption, anti abuse safeguards, and documentation requirements.
Clause 159 empowers the Central Government to enter into and adopt agreements with foreign countries and notified specified territories, and permits specified domestic associations to enter into sectoral agreements subject to governmental adoption and notification. Agreements may provide relief from double taxation, avoidance of double taxation constrained by anti abuse safeguards, exchange of information to prevent evasion, and mutual assistance in tax recovery. The Act's provisions apply to the extent more beneficial to the taxpayer, but anti abuse measures in Chapter XI apply notwithstanding such benefit. Non residents must furnish a certificate of residence and prescribed documentation to claim treaty relief.
Act Rules Bills
Comprehensive Reform in International Taxation and Treaty Implementation : Clause 159 of Income Tax ...
Show AI Summary
Treaty interpretation and anti-abuse primacy clarified: government may adopt association agreements while preserving treaty benefit limits.
Clause 159 authorises the Central Government to enter into agreements with foreign countries or notified territories and to adopt agreements between notified specified associations for double taxation relief, exchange of information, and mutual assistance in recovery. Taxpayers may claim the more beneficial of domestic law or a notified agreement, subject to documentary requirements for non-residents and the primacy of chapter-level anti-abuse provisions. A four-tier interpretive hierarchy for treaty terms is provided, with retrospective effect from the agreement's commencement.
Act Rules Bills
Addressing Cross-Border Taxation of Foreign Retirement Benefits : Clause 158 of Income Tax Bill, 202...
Show AI Summary
Relief from taxation on foreign retirement accounts aligns Indian tax timing with foreign withdrawal taxation to prevent double taxation.
Clause 158 aligns Indian taxation of income from foreign retirement accounts with the foreign tax event by restricting relief to specified accounts in notified countries opened while the taxpayer was non resident, and by delegating timing and procedural details to rules to prevent double taxation, address timing mismatches, and guard against abuse.
Act Rules Bills
Continuity and Reform in Tax Relief for Irregular Income : Clause 157 of the Income Tax Bill, 2025 V...
Show AI Summary
Relief for irregular salary receipts: claim based allocation to prior years with computation and procedures delegated to rules.
Clause 157 provides relief where lump sum receipts (arrear or advance salary, salary for over twelve months, profits in lieu of salary, and arrears of family pension) cause an assessment at a higher rate. Relief is claim based on application to the Assessing Officer and requires allocation of amounts to earlier years; the Assessing Officer grants relief as prescribed in rules. An anti abuse exclusion denies relief where a deduction for the same amount has already been claimed, and computation, procedural steps and particulars (e.g., Form 10E practice) are to be specified by rules.

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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.  

 

 

 

 

Topics

Acts Income Tax
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