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    Tax deduction under 80GGA allows any donation amount for scientific research or rural development to be claimed.
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    Deduction under 80GG: individuals paying rent must submit Form 12BA to claim a rent deduction.
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    Disability deduction: dependent relief under one provision versus taxpayer's own deduction under the other provision.
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    Section 80DD deduction applies only for maintenance of a disabled dependent, not for the taxpayer's own disability.
    Deduction under 80DD permits an income tax deduction for maintenance, including medical treatment, of a handicapped dependent who is a person with disability; the deduction is available for expenditure in respect of such a dependent and is not available to a taxpayer for his or her own disability-related expenses.
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    Deduction under section 80D denied for cash payments; only preventive health checkup expenses may be paid in cash.
    Deduction for medical insurance premia under deduction u/s 80D is not available where the expenditure is made in cash; payments must be by non-cash modes to qualify, except that expenditure on preventive health checkups may be incurred in cash and still qualify for the deduction.
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    Medical insurance premium deduction allowed when an individual pays for spouse, self and dependents under section 80D.
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    Tax benefit under 80CCG: guardian may claim deduction for investments made in a minor's name, subject to individual limits.
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    Non-resident individuals joining NPS: eligible to open accounts, but accounts close if citizenship changes under pension deduction rules.
    Non resident individuals may join the National Pension System and make contributions eligible for pension contribution deduction under income tax provisions; however, an NPS account will be closed if the member's citizenship status subsequently changes, affecting continued participation and account maintenance.
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    Deduction under section 80CCC can be claimed by non-resident individuals contributing to pension funds under the statute.
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    Education loan interest deductible for borrower; tuition fee relief limited to two children under a separate deduction.
    Only interest paid on an education loan for the taxpayer or a dependent qualifies under the education-loan interest deduction head, while tuition fees qualify under a separate tuition-fee deduction head and are restricted to tuition paid for a limited number of children; the two deductions are distinct and non-overlapping.
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    Deduction under section 80C: Post Office five year time deposit qualifies as an eligible investment for deduction.
    Contributions to the Post Office five year time deposit scheme are eligible to be claimed as a deduction under section 80C, and may be included among other specified investments such as life insurance premiums, deferred annuities and provident fund contributions, subject to the overall limits and conditions applicable to 80C deductions.
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    Section 80C deduction excludes loan repayments for renovation or repair of residential property under income tax law.
    Repayments of loans taken for renovation or repair of residential property are not eligible for deduction under deduction under section 80C, which is confined to specified savings and investment outlays such as life insurance premiums, deferred annuities and provident fund contributions and does not include repair or renovation costs of a dwelling.
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    Deduction under section 80C: repayment of principal on housing loan qualifies, interest payments do not.
    Payments toward the cost of purchase or construction of a new residential property qualify for deduction under the provision and expressly include repayment of the principal amount of a housing loan; interest paid on such a housing loan is not eligible for deduction under the same provision.
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    Deduction under section 80C covers life insurance, provident fund and deferred annuity contributions and limited tuition fees.
    Deduction under section 80C permits tax deductions for specified savings and insurance instruments such as life insurance premia, provident fund contributions and deferred annuities, subject to statutory limits and qualifying conditions. Only tuition fees paid in India for full time education of up to two children qualify as deductible educational expenses; other charges like development fees or donations are not eligible.
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    Deduction under section 80C available only to individuals and HUFs for life insurance and provident fund contributions.
    The provision permits deduction for life insurance premia, deferred annuity premiums and contributions to provident funds, available exclusively to Individual and HUF taxpayers as the classes eligible to claim the tax benefit.
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    Clubbing of minor income: investments made by the minor qualifying for investment-based deductions may be claimed when income is clubbed.
    When a minor's income is clubbed with a parent's income, investments made by the minor that qualify under the investment-based deduction framework-including life insurance premiums, provident fund contributions, and deferred annuity payments-may be considered as deductible in computing the parent's taxable income.
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    HRA exclusion for self-employed; rent deduction available under section 80GG if statutory eligibility conditions are met.
    HRA under section 10(13A) is a salary-linked exemption not available to self-employed individuals; self-employed taxpayers may claim a deduction for rent paid under section 80GG, subject to the statutory eligibility conditions and limits governing that deduction.
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    Actual rent payment required for HRA deduction - absence of rent payment for any period disqualifies entitlement to deduction.
    The House Rent Allowance deduction under section 10(13A) is conditional on actual rent payment for residential accommodation; if no rent is paid for any period, no deduction is allowable for that period, and entitlement to HRA or notional occupancy does not replace the need for real rent outgo.
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    Deduction under section 10(13A) available despite house ownership when employee resides in rented accommodation.
    An employee who actually resides in rented accommodation may claim the salary-specific exemption for rent allowance under section 10(13A) even if he owns a house property in the same or a different city; entitlement depends on factual occupancy of rented premises rather than mere ownership of residential property.

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      AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975

      3 February, 2020

      Contents
      Rules & Regulations
      Plus +
      Summary
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      Budget 2020-21 + FINANCE BILL, 2020

      AMENDMENTS

      A.

      Tariff rate changes for Basic Customs Duty [to be effective from 02.02.2020] * [Clause 115 (a) of the Finance Bill, 2020]

      Rate of Duty

      S.No.

      Heading, sub-heading, tariff item

      Commodity

      From

      To

       

       

      Food processing

       

       

      1.

      0802 32 00

      Walnuts, shelled

      30%

      100%

       

       

      Chemicals

       

       

      2.

      3824 99 00

      Other Chemical products and preparations of the chemical or allied industries, not elsewhere specified

      10%

      17.5%

       

       

      Footwear

       

       

      3.

      6401, 6402,

      6403, 6404, 6405

      Footwear

      25%

      35%

      4.

      6406

      Parts of footwear

      15%

      20%

       

       

      Household Items

       

       

      5.

      6911 10, 6911 90 20, 6911 90 90

      Tableware, kitchenware, water filters (of a capacity not exceeding 40 litres) and other household articles, of porcelain of china.

      10%

      20%

      6.

      6912 00 10, 6912 00 20, 6912 00 40, 6912 00 90

      Ceramic tableware, kitchen-ware, clay articles and other household articles

      10%

      20%

      7.

      7013

      Glassware of a kind used for table, kitchen, toilet, office, indoor decoration or Similar purposes (other than that of heading 7010 or 7018)

      10%

      20%

      8.

      7323

      Table kitchen or other household articles and parts thereof, of iron or steel, iron or steel wool; pot scourers and scouring or polishing pads, gloves and the like, of iron or steel, including pressure cookers pans utensils, misc articles such as iron & steel wool, polishing pads, gloves etc.

      10%

      20%

      9.

      7418 10

      Table, kitchen or other household articles and parts thereof, of copper; pot scourers and scouring or polishing pads, gloves and the like, of copper.

      10%

      20%

      10.

      7615 10

      Table, kitchen or other household articles and parts thereof, of aluminum; pot scourer and scouring or polishing pads, gloves and the like, of aluminum.

      10%

      20%

      11.

      8301

      Padlocks and locks (key, combination or electrically operated) of base metal; Clasps and frames with clasps, incorporating locks of base metals; keys for any of the foregoing articles, of base metals (Other than lock of a kind used for automobiles.)

      10%

      20%

      12.

      9603

      Brooms, brushes, hand operated mechanical floor sweepers, not motorized, mops and feather dusters; prepared knots and tufts for broom or brush making; paint pads and rollers; Squeegees (other than roller squeegees).

      10%

      20%

      13.

      9604 00 00

      Hand sieves and hand riddles.

      10%

      20%

      14.

      9615

      Combs, hair-slides and the like, hairpins curling pins, curling grips, hair curlers and the like other than those of heading 8516 and parts thereof.

      10%

      20%

      15.

      9617

      Vacuum flasks and other vacuum vessels, complete with cases; parts thereof other than glass inners.

      10%

      20%

      16.

      8414 51 10

      Table Fans

      10%

      20%

      17.

      8414 51 20

      Ceiling Fans

      10%

      20%

      18.

      8414 51 30

      Pedestal Fans

      10%

      20%

      19.

      8414 59 20

      Blowers, Portable

      10%

      20%

      20.

      8509 40 10

      Food Grinders

      10%

      20%

      21.

      8509 40 90

      Other grinders and Mixer

      10%

      20%

      22.

      8509 80 00

      Other Appliances

      10%

      20%

      23.

      8510 10 00

      Shavers

      10%

      20%

      24.

      8510 20 00

      Hair Clippers

      10%

      20%

      25.

      8510 30 00

      Hair-removing appliances

      10%

      20%

      26.

      8516 10 00

      Water heaters and immersion heaters

      10%

      20%

      27.

      8516 21 00

      Storage heating radiators

      10%

      20%

      28.

      8516 29 00

      Other electrical space heating apparatus

      10%

      20%

      29.

      8516 31 00

      Hair Dryers

      10%

      20%

      30.

      8516 32 00

      Other hair dressing apparatus

      10%

      20%

      31.

      8516 33 00

      Hand Drying apparatus

      10%

      20%

      32.

      8516 40 00

      Electric smoothing irons

      10%

      20%

      33.

      8516 60 00

      Other ovens, cookers, cooking plates, boiling rings, grillers and roasters

      10%

      20%

      34.

      8516 71 00

      Coffee and Tea Makers

      10%

      20%

      35.

      8516 72 00

      Toasters

      10%

      20%

      36.

      8516 79 10

      Electro-thermic fluid heaters

      10%

      20%

      37.

      8516 79 20

      Electrical or electronic devices for repelling insects

      10%

      20%

      38.

      8516 79 90

      Other electro-thermic appliances used for domestic purposes

      10%

      20%

      39.

      8516 80 00

      Electric heating resistors

      10%

      20%

       

       

      Precious Metals

       

       

      40.

      7118

      Coin

      10%

      20%

       

       

      Machinery

       

       

      41.

      8414 51 40

      Railway Carriage fans

      7.5%

      10%

      42.

      8414 51 90

      Other fans with a self-contained electric motor not exceeding 125W

      7.5%

      20%

      43.

      8414 59 10

      Air Circulator

      7.5%

      10%

      44.

      8414 59 30

      Industrial fans blowers and similar blowers

      7.5%

      10%

      45.

      8414 59 9

      Other industrial fans

      7.5%

      10%

      46.

      8414 30 00, 8414 80 11

      Compressor of Refrigerator and Air conditioner

      10%

      12.5%

      47.

      8419 89 10

      Pressure vessels

      7.5%

      10%

      48.

      8418 10 10

      Commercial type combined refrigerator freezers, fitted separate external doors

      7.5%

      15%

      49.

      8418 30 10

      Commercial freezer of chest type, not exceeding 800 litre capacity

      7.5%

      15%

      50.

      8418 30 90

      Other chest type freezers

      10%

      15%

      51.

      8418 40 10

      Electrical freezers of upright type, not exceeding 800 litre capacity

      7.5%

      15%

      52.

      8418 40 90

      Other freezers of upright type, not exceeding 800 litre capacity

      7.5%

      15%

      53.

      8418 50 00

      Refrigerating or freezing display counters, cabinets, Show-cases and the like

      7.5%

      15%

      54.

      8418 61 00

      Heat pumps other than air conditioning machines

      7.5%

      15%

      55.

      8418 69 10

      Ice making machinery

      7.5%

      15%

      56.

      8418 69 20

      Water cooler

      10%

      15%

      57.

      8418 69 30

      Vending machine, other than automatic

      10%

      15%

      58.

      8418 69 40

      Refrigerating equipment/devices used in leather industry

      7.5%

      15%

      59.

      8418 69 50

      Refrigerated farm tanks, industrial ice cream freezer

      7.5%

      15%

      60.

      8418 69 90

      Others (like freezers of capacity 800 litres and more etc.]

      7.5%

      15%

      61.

      8515 (except 8515 90 00)

      Welding and Plasma cutting machines

      7.5%

      15%

       

       

      Other Electronic goods

       

       

      62.

      8504 40 (except 8404 40 21)

      Static Converters

      15%

      20%

      63.

      8504 40 21

      Dip bridge rectifier

      10%

      20%

      64.

      8517 70 10

      Populated, loaded or stuffed printed circuit boards

      10%

      20%

       

       

      Automobile and automobile parts

       

       

      65.

      8421 39 20, 8421 39 90

      Catalytic Convertor

      10%

      15%

       

       

      Furniture Goods

       

       

      66.

      9401

      Seats and parts of seats (other than aircraft seats and their parts)

      20%

      25%

      67.

      9403

      Other Furniture and parts thereof

      20%

      25%

      68.

      9404

      Mattress supports: Articles of bedding and similar furnishing

      20%

      25%

      69.

      9405

      Lamps and lighting fittings including searchlights and spotlights and pads thereof; Illuminated signs, illuminated name plates and the like, having a permanently fixed light source, and parts thereof (except solar lantern and solar lamps).

      20%

      25%

       

       

      Toys

       

       

      70.

      9503

      Tricycles, scooters, pedal-cars and similar wheeled-toys; dolls' carriages; dolls; other toys; reduced-Size (“scale”) models and similar recreational models, working or not; puzzles of all kinds

      20%

      60%

       

       

      Stationary items

       

       

      71.

      8304 00 00

      Filing, cabinets. card-index cabinets, paper-trays, paper rests, pen trays, office-stamp stands and similar office or desk equipment of base metal, Other than office furniture of heading 9403

      10%

      20%

      72.

      8305

      Fittings for loose-leaf binders or files, letter clips, letter corners, paper clips, indexing tags and similar office articles, of base metal; staples in strips (for example, for offices, upholstery, packaging), of base metal

      10%

      20%

      73.

      8310

      Sign-plates, name-plates, address-plates and similar plates, numbers, letters and other symbols, of base metal, excluding those of heading 9405

      10%

      20%

       

       

      Miscellaneous

       

       

      74.

      6702

      Artificial Flowers

      10%

      20%

      75.

      7018 10 20

      Glass Beads

      10%

      20%

      76.

      8306

      Bells, gongs, statuettes, trophies and like, non-electric of base metal; statuettes and other ornaments of base metal; photograph, picture or similar frames, of base metal; mirrors of base metal.

      10%

      20%

      B.

      New entries added to the First Schedule [to be effective from 02.02.2020] * [Clause 115(b) of the Finance Bill, 2020]

      S. No

      Tariff Item

      Description

      Tariff Rate

      Effective rate

      1.

      8414 51 50

      Wall fans

      20%

      20%

      2.

      8529 90 30

      Open cell for television set

      15%

      0%

      3.

      8541 40 11

      Solar cells, not assembled

      20%

      0%

      4.

      8541 40 12

      Solar cells, assembled in modules or made up in panels

      20%

      0%

      *Will come into effect immediately owing to a declaration under the Provisional Collection of Taxes Act, 1931.

       


      Full Text:

      Budget 2020-21 + FINANCE BILL, 2020

      Topics

      ActsIncome Tax