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    AMENDMENTS IN THE CUSTOMS TARIFF ACT 1975
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    Amendment in the provisions of Act relating to verification of the return of income and appearance o...
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    NewsBills
    AMENDMENTS IN THE CUSTOMS TARIFF ACT 1975
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    Safeguard measures expanded to permit duties or tariff rate quotas when increased imports threaten domestic industry.
    The substituted Section 8B empowers the Central Government to apply safeguard measures-including imposition of a Safeguard Duty, application of a Tariff Rate Quota, or any other appropriate measure-when increased imports of an article cause or threaten to cause serious injury to domestic industry, centralising authority to identify qualifying import patterns and to select proportional remedial instruments.
    NewsBills
    AMENDMENTS IN THE CUSTOMS ACT 1962
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    Preferential tariff verification: suspension of duty concessions pending exporter verification and security requirement for import clearance.
    New Chapter VAA (section 28DA) creates a framework for preferential tariff treatment under trade agreements, imposes importer obligations and requires time bound verification from the exporting country; preferential treatment may be suspended pending verification with clearance only on furnishing security equal to the differential duty, and may be denied in certain cases. Section 51B establishes an Electronic Duty Credit Ledger for duty credits in lieu of remission and extends recovery provisions to such credits. Amendments also add confiscation liability for contraventions of preferential claims and empower rulemaking under sections 156 and 157; an explanation preserves pre 2018 notices under section 28.
    NewsBills
    Amendment in the provisions of Act relating to verification of the return of income and appearance o...
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    Verification of Returns: prescribed persons may verify company and LLP returns and act as authorised representatives.
    Amendments allow any person prescribed by the Board to verify the income-tax return of a company or LLP and permit any person prescribed by the Board to appear as an authorised representative on behalf of an assessee, supplementing existing verification and representation rules that currently designate managing directors, directors, insolvency professionals, designated partners or partners.
    NewsBills
    Rationalisation of the provisions of section 49 and clause (42A) of section 2 of the Act in respect ...
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    Cost of acquisition for segregated portfolio units: holding period continuity and proportional NAV-based allocation determine tax basis.
    Units in a segregated portfolio inherit the holding period of the original units in the main portfolio, and the cost of acquisition of segregated portfolio units is the portion of the original cost proportionate to the ratio of the NAV of assets transferred to the segregated portfolio to the NAV of the total portfolio immediately before segregation; the cost of the original units in the main portfolio is deemed reduced by that allocated amount.
    NewsBills
    Rationalisation of provision relating to Form 26AS
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    Annual financial statement upload expands tax-statement data in assessees' accounts, aiding compliance and accurate return filing.
    The administering income-tax authority, or its authorised person, will be required to upload an Annual Financial Statement to the assessee's registered account on the designated portal, in such form, manner and within such time as may be prescribed, containing financial information in the possession of the authority (including items beyond tax deducted or collected). The existing provision specifically governing the prior tax-deduction statement is proposed to be deleted and the amendment takes effect from 1st June, 2020.
    NewsBills
    Rationalisation of provisions relating to tax audit in certain cases.
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    Tax audit threshold increase for low-cash businesses; tax audit reports must be furnished earlier to enable return pre-filling.
    The proposal raises the audit exemption threshold for businesses where both aggregate cash receipts and aggregate cash payments do not exceed five percent of totals; it mandates that tax audit reports for business or professional income be furnished at least one month before the return filing due date to enable pre-filling, and it amends return due dates and partner treatment while making consequential TDS/TCS amendments to align withholding references with the revised audit framework.
    NewsBills
    Expanding the eligibility criteria for appointment of member of Adjudicating Authority under the Pro...
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    Eligibility expansion for Adjudicating Authority members adds District Judge qualification, broadening appointment pool under Benami Property law.
    Section 9 eligibility for appointment as a Member of the Adjudicating Authority under the Prohibition of Benami Property Transaction Act is expanded to include persons who are qualified for appointment as District Judge, in addition to existing eligibility for Indian Revenue Service officers who have held Commissioner of Income-tax (or equivalent) and Indian Legal Service officers who have held Joint Secretary (or equivalent). The amendment takes effect from 1 April 2020 under Clause 143 of the Finance Bill.
    NewsBills
    Filing of statement of donation by donee to cross-check claim of donation by donor
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    Donation reporting: donees must file statements and issue certificates before donor deduction claims are allowed under tax law.
    Entities receiving donations must furnish a standardized statement of donations and issue certificates to donors; donor deduction claims will be permitted only where the donee has filed the prescribed statement, with fees and penalties for non compliance. Approvals and registrations under charitable exemption provisions will be time limited and may be granted provisionally on application without detailed enquiry, with requirements to reapply to reactivate inoperative registrations.
    NewsBills
    Rationalising the process of registration of trusts, institutions, funds, university, hospital etc a...
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    Time-limited exemptions: periodic renewal of registrations to ensure compliance and reduce intrusive inquiries.
    Modernise and streamline the process for grant of registration and approval for tax-exempt entities by using technology, and institute time-limited, renewable exemptions to ensure ongoing compliance while reducing intrusive day-to-day inquiries; the reform would apply to both existing and new exempt entities.
    NewsBills
    Amendment of sub-section (7) of section 11 to allow entities holding registration under section 12A/...
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    Exemption switching for registered charitable entities allowed once to obtain statutory notification, preserving single-mode compliance and admin efficiency.
    Amendment permits registered charitable entities to seek notification under the statutory exemption for bodies created by Central or State enactment, correcting an anomaly that denied such notification to entities holding registration. It retains the complete-code principle requiring compliance with registration conditions, but allows a one-time switch to the notified exemption while ensuring only one mode of exemption is operative and limiting routine switching for administrative efficiency.
    NewsBills
    Rationalization of provisions of section 55 of the Act to compute cost of acquisition.
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    Stamp duty cap on fair market value for land and buildings limits FMV to stamp duty value where available.
    For land or building assets, the fair market value on the reference date for computing cost of acquisition shall not exceed the stamp duty value where such stamp duty value is available; "stamp duty value" means the value adopted, assessed or assessable by any Central or State authority for stamp duty purposes.
    NewsBills
    Removing dividend distribution tax (DDT) and moving to classical system of taxing dividend in the ha...
    Show AI Summary
    Taxation of dividends shifts to shareholders, abolishing payer-level tax and imposing withholding and limited deductions under transitional rules.
    Removal of Dividend Distribution Tax and return to a classical system makes dividend and income from units taxable in the hands of shareholders and unit holders at their applicable rates, removes payer-level additional tax and related exemptions, limits deductions against such income to interest expense capped at twenty per cent, reallocates taxability for business trusts and interposed vehicles to unit holders, and introduces expanded withholding obligations and transitional rules phasing out payer-level taxation.
    NewsBills
    Deferring Significant Economic Presence (SEP) proposal, Extending source rule, Aligning exemption fr...
    Show AI Summary
    Significant Economic Presence deferred while source rules target India-directed digital ad and data revenue for taxation.
    The proposal defers the Significant Economic Presence concept until 1 April 2022 (applicable AY 2022-23), pending threshold rules; clarifies that India-sourced income includes advertising targeted at Indian customers and sale of India-collected data (effective 1 April 2021), aligns the indirect transfer exception for investments by foreign portfolio investors with SEBI's revised FPI regulations (effective 1 April 2020), expands the definition of royalty to include receipts from sale/distribution/exhibition of cinematographic films (effective 1 April 2021), and empowers the Board to prescribe income attribution rules under section 295 with staggered effective dates.
    NewsBills
    Aligning purpose of entering into Double Taxation Avoidance Agreements (DTAA) with Multilateral Inst...
    Show AI Summary
    Treaty anti abuse preamble aligns DTAA purpose with MLI to prevent treaty shopping via statutory amendment.
    The proposal amends the statutory power to enter into DTAAs so that agreements for the avoidance of double taxation must be made without creating opportunities for non taxation or reduced taxation through tax evasion or avoidance, including treaty shopping arrangements aimed at indirect benefit of residents of other jurisdictions, thereby implementing the MLI's anti abuse preamble into domestic treaty making authority.
    NewsBills
    Penalty for fake invoice.
    Show AI Summary
    Penalty for false invoices: levy equals aggregate false or omitted entries and also targets those who cause them.
    A new provision proposes a penalty for false entries under GST where penalty equals the aggregate amount of false or omitted entries used to evade tax; liability extends to persons who cause such entries. "False entries" include forged or falsified documents, invoices without actual supply or receipt of goods or services, and invoices involving non existent persons. The amendment is intended to deter fraudulent ITC claims and takes effect from the fiscal implementation date in the Finance Bill.
    NewsBills
    Amending definition of “work” in section 194C of the Act.
    Show AI Summary
    Contract manufacturing classification: raw materials supplied by assessee or associate treated as work under section 194C, preventing tax avoidance.
    Amendment treats contract manufacturing where raw material is provided by the assessee or its associate as work under section 194C, closing a compliance gap exploited by sourcing materials through related parties, and defines "associate" by reference to the relational test in clause (b) of sub section (2) of section 40A.
    NewsBills
    Modification of residency provisions.
    Show AI Summary
    Tax residency thresholds tightened: visit exemption reduced, not ordinarily resident test tightened and deeming rule for citizens without foreign tax liability.
    The proposal reduces the special visit exemption for Indian citizens and persons of Indian origin so shorter periods of presence in India count towards residency; replaces the existing multi-part test for not ordinarily resident status with a single prior non-residence stability test; and deems an Indian citizen who is not liable to tax in any other jurisdiction to be resident in India, aimed at preventing arrangements that result in global non taxation.
    NewsBills
    Insertion of Taxpayer’s Charter in the Act.
    Show AI Summary
    Taxpayer's Charter empowers the tax board to adopt a charter and issue directions and guidelines to tax authorities for administration.
    Insertion of section 119A empowers the Board to adopt and declare a Taxpayer's Charter and to issue orders, instructions, directions or guidelines to other income tax authorities for administration of the Charter, with the amendment taking effect from 1st April, 2020.
    NewsBills
    Provision for e-penalty.
    Show AI Summary
    E-penalty scheme to digitalise penalty proceedings, remove in-person AO interface and enable dynamic jurisdiction in penalty imposition.
    A proposed amendment would insert a sub-section empowering the Central Government to notify an e-penalty scheme to digitalise penalty proceedings, remove in-person interface between Assessing Officers and assessees insofar as technologically feasible, optimise resources by centralised speciality, and provide for penalties to be imposed under a dynamic jurisdiction model by one or more income-tax authorities; the Government may notify exceptions or adaptations to existing jurisdictional and procedural provisions and must lay notifications before Parliament.
    NewsBills
    Clarity on stay by the Income Tax Appellate Tribunal (ITAT).
    Show AI Summary
    Stay conditions for appeals: security deposit requirement limits extensions and total stay period before tribunal under tax law.
    The ITAT may grant a stay only if the assessee deposits or furnishes security equal to a prescribed proportion of the tax, interest, fee, penalty or other sums; extensions of stay are available only on application showing delay not attributable to the assessee and upon compliance with the deposit/security condition, and the total period of stay is subject to an overall statutory cap. Effective from 1 April 2020.

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      Bills

      Social Welfare Surcharge is being exempted on following items.

      3 February, 2020

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      Budget 2020-21 + FINANCE BILL, 2020

      S.No.

      HS Code

      Description

      (1)

      (2)

      (3)

      1.

      0404 10 10

      Whey, concentrated, evaporated or condensed, liquid or semi solid

      2.

      0406 90 00

      Cheese, Other

      3.

      0601,0602

      Bulbs or tubers, other live plants

      4.

      0802 12 00

      Almonds, Shelled

      5.

      0802 31 00

      Walnuts, in shell

      6.

      0802 32 00

      Walnuts, shelled

      7.

      1001 11 00, 1001 91 00, 1001 99 20

      Wheat and Meslin

      8.

      1005 90

      Maize

      9.

      1704 10 00

      Chewing Gum, whether or not sugar coated

      10.

      1901 10

      Preparations suitable for infant or young children, put up for retail sale.

      11.

      2009 11 00

      Orange Juice, Frozen

      12.

      2009 12 00

      Orange Juice, not frozen, or a Brix value not exceeding 20

      13.

      2009 19 00

      Orange Juice, Other

      14.

      2515 12 20

      Marble and travertine slabs

      15.

      6802 10 00

      Tiles, cubes and similar articles, whether or not rectangular (including square), the largest surface area of which is capable of being enclosed in a square the side of which is less than 7 cm; artificially coloured granules, chippings and powder, other monumental or building stone and articles thereof, simply cut sawn with a flat even surface

      16.

      680221 10

      Marble blocks/tiles

      17.

      6802 21 20

      Marble monumental stone

      18.

      6802 21 90

      Other tiles, cubes and similar articles

      19.

      6802 91 00

      Marble, travertine and alabaster

      20.

      6802 92 00

      Other calcareous stone

      210

      8702 or 8704

      All commercial vehicles (including electric vehicles), if imported as completely built unit (CBU)

      * S. NC. 21 will be exempt from levy of Social Welfare Surcharge with effect from

       

      Full Text:

      Budget 2020-21 + FINANCE BILL, 2020

      Topics

      ActsIncome Tax
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