TMI Short Notes

TMI Short Notes on various issues

301. In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

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302. Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

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303. Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

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304. Does ICDS apply to the applicability aspect of the TDS.

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305. How will ICDS apply to companies which adopted Ind-AS. (Indian accounting standards)

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306. Whether ICDS is applicable to Non-Residents whose income is liable to be taxed at a flat rate of tax like interest, royalty and fees for technical services u/s 115A.

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307. Whether the provisions of ICDS shall apply to Banks, Non-banking financial institutions, Insurance companies, Power sector, etc.

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308. Can ICDS would apply to other categories of taxpayers whose income is taxed under presumptive tax schemes (i.e. u/s 44AD, 44ADA, 44AE, 4BB, 44BBA, 44BBB) as there is no specific exclusion provided.

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309. Can a assessee opt to change his method of accounting from mercantile to cash basis.

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310. Can a assessee can follow different methods of accounting for different sources of income under the same head of income, or different heads of income.

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311. Can ICDS apply to a person following cash system of accounting and to the person whose books of account for the year are not required to be audited u/s 44AB.

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312. Foreign Tax Credit (‘FTC’) - Currency conversion using telegraphic transfer buying rate (‘TTBR’)

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313. Foreign Tax Credit (‘FTC’) in case of MAT/ AMT

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314. Foreign Tax Credit (‘FTC’) - Documents to be furnished for availing FTC

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315. Foreign Tax Credit (‘FTC’) - Lower of the tax payable under the Act and DTAA

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316. Foreign Tax Credit (‘FTC’) shall be allowed if evidence & undertaking furnished within 6 months of dispute settlement

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317. Foreign Tax Credit (‘FTC’) - Cases in which no FTC benefit would be available

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318. Foreign Tax Credit (‘FTC’) - Meaning of foreign tax

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319. Foreign Tax Credit (‘FTC’) - Benefit on proportionate basis

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320. Foreign Tax Credit (‘FTC’) - FTC benefit in the year in which income offered to tax

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321. STEPS NEED TO BE TAKEN AFTER APPROVAL ADVANCE PRICING AGREEMENT(APA)?

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322. What is the limit of PANCARD regarding payment to Life Insurance company ?

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323. What is the basic monetary limit required for PANCARD for amount deposit in mutual fund and shares?

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324. What is the basic limit for PANCARD for payment to foreign country?

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325. Whether PANCARD is require for opening account in bank?

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326. What is the limit of PANCARD for amount depositing in securities.?

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327. Is PANCARD is required for time deposit exceed a time of ₹ 5 lakhs?

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328. What is the Basic limit of PANCARD for sale purchase of immovable property?

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329. Is Permission is Required For Filing Of Revised Return?

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330. How Much Time Revised Return Can Be Revised?

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331. Can Revised Return Substitute Original Return?

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332. Is It Possible To File Auditor Report With Revised Return?

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333. Whether Assessment Made Under Section 143(1) Would Be Considered as Assessment For Revised Return?

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334. X Ltd., closely held company issues 1,000 shares to Mr. A (resident) whose face value is 10, issue price is 40 and fair market value is 42. What is the taxability of X Ltd.? Would your answer be different if the fair market value is 31 instead of 42?

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335. X Ltd., closely held company receives shares of A Ltd. (a listed public company) for 10,000 whose fair market value is 5,00,000. What is the taxability of X Ltd.?

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336. Example: 3) X gets by way of gift a plot of land in Pune from a partnership firm. The partnership firm has only two partners– father of X and Mrs. X. The stamp duty value of the plot of land is 19,00,000.

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337. Example: 2) X gets a gift of 43,000 from C, who is cousin of his father and he also gets a gift of 20,000 from D, who is elder brother of his grandfather.

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338. Example: 1) X purchases a house property situated in Nagpur from A on 31st March, 2013. The purchase price is 28,00,000. However, the stamp duty value is 45,00,000. Would your answer be the same if X purchased the above property on 1st April, 2013?

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339. Example:- Loan Taken on 01-05-2006 of ₹ 5,00,000. Construction ends on 07-09-2012. Rate of interest is 1%. Calculate interest for pre-acquisition period?

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340. Example: 4) The details of House property are as follows: Municipal value: 80,000, Fair rent: 78,000, Standard Rent: 85,000, Annual rent: 72,000, Property remains vacant for 3 months and loss due to vacancy: 18,000. What is the Gross Annual value?

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341. Example: 3) The details of House property are as follows: Municipal value: 60,000, Fair rent: 65,000, Standard Rent: 63,000, Annual rent: 72,000, Property remains vacant for 5 months and loss due to vacancy: 30,000. What is the Gross Annual value?

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342. Example: 1)The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,000, Standard Rent: 62,000, Annual rent: 66,000, Unrealised Rent: 6,000. What is the Gross Annual value?

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343. Example: 2) The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,000, Standard Rent: 62,000, Annual rent: 66,000, Unrealised Rent: 2,000. What is the Gross Annual value?

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344. What does building or land appurtenant includes?

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345. Mr. Ram annually earns ₹ 3,00,000 (after all deductions) and pays an annual rent of ₹ 1,50,000.

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346. Deduction if donation deducted from Salary and donation receipt certificate is on the name of employer?

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347. Documentation required for claiming deduction U/s. 80G?

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348. Whether donations made to foreign trusts qualify for deduction under this section?

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349. What are the specified diseases and ailments for the purpose of deduction under section 80DDB?

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350. I have a handicapped dependent who is my cousin ( Daughter of my mother’s sister). She is completely dependent on me and every month I spend 10,000. She is suffering from 85 % Blindness and mental problem. Whether I can claim tax benefit under 80DD?

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