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TMI Short Notes

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TMI Short Notes on various issues

 

  1. Income Tax - Rebate under section 87A
  2. AMENDMENTS IN THE CGST ACT, 2017 and IGST Act, 2017
  3. AMENDMENT TO SEVENTH SCHEDULE TO THE FINANCE ACT, 2001
  4. AMENDMENTS TO THE CUSTOMS ACT, 1962
  5. Decriminalisation of section 276A of the Act
  6. Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) and providing for alternative mechanism for vacation of office of the Administrator.
  7. Omission of certain redundant provisions of the Act
  8. Set off and withholding of refunds in certain cases
  9. Removal of certain funds from section 80G
  10. Denial of exemption where return of income is not furnished within time
  11. Alignment of the time limit for furnishing the form for accumulation of income and tax audit report
  12. Trusts or institutions not filing the application in certain cases
  13. Specified violations under section 12AB and fifteenth proviso to clause (23C) of section 10
  14. Combining provisional and regular registration in some cases
  15. Omission of redundant provisions related to roll back of exemption
  16. Treatment of donation to other trusts:
  17. Rationalisation of the provisions of Charitable Trust and Institutions
  18. Providing clarity on benefits and perquisites in cash
  19. Non-Banking Financial Company (NBFC) categorization
  20. Specifying time limit for bringing consideration against export proceeds into India
  21. Rationalization of provisions related to the valuation of residential accommodation provided to employees
  22. Bringing the non-resident investors within the ambit of section 56(2)(viib) to eliminate the possibility of tax avoidance
  23. Clarification regarding advance tax while filing Updated Return
  24. Relief from special provision for higher rate of TDS/TCS for non-filers of income-tax returns
  25. Facilitating TDS credit for income already disclosed in the return of income of past year
  26. TDS on payment of accumulated balance due to an employee
  27. Tax treaty relief at the time of TDS under section 196A of the Act
  28. Excluding non-banking financial companies (NBFC) from restriction on interest deductibility
  29. Amendments in consequence to new provisions of TDS
  30. Penalty for furnishing inaccurate statement of financial transaction or reportable account
  31. Provisions relating to reassessment proceedings
  32. Modification of directions related to faceless schemes and e-proceedings
  33. Alignment of timeline provisions under section 153 of the Act
  34. Rationalization of the provisions of the Prohibition of Benami Property Transactions Act, 1988 (the PBPT Act)
  35. Provisions related to business reorganisation
  36. Assistance to authorised officer during search and seizure
  37. Rationalisation of Appeals to the Appellate Tribunal
  38. Reducing the time provided for furnishing TP report
  39. Introduction of the authority of Joint Commissioner (Appeals)
  40. Extension of time for disposing pending rectification applications by Interim Board for Settlement
  41. Defining the cost of acquisition in case of certain assets for computing capital gains
  42. Prevention of double deduction claimed on interest on borrowed capital for acquiring, renewing or reconstructing a property
  43. Alignment of provisions of section 45(5A) with the TDS provisions of section 194-IC
  44. Rationalisation of exempt income under life insurance policies
  45. Preventing permanent deferral of taxes through undervaluation of inventory
  46. Special provision for taxation of capital gains in case of Market Linked Debentures
  47. Limiting the roll over benefit claimed under section 54 and section 54F
  48. Increasing rate of TCS of certain remittances
    1 Comment
  49. TDS and taxability on net winnings from online games
  50. Preventing misuse of presumptive schemes under section 44BB and section 44BBB

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