TMI Short Notes

TMI Short Notes on various issues

151. Non-applicability of Section 271AAB of the Act

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152. Amendments proposed in sections 132 and 132B for rationalising provisions

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153. Time limit to impose penalties rationalised

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154. Clarification regarding commencement date and the end date of the period stayed by the Court

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155. Rationalisation of provisions related to carry forward of losses in case of amalgamation

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156. Rationalisation of transfer pricing provisions for carrying out multi-year arm’s length price determination

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157. Removal of higher TDS/TCS for non-filers of return of income

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158. SOCIO ECONOMIC WELFARE MEASURES - Increase in the limits on the income of the employees for the purpose of calculating perquisites

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159. Deduction under section 80CCD for contributions made to NPS Vatsalya

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160. Exemption to withdrawals by Individuals from National Savings Scheme from taxation

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161. Annual value of the self-occupied property simplified

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162. TAX ADMINISTRATION - Obligation to furnish information in respect of crypto-asset

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163. Increasing time limit available to pass order under section 115VP

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164. Excluding the period such as court stay etc. for calculating time limit to pass an order

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165. Exemption from prosecution for delayed payment of TCS in certain cases

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166. Certain penalties to be imposed by the Assessing Officer

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167. Removing date restrictions on framing the schemes in certain cases

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168. Extending the processing period of application seeking immunity from penalty and prosecution

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169. Extending the time-limit to file the updated return

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170. Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI)

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171. AMENDMENTS TO THE CUSTOMS ACT, 1962

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172. AMENDMENTS TO THE CUSTOMS TARIFF ACT, 1975

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173. AMENDMENTS TO DUTY RATES IN FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975

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174. OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS

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175. AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC)

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176. SOCIAL WELFARE SURCHARGE (SWS)

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177. Review of Customs duty Exemptions

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178. Changes to IGCR (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2017

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179. Amendments in Central Excise Act, 1944.

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180. Retrospective Exemptions in Service Tax

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181. AMENDMENTS IN GOODS AND SERVICES TAX

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182. Rates of income-tax in respect of income liable to tax for the assessment year 2024-25.

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183. Rates for deduction of income-tax at source during the financial year (FY) 2024-25 from certain incomes other than “Salaries”.

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184. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).

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185. Individual, HUF, association of persons, body of individuals, artificial juridical person. [Rates for deduction of income-tax at source (TDS) from “Salaries”, computation of “advance tax” during the FY 2024-25 (Assessment Year 2025-26)]

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186. Co-operative Societies [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

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187. Firms [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

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188. Local authorities [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

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189. Companies [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

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190. Increase in Standard Deduction and deduction from family pension for taxpayers in tax regime

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191. Increase in amount allowed as deduction to non-government employers and their employees for employer contribution to a Pension Scheme referred in section 80CCD

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192. Tax incentives to International Financial Services Centre (MEASURES TO PROMOTE INVESTMENT AND EMPLOYMENT)

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193. Amendment of Section 56 of the Act (MEASURES TO PROMOTE INVESTMENT AND EMPLOYMENT)

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194. Promotion of domestic cruise ship operations by non-residents (MEASURES TO PROMOTE INVESTMENT AND EMPLOYMENT)

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195. Introduction of block assessment provisions in cases of search under section 132 and requisition under section 132A (SIMPLIFICATION AND RATIONALISATION)

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196. Rationalisation of provisions relating to assessment and reassessment under the Act (SIMPLIFICATION AND RATIONALISATION)

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197. Rationalisation of provisions relating to period of limitation for imposing penalties (SIMPLIFICATION AND RATIONALISATION)

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198. Amendment in provisions relating to set off and withholding of refunds (SIMPLIFICATION AND RATIONALISATION)

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199. Rationalisation of the time-limit for filing appeals to the Income Tax Appellate Tribunal (SIMPLIFICATION AND RATIONALISATION)

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200. Merger of trusts under first regime with second regime ((Rationalisation of the provisions of Charitable Trusts and Institutions))

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