TMI Short Notes

TMI Short Notes on various issues

451. Sabka Vishwas Legacy Dispute Resolution Scheme - FINANCE (No.2) BILL, 2019

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452. Goods and Services Tax - FINANCE (No.2) BILL, 2019

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453. AMENDMENTS IN THE CGST ACT, 2017 - FINANCE (No.2) BILL, 2019

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454. AMENDMENTS IN THE IGST ACT, 2017 - FINANCE (No.2) BILL, 2019

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455. Retrospective Amendments of GST rate notifications - FINANCE (No.2) BILL, 2019

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456. Income from other sources - tax on gifts and receipt of any money or immovable property or specified movable property without or inadequate consideration - Scope of Section 56 expended - all categories of assessees shall be taxable - Budget 2017-18 w.e.f. AY 2018-19

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457. Capital Gains - meaning of "adjusted", "cost of improvement" and "cost of acquisition" u/s 55 - reference of 1st day of April, 1981 to be replaced with the 1st day of April, 2001 - Budget 2017-18 w.e.f. AY 2018-19

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458. Exemption from Capital Gains tax u/s 54EC on investments in bonds - specified bonds shall include any other bond as notified by the Central Government in this behalf - Budget 2017-18 w.e.f. AY 2018-19

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459. New section 50CA - the fair market value of such shares determined in the prescribed manner shall be deemed to be the full value of consideration for transfer of share other than quoted share - Budget 2017-18 w.e.f. AY 2018-19

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460. Determination of cost of specified transfers u/s 49 - the transfer of an asset, being the asset held by a trust or an institution in respect of which accreted income 1.6.2016 (Retrospective)

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461. Determination of cost of specified transfers u/s 49 - transfer of land or building under a specified agreement (e.f. Joint Development Agreement (JDA)) - Budget 2017-18 w.e.f. AY 2018-19

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462. Determination of cost of specified transfers u/s 49 - Transfer in casa of Land Pooling Scheme covered under the Andhra Pradesh Capital City Land Pooling Scheme (Formulation and Implementation) Rules, 2015 - Budget 2017-18 w.e.f. AY 2018-19

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463. Determination of cost of specified transfers u/s 49 - in case of any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating plan of a mutual fund scheme - Budget 2017-18 w.e.f. AY 2017-18 (Retrospective)

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464. Determination of cost of specified transfers u/s 49 - in case of conversion of preference shares of a company into equity shares of that company - Budget 2017-18 w.e.f. AY 2018-19

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465. Determination of cost of specified transfers u/s 49 - any transfer in a demerger, of a capital asset, being a share or shares held in an Indian company – cost of the previous owner to be taken - Budget 2017-18 w.e.f. AY 2018-19

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466. Mode of computation Capital Gains u/s 48 - Indexed Cost - Cost Inflation Index - reference of 1st day of April, 1981 to be replaced with the 1st day of April, 2001 - Budget 2017-18 w.e.f. AY 2018-19

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467. Mode of computation Capital Gains u/s 48 - full value of consideration - in case of an assessee being a non-resident, any gains arising on account of appreciation of rupee against a foreign currency at the time of redemption of rupee denominated bond of an Indian company held by him - Budget 2017-18 w.e.f. AY 2018-19

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468. Capital Gains - conversion of preference shares of a company into equity shares of that company shall also not be regarded as transfer - Budget 2017-18 w.e.f. AY 2018-19

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469. Capital Gains - transfer made outside India of a capital asset being rupee denominated bond of Indian company issued outside India, by a non-resident to another non-resident shall not be regarded as transfer - Budget 2017-18 w.e.f. AY 2018-19

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470. Capital Gain - date of transfer of land or building under a specified agreement (e.f. Joint Development Agreement (JDA)) - method of valuation in such cases - Budget 2017-18 w.e.f. AY 2018-19

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471. Deemed profit u/s 44AD - existing rate of deemed total income of 8% reduced to 6% in case of total turnover or gross receipts which is received through banking channel - Budget 2017-18 w.e.f. AY 2018-19

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472. Threshold limit for getting books of accounts audited u/s 44AB - Limit enhanced from 1 Crore Rupees to 2 Crore Rupees in case of a person who declares profits and gains for the previous year u/s 44AD - Budget 2017-18 w.e.f. AY 2017-18 (Retrospective)

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473. Threshold limit for maintenance of books of accounts in case of individuals and HUF - Monetary limit enhanced from ₹ 1,20,000 to ₹ 2,50,000 of total income and from ₹ 10,00,0000 to ₹ 25,00,000 of total sales, turnover or gross receipts, respectively - Budget 2017-18 w.e.f. AY 2018-19

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474. Interest Income on the bad or doubtful debts not to be taxed on accrual of income basis - co-operative societies brought on at par with Scheduled banks and other financial institutions - Section 43D - Budget 2017-18 w.e.f. AY 2018-19

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475. Payment of Interest to Co-operative Banks shall be allowed on actual payment basis as is allowed in case of scheduled bank or public financial institutions etc. u/s 43B - Budget 2017-18 w.e.f. AY 2018-19

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476. Change in the Definition of Actual Cost in respect of Capital Assets in respect of which deduction or part of deduction allowed u/s 35AD - New proviso to the Explanation 13 to Section 43(1) - Budget 2017-18 w.e.f. AY 2018-19

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477. Capital expenditure - Change in the Definition of Actual Cost u/s 43(1) - Disallowance of depreciation where payment is made in excess of ₹ 10,000 in a day - Budget 2017-18 w.e.f. AY 2018-19

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478. Restriction on payment Specified persons u/s 40A(2) - specified domestic transaction which were subject to TPA was allowed as deduction if it was at "Arms Length Price" - Now this benefit withdrawn - such transaction shall be allowed subject to the Provisions of Section 40A(2) - Budget 2017-18 w.e.f. AY 2017-18 (Retrospective)

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479. Restriction on payment of expenditure in Cash u/s 40A(3) - Cash payment in excess of ₹ 10,000 in a single day to a person shall not be allowed - Budget 2017-18 w.e.f. AY 2018-19

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480. Provision for Bad and Doubtful Debts in case of banks - limit of 7.5% enhanced to 8.5% - Budget 2017-18 w.e.f. AY 2018-19

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481. Deduction in respect of expenditure on specified business u/s 35AD - Cash payment in excess of ₹ 10,000 in a single day to a person shall not be allowed - Budget 2017-18 w.e.f. AY 2018-19

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482. Relief from taxation of Notional (presumptive) Rental Income upto one year from the date of completion - in case of Builder / Developer -stockin- trade and the property or any part of the property is not let during the whole or any part of the previous year- Budget 2017-18 w.e.f. AY 2018-19

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483. Exemption to Political Parties - Amendment to Section 13A - Fixing Limit of ₹ 2000 for receipt of donation in Cash - Furnishing Return u/s 139 made mandatory - provisions for Electoral Bond - Budget 2017-18 w.e.f. AY 2018-19

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484. Conditions u/s 12A for Claiming Exemption u/s 11 & 12 - Filing of Return of income u/s 139 made mandatory within the time allowed - Budget 2017-18 w.e.f. AY 2018-19

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485. Conditions u/s 12A for Claiming Exemption u/s 11 & 12 - In case of amendments in the objects after registration - Fresh registration is required u/s 12AA - Budget 2017-18 w.e.f. AY 2018-19

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486. Exemption u/s 11 - Restriction in respect of any amount credited or paid, out of income being contributions with a specific direction that they shall form part of the corpus of the trust or institution shall not be treated as application of such contribution to charitable or religious purposes. - Budget 2017-18 w.e.f. AY 2018-19

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487. SEZ units - method of computation of an amount of deduction u/s 10AA - Budget 2017-18 w.e.f. AY 2018-19

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488. New exemption - any income accruing or arising to a foreign company on account of sale of leftover stock of crude oil, if any, from the facility in India after the expiry of the agreement or the arrangement - Budget 2017-18 w.e.f. AY 2018-19

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489. Restriction on exemption u/s 10(38) - transfer of a long term capital asset, being an equity share - No Exemption if STT is not paid - Budget 2017-18 w.e.f. 1.10.2004 (Retrospective)

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490. Exemption from Capital Gains - transfer of land under the Land Pooling Scheme covered under the Andhra Pradesh Capital City Land Pooling Scheme (Formulation and Implementation) Rules, 2015 - Budget 2017-18 w.e.f. AY 2015-16 (Retrospective)

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491. Restriction in respect of any amount credited or paid out of income, being voluntary contributions with specific direction that they shall form part of the corpus, to any trust or institution - Such contribution not to be treated as application of income- Budget 2017-18 w.e.f. AY 2018-19

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492. New exemption to the Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund - Budget 2017-18 w.e.f. AY 1998-99 (Retrospective)

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493. Exemption on partial withdrawal in amount from National Pension System (NPS) Trust in the hands of employees - to the extent it does not exceed twenty-five per cent- Budget 2017-18 w.e.f. AY 2018-19

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494. Exempted income - Correct definition of the expression "person resident outside India" - clarificatory amendment - Budget 2017-18 w.e.f. 1.4.2013 (Retrospective)

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495. No Business connection in India - conditions to be fulfilled for being an eligible investment fund - provisions of the clause (j) of Section 9A(3) shall not be applicable to a fund which has been wound up in the previous year. - Budget 2017-18 w.e.f. AY 2016-17 (Retrospective)

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496. Income deemed to accrue or arise in India - New Explanation 5A to the Section 9 - asset or capital asset being any share or interest in a company or entity registered or incorporated outside India - Existing explanation 5 not to apply in certain situations - Budget 2017-18 w.e.f. AY 2012-13 (Retrospective)

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497. Capital asset Short term or long term - period of holding in case of a unit or units, the period for which the the unit or units in the consolidating plan of the mutual fund scheme were held by the assessee in a Certain Case - Budget 2017-18 w.e.f. AY 2018-19

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498. Capital asset Short term or long term - period of holding in case of equity shares in a company, the period for which the preference shares were held by the assessee in a Certain Case - Budget 2017-18 w.e.f. AY 2018-19

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499. Long Term Capital Assets - Reduced from 3 years to 2 years (36 months to 24 months) - Budget 2017-18 w.e.f. AY 2018-19

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500. Rate of income-tax in case of companies - Budget 2017-18 - Income Tax Rates - For the Assessment Year 2018-19

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