TMI Short Notes

TMI Short Notes on various issues

51. Disallowance of settlement amounts being paid to settle contraventions (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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52. Amendment of Section 55 of the Act (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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53. Direct Tax Vivad se Vishwas Scheme, 2024 (TAX ADMINISTRATION)

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54. Amendment of provisions related to Equalisation Levy (TAX ADMINISTRATION)

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55. Amendments in section 42 and 43 of the Black Money Act, 2015 relating to penalty for failure to disclose foreign income and asset in the ITR (TAX ADMINISTRATION)

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56. Amendments proposed in section 276B of the Act for rationalisation of provisions (TAX ADMINISTRATION)

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57. Reducing time limitation for orders deeming any person to be assessee in default (TAX ADMINISTRATION)

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58. Widening ambit of section 200A of the Act for processing of statements other than those filed by deductor (TAX ADMINISTRATION)

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59. Extending the scope for lower deduction / collection certificate of tax at source (TAX ADMINISTRATION)

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60. ​​​​​​​Notification of certain persons or class of persons as exempt from TCS (TAX ADMINISTRATION)

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61. Time limit to file correction statement in respect of TDS/ TCS statements (TAX ADMINISTRATION)

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62. Penalty for failure to furnish statements (TAX ADMINISTRATION)

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63. Submission of statement by liaison office of non-resident in India (TAX ADMINISTRATION)

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64. Determination of Arms Length Price in respect of specified domestic transactions in proceedings before Transfer Pricing Officer (TAX ADMINISTRATION)

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65. Discontinuation of the provisions allowing quoting of Aadhaar Enrolment ID in place of Aadhaar number (TAX ADMINISTRATION)

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66. ​​​​​​​Amendments in sections 245Q and 245R related to Advance Rulings (TAX ADMINISTRATION)

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67. Powers of the Commissioner (Appeals) (TAX ADMINISTRATION)

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68. Amendment of section 271FAA to comply with the Automatic Exchange of Information (AEOI) framework (TAX ADMINISTRATION)

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69. Amendment to include the reference of Black Money Act, 2015 for the purposes of obtaining a tax clearance certificate (TAX ADMINISTRATION)

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70. Rationalisation of provisions related to time-limit for completion of assessment, reassessment and recomputation

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71. Amendment of Section 80G (TAX ADMINISTRATION)

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72. Removing reference to National Housing Board in Section 43D of the Act (TAX ADMINISTRATION)

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73. Adjusting liability under Black Money Act, 2015 against seized assets (TAX ADMINISTRATION)

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74. Amendment of Section 24 of the Prohibition of Benami Property Transactions Act, 1988 (Amendments to the Prohibition of Benami Property Transactions Act, 1988)

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75. Insertion of Section 55A in the Prohibition of Benami Property Transactions Act, 1988 (Amendments to the Prohibition of Benami Property Transactions Act, 1988)

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76. AMENDMENTS TO THE CUSTOMS ACT, 1962

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77. AMENDMENTS TO THE CUSTOMS TARIFF ACT, 1975

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78. AMENDMENTS TO THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975

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79. CUSTOMS - OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS

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80. CUSTOMS - OTHER MISCELLANEOUS AMENDMENTS

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81. Amendment of Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidized Articles and for Determination of Injury) Rules, 1995

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82. Customs - Other notification changes

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83. Review of Customs duty Exemptions - Review of conditional exemption rates of BCD

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84. Customs - Review of exemptions prescribed by other notifications:

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85. CUSTOMS DUTY EXEMPTIONS / CONCESSIONS BEING ALLOWED TO LAPSE

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86. CUSTOMS - SOCIAL WELFARE SURCHARGE (SWS)

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87. CUSTOMS - AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC)

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88. Amendment of Central Excise Notification

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89. AMENDMENTS IN THE CGST ACT, 2017

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90. AMENDMENTS IN THE IGST ACT, 2017

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91. AMENDMENTS IN THE UTGST ACT, 2017

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92. AMENDMENTS IN THE GST (Compensation to States) Act, 2017

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93. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals]

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94. TDS - Rates for deduction of income-tax at source during the financial year (FY) 2023- 24 from certain incomes other than “Salaries”.

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95. Rate of TDS on Salaries and Computation of Income for Advance Tax for FY 2023-24 / Assessment Year 2024-25

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96. Rate of Income Tax - Individual, HUF, association of persons, body of individuals, artificial juridical person for the FY 2023-24 i.e. AY 2024-25

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97. Co-operative Societies - Rate of Income Tax

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98. Firms – Rate of Income Tax on Firms / Partnership Firm

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99. Local authorities - Rate of Income Tax

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100. Companies – Rate of Income Tax / Corporate Tax

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