TMI Short Notes

TMI Short Notes on various issues

101. Rationalisation and Simplification of taxation of Capital Gains

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102. Amendment to definition of Specified Mutual Fund under section 50AA (Rationalisation and Simplification of taxation of Capital Gains)

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103. Rationalisation of Tax Deducted at Source rates (Rationalisation and Simplification of taxation of Capital Gains)

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104. Section 194D - Payment of insurance commission (Rationalisation and Simplification of taxation of Capital Gains)

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105. ​​​​​​​Section 194DA - Payment in respect of life insurance policy (Rationalisation and Simplification of taxation of Capital Gains)

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106. Section 194G – Commission, etc on sale of lottery tickets (Rationalisation and Simplification of taxation of Capital Gains)

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107. Section 194H - Payment of commission or brokerage (Rationalisation and Simplification of taxation of Capital Gains)

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108. Section 194-IB - Payment of rent by certain individuals or HUF (Rationalisation and Simplification of taxation of Capital Gains)

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109. Section 194M - Payment of certain sums by certain individuals or Hindu undivided family (Rationalisation and Simplification of taxation of Capital Gains)

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110. Section 194-O - Payment of certain sums by e-commerce operator to e-commerce participant (Rationalisation and Simplification of taxation of Capital Gains)

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111. Section 194F - TDS on payments on repurchase of units by mutual fund or UTI (Rationalisation and Simplification of taxation of Capital Gains)

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112. Ease in claiming credit for TCS collected/TDS deducted by salaried employees

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113. Alignment of interest rates for late payment to Government account of TCS

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114. Increase in limit of remuneration to working partners of a firm allowed as deduction

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115. Claiming credit for TCS of minor in the hands of parent

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116. Tax on distributed income of domestic company for buy-back of shares (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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117. Revision of rates of securities transaction tax by amendment to the Finance (No.2) Act, 2004 (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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118. Reporting of income from letting out of house property under ‘Income from House Property’ (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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119. Amendment of section 47 (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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120. TDS on payment of salary, remuneration, interest, bonus or commission by partnership firm to partners (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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121. TCS under sub-section (1F) of section 206C on notified goods (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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122. Amendment of provisions of TDS on sale of immovable property (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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123. Tax Deduction at source on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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124. Preventing misuse of deductions of expenses claimed by life insurance business (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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125. Inclusion of taxes withheld outside India for purposes of calculating total income (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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126. Excluding sums paid under section 194J from section 194C (Payments to Contractors) (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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147. Amendment of Section 80G (TAX ADMINISTRATION)

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

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

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150. 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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