TMI Short Notes

TMI Short Notes on various issues

1101. 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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1102. 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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1103. 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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1104. 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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1105. 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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1106. 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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1107. 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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1108. Rate of income-tax in case of companies - Budget 2017-18 - Income Tax Rates - For the Assessment Year 2018-19

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1109. Rate of income-tax in case of every local authority - Budget 2017-18 - Income Tax Rates - For the Assessment Year 2018-19

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1110. Rate of income-tax in the case of ever firm (partnership firm) - Budget 2017-18 - Income Tax Rates - For the Assessment Year 2018-19

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1111. Rate of Tax in case of co-operative society - Budget 2017-18 - Income Tax Rates - For the Assessment Year 2018-19

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1112. Income Tax Rates - For the Assessment Year 2018-19 and Rates for deduction of tax at source from "Salaries", computation of "advance tax" and charging of income-tax in special cases during the financial year 2017-2018 - Budget 2017-18

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1113. Classification of goods - Impact of use of punctuation mark

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1114. Withdrawal of Anti-Dumping Duty - Designated Authority has no power to give retrospective relief

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1115. Meaning and scope of supply under GST (Part 2) - Import of services will be treated as supply and will be subject to GST under reverse charge.

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1116. Meaning and scope of supply under GST (Part 1) - Since CGST, SGST or IGST will be levied on supply of goods or services, it is important to understand this term first

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1117. Whether the vessels or ships that are afloat are not goods and immovable property? - CESTAT says Yes. - Whether GST would be applicable on sale / supply of floating vessels or ships?

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1118. Adjustment of excess paid service tax – rule 6(3) of STR, 1994
      1 Comment

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1119. Foreign Tax Credit (‘FTC’) - Currency conversion using telegraphic transfer buying rate (‘TTBR’)

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1120. Foreign Tax Credit (‘FTC’) in case of MAT/ AMT

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1121. Foreign Tax Credit (‘FTC’) - Documents to be furnished for availing FTC

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1122. Foreign Tax Credit (‘FTC’) - Lower of the tax payable under the Act and DTAA

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1123. Foreign Tax Credit (‘FTC’) shall be allowed if evidence & undertaking furnished within 6 months of dispute settlement

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1124. Foreign Tax Credit (‘FTC’) - Cases in which no FTC benefit would be available

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1125. Foreign Tax Credit (‘FTC’) - Meaning of foreign tax

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1126. Foreign Tax Credit (‘FTC’) - Benefit on proportionate basis

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1127. Foreign Tax Credit (‘FTC’) - FTC benefit in the year in which income offered to tax

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1128. Authority to inspect the prosecution work and performance? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1129. Whether prosecution once launched can be compound ? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1130. What is the impact of prosecution under this Circular No. 1009/16/2015-CX - Dated: 23-10-2015 - Central Excise for Transitional Provisions?

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1131. Can withdrawal of sanction order of prosecution is possible. If yes, then what the procedure mention ? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1132. What is the term of publication of name of person convicted as per this Circular No. 1009/16/2015-CX - Dated: 23-10-2015 ?:FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1133. Who will be responsible to monitor cases of prosecution as per this reasons include and how? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1134. what is the procedure of prosecution? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1135. Who has authority to sanction prosecution ? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1136. What is the meaning of term “Habitual Evaders” in terms of prosecution? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1137. What is the prescribed limit for prosecution proceeding ? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1138. The person who are liable to prosecuted ?-FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE

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1139. Whether SBC is levied on all or selected services?

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1140. Does a person providing both exempted and taxable service and reversing credit @ 7% of value of exempted service under Rule 6 of Cenvat Credit Rules, does he need to reverse the SBC also

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1141. How would liability be determined in case of reverse charge services where services have been received prior to 15.11.2015 but consideration paid post 15.11.2015?

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1142. Whether SBC would be applicable on services covered by Rule 6 of Service Tax Rules (i.e. air travel agent, life insurance premium, purchase and sale of foreign currency and services by lottery distributors/selling agents)?

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1143. How would the service tax and Swachh Bharat Cess (SBC) be calculated on restaurant services covered under Service Tax (Determination of Value) Rules, 2006.?

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1144. How would the tax (Service Tax and SBC) be calculated on services covered under Rule 2A, 2B or 2C of Service Tax (Determination of Value) Rules, 2006.?

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1145. What would be the point of taxation for Swachh Bharat Cess?

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1146. Whether Cenvat Credit of the SBC is available?

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1147. How will SBC be calculated for services where abatement is allowed?

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1148. How will the SBC be calculated for services under reverse charge mechanism?

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1149. Whether SBC is a ‘Cess’ on tax’ and we need to calculate SBC @ 0.50% on the amount of service tax like we were earlier doing for calculating Education Cess and SHE Cess?

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1150. What would be effective rate of service tax and SBC post introduction of SBC?

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