TMI Short Notes

TMI Short Notes on various issues

1251. Classification (HSN Code) for "Rice and Spice"-Interpretation of Tariff ( 11.01 or 21.08)

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1252. Classification (HSN Code) for "Soft Serve"-Interpretation of Tariff ( 21.05 or 04.04 or 2108.91)

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1253. Classification (HSN Code) for "Povidone Iodine Cleansing Solution USP and Wokadine Surgical Scrub" -Interpretation of Tariff ( 3303 or 3402.90)

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1254. Classification (HSN Code) for " Slagwool and Rockwool"-Interpretation of Tariff ( 6807.10 or 6803)

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1255. Classification (HSN Code) for "Scrabble"-Interpretation of Tariff ( 9403 or 9504)

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1256. Classification (HSN Code) for "Aluminium Castings"-Interpretation of Tariff ( 3003.31 or 33.06)

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1257. Classification (HSN Code) for "Aluminium Castings"-Interpretation of Tariff (84.09 or 84.32)

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1258. Classification (HSN Code) for Addition of Perfume in Hair Oil Product-Interpretation of Tariff ( 3305.10 or 3305.99)

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1259. Classification (HSN Code) for "Chillers"-Interpretation of Tariff (84.18 or 84.19)

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1260. Classification (HSN Code) for "Paving Blocks"-Interpretation of Tariff (6807.90 or 6807.20)

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1261. Classification (HSN Code) for "Royan Grade Wood Pulp"-Interpretation of Tariff (48.18 or 56.01)

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1262. Classification (HSN Code) for "Johnson's Prickly Heat Powder and Phipps Processed Talc are patent or proprietary medicines"-Interpretation of Tariff ( 30.03 or 33.04)

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1263. Classification (HSN Code) for a product uses for "Therapeutic or Prophylactics"-Interpretation of Tarrif ( 3003.10 or 38.08)

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1264. Classification (HSN Code) for "Dimethicone"-Interpretation of Tariff (3003.20 or 3910.00)

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1265. Classification (HSN Code) for "Sloans Balm" and "Sloans Rub"-Interpretation of Tariff (3003.30 or 3003.10)

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1266. Classification (HSN Code) for "Himtaj Oil"-Interpretation of Tariff (3303.30 or 3305.10)

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1267. Classification (HSN Code) for "Lip Salve"-Interpretation of Tariff (33.03 or 33.04)

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1268. Classification (HSN Code) for Fragrant Mat-Interpretation of Tariff (3307.41 or 3307.49)

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1269. Classification (HSN Code) for conveyor Belt-Interpretation of Tarrif (3922.90 and 3926.90)

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1270. Classification (HSN code) for Block Board - Interpretation of Tariff (44.08, 44.10 or 44.12)

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1271. Classification (HSN code) for Technical grade pesticides (TGP) and insecticides and formulations thereof. - Interpretation of tariff.

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1272. Export - Zero Rated supply - Whether amount received from the Foreign Currency (Non-Resident) account or Non-Resident External Account known as FCNR/NRE account maintained by the buyer can be treated as received in convertible foreign exchange for claiming benefit under GST

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1273. Export of Services - For claiming exemption from GST or Benefit of Zero Rated supply under GST, whether receipt of consideration / payment in convertible foreign exchange is necessary or mandatory

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1274. What is the meaning of Export of Services under GST

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1275. Export of Goods - For claiming exemption from GST or Benefit of Zero Rated supply under GST, whether receipt of consideration / payment in convertible foreign exchange is necessary or mandatory

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1276. What is the meaning of export of goods under GST

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1277. What is the meaning of continuous journey under GST

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1278. What is the location of supplier of Goods for determination place of supply of goods under GST / IGST
      1 Comment

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1279. What is the location of supplier of services for determination place of supply of services under GST / IGST

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1280. What is the location of the recipient of services for determination place of supply of services under GST / IGST

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1281. 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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1282. 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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1283. 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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1284. 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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1285. 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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1286. 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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1287. 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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1288. 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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1289. 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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1290. 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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1291. 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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1292. 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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1293. 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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1294. 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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1295. 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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1296. 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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1297. 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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1298. 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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1299. 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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1300. 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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