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TMI Short Notes

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TMI Short Notes on various issues

 

  1. Treatment of donation to other trusts:
  2. Rationalisation of the provisions of Charitable Trust and Institutions
  3. Providing clarity on benefits and perquisites in cash
  4. Non-Banking Financial Company (NBFC) categorization
  5. Specifying time limit for bringing consideration against export proceeds into India
  6. Rationalization of provisions related to the valuation of residential accommodation provided to employees
  7. Bringing the non-resident investors within the ambit of section 56(2)(viib) to eliminate the possibility of tax avoidance
  8. Clarification regarding advance tax while filing Updated Return
  9. Relief from special provision for higher rate of TDS/TCS for non-filers of income-tax returns
  10. Facilitating TDS credit for income already disclosed in the return of income of past year
  11. TDS on payment of accumulated balance due to an employee
  12. Tax treaty relief at the time of TDS under section 196A of the Act
  13. Excluding non-banking financial companies (NBFC) from restriction on interest deductibility
  14. Amendments in consequence to new provisions of TDS
  15. Penalty for furnishing inaccurate statement of financial transaction or reportable account
  16. Provisions relating to reassessment proceedings
  17. Modification of directions related to faceless schemes and e-proceedings
  18. Alignment of timeline provisions under section 153 of the Act
  19. Rationalization of the provisions of the Prohibition of Benami Property Transactions Act, 1988 (the PBPT Act)
  20. Provisions related to business reorganisation
  21. Assistance to authorised officer during search and seizure
  22. Rationalisation of Appeals to the Appellate Tribunal
  23. Reducing the time provided for furnishing TP report
  24. Introduction of the authority of Joint Commissioner (Appeals)
  25. Extension of time for disposing pending rectification applications by Interim Board for Settlement
  26. Defining the cost of acquisition in case of certain assets for computing capital gains
  27. Prevention of double deduction claimed on interest on borrowed capital for acquiring, renewing or reconstructing a property
  28. Alignment of provisions of section 45(5A) with the TDS provisions of section 194-IC
  29. Rationalisation of exempt income under life insurance policies
  30. Preventing permanent deferral of taxes through undervaluation of inventory
  31. Special provision for taxation of capital gains in case of Market Linked Debentures
  32. Limiting the roll over benefit claimed under section 54 and section 54F
  33. Increasing rate of TCS of certain remittances
    1 Comment
  34. TDS and taxability on net winnings from online games
  35. Preventing misuse of presumptive schemes under section 44BB and section 44BBB
  36. Removal of exemption from TDS on payment of interest on listed debentures to a resident
  37. Tax avoidance through distribution by business trusts to its unit holders
  38. Removal of exemption of news agency under clause (22B) of section 10
  39. Extending deeming provision under section 9 to gift to not-ordinarily resident
  40. Extending the scope for deduction of tax at source to lower or nil rate
  41. Increasing threshold limits for presumptive taxation schemes
  42. Ease in claiming deduction on amortization of preliminary expenditure
  43. 15% concessional tax to promote new manufacturing co-operative society
  44. Facilitating certain strategic disinvestment
  45. Exemption to development authorities etc.
  46. Tax Incentives to International Financial Services Centre
  47. Conversion of Gold to Electronic Gold Receipt and vice versa
  48. Extension of date of incorporation for eligible start-up for exemption
  49. Relief to start-ups in carrying forward and setting off of losses
  50. Penalty for cash loan/ transactions against primary co-operatives

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