TMI Short Notes

TMI Short Notes on various issues

801. Rates for deduction of income-tax at source during the financial year (FY) 2020-21 from certain incomes other than “Salaries”.

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802. Rates of income-tax in respect of income liable to tax for the assessment year 2020-21.

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803. Bribery Case - Court rejects CBI prayer for CBI Custody - sends all accused to JC

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804. Reopening of assessment u/s 147 - Notice issues u/s 148 kept in abeyance since the issue of Deduction u/s u/s 80P(2)(a)(i) is pending before the Apex Court

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805. Time limit for compliance of mandatory "Pre-Deposit" for entertaining appeal by the appellate authority.

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806. Reopening of assessment - Substance over Form - Failure to disclose material fact - Duty of the AO to make an enquiry to test the correctness of the disclosure made even if the statutory forms signed and certified by the Chartered Accountant

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807. Evasion of GST - Jurisdiction of inspect and search - Power to issue Seizure (prohibition) order - Proper authorization –Section 67  of the Goods and Service Tax Act, 2017

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808. Refund of IGST - Export of goods - only because the exporter had claimed drawback @ 1% in regard to the exported goods, no power to deny refund of IGST

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809. Time limit for availing Input Tax Credit (ITC) - whether GSTR-3B is a return u/s 39(1) of Central GST Act or State GST Act

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810. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the financial year 2019-20.

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811. Rate of Tax for TDS / Advance Tax -  Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.

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812. Rate of Tax for TDS / Advance Tax -  Co-operative Societies

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813. Rate of Tax for TDS / Advance Tax -  Firms

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814. Rate of Tax for TDS / Advance Tax -  Local authorities

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815. Rate of Tax for TDS / Advance Tax -  Companies

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816. WIDENING AND DEEPENDING OF TAX BASE - Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals

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817. TDS at the time of purchase of immovable property

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818. Deemed accrual of gift made to a person outside India

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819. Mandatory furnishing of return of income by certain persons

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820. Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions.

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821. Consequence of not linking PAN with Aadhaar

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822. Widening the scope of Statement of Financial Transactions (SFT)

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823. MEASURES FOR PROMOTING LESS CASH ECONOMY - Prescription of electronic mode of payments

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824. TDS on cash withdrawal to discourage cash transactions

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825. Mandating acceptance of payments through prescribed electronic modes

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826. TAX INCENTIVES - Incentives to International Financial Services Centre (IFSC):

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827. Incentives to Non-Banking Finance Companies (NBFCs)

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828. Relaxation in conditions of special taxation regime for offshore funds

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829. Tax incentive for electric vehicles

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830. Exemption of interest income of a non-resident arising from borrowings by way of issue of Rupee Denominated Bonds referred to under section 194LC

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831. Tax incentive for affordable housing

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832. Incentives to National Pension System (NPS) subscribers

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833. Incentives for start-ups

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834. Incentives for Category II Alternative Investment Fund (AIF)

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835. FACILITATING RESOLUTION OF DISTRESSED COMPANIES - Measures for resolution of distressed companies

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836. Prescription of exemption from deeming of fair market value of shares for certain transactions

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837. IMPROVING EFFECTIVENESS OF TAX ADMINISTRATION - Online filing of application seeking determination of tax to be deducted at source on payment to non-residents

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838. Electronic filing of statement of transactions on which tax has not been deducted

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839. STRENGTHENING ANTI-ABUSE MEASURES - Tax on income distributed to shareholder in case of listed companies

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840. Cancellation of registration of the Trust or Institution

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841. REMOVING DIFFICULTIES FACED BY TAX PAYERS - Facilitating demerger of Ind-AS compliant companies

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842. Relaxing the provisions of sections 201 and 40 of the Act in case of payments to non-residents

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843. Clarification with regard to power of the Assessing Officer in respect of modified return of income filed in pursuance to signing of the Advance Pricing Agreement (APA)

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844. Clarification with regard to provisions of secondary adjustment and giving an option to assessee to make one-time payment

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845. Concessional rate of Short-term Capital Gains (STCG) tax to certain equity-oriented fund of funds.

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846. Provide for pass through of losses in cases of Category I and Category II Alternative Investment Fund (AIF)
     1 Comment

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847. Provision of credit of relief provided under section 89

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848. TDS on non exempt portion of life insurance pay-out on net basis.

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849. Clarification regarding definition of the “accounting year” in section 286 of the Act

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850. Rationalisations of provisions relating to maintenance, keeping and furnishing of information and documents by certain persons

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