TMI Short Notes

TMI Short Notes on various issues

901. Whether section 80C allows deduction on re payment of housing loan?

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902. What kind of deduction is available for deduction u/s 80C?

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903. Who can take the benefit u/s 80C?

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904. While clubbing income of minor with the parent's income, the investment made by the minor u/s 80C also can be claimed as a deduction?

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905. Can a self employed individual claim the benefit of HRA u/s 10(13A)?

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906. Does actual payment of rent is required to claim HRA deduction u/s 10(13A)?

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907. Whether an employee is allowed deduction u/s 10(13A) even if he owns a house property?

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908. Whether a person is allowed HRA exemption even if he do not have the HRA component in his salary but he pays rent?

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909. Whether exemption of HRA is allowed if rent is paid to any family members?

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910. What is the treatment of payment at the time of termination from un-recognised provident fund u/s 10(12)?

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911. Whether a husband-wife both can claim LTA u/s 10(5)?

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912. Is it possible to claim LTA Twice in a Year u/s 10(5)?

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913. Can the Leave travel concession u/s 10(5) be carried forward?

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914. Can an individual claim the LTA u/s 10(5) in case of Switch of JOB?

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915. What type of expenses are covered under Leave Travel expense u/s 10(5)?

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916. Whether the exemption u/s 10(38) is avaliable if the transaction is undertaken on a stock exchange located in any International Financial Service Centre?

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917. Whether Shares acquired as Gift from someone, are eligible for exemption u/s 10(38) at the time of sale?

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918. Whether an enhanced compensation by any court or other authority shall be included u/s 10(37)?

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919. Whether the income on transfer of units is also exempt u/s 10(35)?

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920. Whether the exemption u/s 10(34A) on income arising due to buyback of shares applies on Long Term Capital Gains or Short Term Capital Gains?

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921. What are the cases where any sum received for life insurance policy u/s 10(10D) shall be exempt.

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922. What type of incomes shall be exempted u/s 10(8)?

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923. What are the conditions specified u/s 10(23A) for claiming exemption on Income of some Professional Institutions?

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924. What are the conditions as specified u/s 10(21) to avail exemption of any income of a research association, approved under section 35(1)(ii)/(iii)?

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925. As per section 10(19A), if the annual value of any one palace in the occupation of a former ruler, is let out, then whether its income shall be exempted?

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926. Whether any amount received as family pension by any member of the family of an individual who has been in the service of Government or has been awarded ‘Vir Chakra’, shall be taxable?

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927. A partner of the firm/LLP receives interest on capital and remuneration from the firm/LLP. Whether such interest and remuneration shall also be exempt u/s 10(2A).

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928. Whether an amount received by an Individual (a co-parcener to the HUF) from this HUF would be taxable in his hands.

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929. Change in accounting policy - When is to be changed - What should be the basis for change in accounting policy

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930. Accrual of income - Scope of ICDS - If there is conflict between Section 5 and Section 145, which would prevail

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931. ICDS - Accrual basis of Accounting - Accrual of income versus Receipt of income

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932. Bad debts out of income recognised on the basis of ICDS but not yet recognised in books of account

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933. Applicability of ICDS for the purpose of disallowance u/s 40(a)(i) and 40(a)(ia)

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934. Applicability of ICDS on TDS

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935. Maintenance of Books of accounts for the purpose of ICDS

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936. Levy of GST - Reverse Charge on Legal Services - Services provided by an individual advocate including a senior advocate or firm of advocates - Corrigendum notifications issued

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937. Reversal of Input Tax Credit - In GST / VAT era, emergence of by-product which is exempt during manufacturing process is not relevant, what is relevant is sale of goods.

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938. Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

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939. Whether it is required to disclose a change in the accounting policies if it has no material effect for the current previous year.

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940. ICDS-I provides that an accounting policy shall not be changed without ’reasonable cause’. The term ’reasonable cause’ is not defined. What shall constitute ’reasonable cause’.

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941. Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.

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942. When does an assessee is required to make disclosures of fundamental accounting assumptions as per ICDS-I.

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943. What is the scope of Going Concern as per ICDS I.

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944. ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

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945. In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

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946. Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

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947. When can a provision be recognized as per ICDS X.

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948. What is the impact of ICDS X containing transitional provisions.

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949. Can any expenditure should set off against a provision recognised for another expendiure.

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950. Under ICDS X, whether reversal of an asset and the related income would mean that the entry which was originally passed for recognition of the asset and the income should be reversed, or whether the asset should be written off as a bad debt under section 36(1)(vii).

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