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Income Tax - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

Deduction of interest u/s 94B shall exclude certain class of ...

Income Tax

February 3, 2023

Deduction of interest u/s 94B shall exclude certain class of NBFC as specified which were included in the definition of banking units earlier.

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  1. Special procedure for certain processes - Seeks to notify certain class of persons by exercising powers conferred u/s 148 of CGST Act, 2017 - real estate sector

  2. Derivative on such stock shall be moved to physical settlement in case certain specified conditions are satisfied.

  3. Restriction on number of layers for certain classes of holding companies - More than two layers of subsidiaries not allowed subject to certain exceptions.

  4. Issue of consolidated tax invoice in case of banking company, NBFC etc. - For the words “supplier shall issue”, the words “supplier may issue” substituted

  5. The class of registered person required to issue e-invoice - SEZ units excluded - Threshold limit of turnover enhanced from 100 crores to 500 crores.

  6. TDS on interest - section 194A shall also apply to individuals, where total sales, gross receipts or turnover from business or profession exceed the monetary limit...

  7. The interest income cannot notionally be excluded for the purpose of determining the allowable deduction of remuneration paid to the partners under Section 40b - AT

  8. Provisions relating to reassessment proceedings - Specified Authority in case of (i) grant of approval u/s 148 & 148A shall be the PCIT/CCIT (ii) In case of re-opening...

  9. Corporate insolvency process - eligible debt - Corporate person - Applicant-respondent cannot successfully claim that having accepted deposits he has become financial...

  10. TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased - CBDT Specified the manner for deduction of TDS in such cases

 

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