TMI Short Notes

TMI Short Notes on various issues

451. Omission of certain redundant provisions of the Act

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452. Set off and withholding of refunds in certain cases

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453. Removal of certain funds from section 80G

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454. Denial of exemption where return of income is not furnished within time

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455. Alignment of the time limit for furnishing the form for accumulation of income and tax audit report

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456. Trusts or institutions not filing the application in certain cases

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457. Specified violations under section 12AB and fifteenth proviso to clause (23C) of section 10

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458. Combining provisional and regular registration in some cases

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459. Omission of redundant provisions related to roll back of exemption

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460. Treatment of donation to other trusts:

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461. Rationalisation of the provisions of Charitable Trust and Institutions

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462. Providing clarity on benefits and perquisites in cash

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463. Non-Banking Financial Company (NBFC) categorization

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464. Specifying time limit for bringing consideration against export proceeds into India

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465. Rationalization of provisions related to the valuation of residential accommodation provided to employees

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466. Bringing the non-resident investors within the ambit of section 56(2)(viib) to eliminate the possibility of tax avoidance

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467. Clarification regarding advance tax while filing Updated Return

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468. Relief from special provision for higher rate of TDS/TCS for non-filers of income-tax returns

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469. Facilitating TDS credit for income already disclosed in the return of income of past year

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470. TDS on payment of accumulated balance due to an employee

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471. Tax treaty relief at the time of TDS under section 196A of the Act

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472. Excluding non-banking financial companies (NBFC) from restriction on interest deductibility

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473. Amendments in consequence to new provisions of TDS

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474. Penalty for furnishing inaccurate statement of financial transaction or reportable account

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475. Provisions relating to reassessment proceedings

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476. Modification of directions related to faceless schemes and e-proceedings

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477. Alignment of timeline provisions under section 153 of the Act

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478. Rationalization of the provisions of the Prohibition of Benami Property Transactions Act, 1988 (the PBPT Act)

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479. Provisions related to business reorganisation

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480. Assistance to authorised officer during search and seizure

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481. Rationalisation of Appeals to the Appellate Tribunal

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482. Reducing the time provided for furnishing TP report

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483. Introduction of the authority of Joint Commissioner (Appeals)

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484. Extension of time for disposing pending rectification applications by Interim Board for Settlement

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485. Defining the cost of acquisition in case of certain assets for computing capital gains

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486. Prevention of double deduction claimed on interest on borrowed capital for acquiring, renewing or reconstructing a property

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487. Alignment of provisions of section 45(5A) with the TDS provisions of section 194-IC

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488. Rationalisation of exempt income under life insurance policies

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489. Preventing permanent deferral of taxes through undervaluation of inventory

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490. Special provision for taxation of capital gains in case of Market Linked Debentures

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491. Limiting the roll over benefit claimed under section 54 and section 54F

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492. Increasing rate of TCS of certain remittances
     1 Comment

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493. TDS and taxability on net winnings from online games

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494. Preventing misuse of presumptive schemes under section 44BB and section 44BBB

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495. Removal of exemption from TDS on payment of interest on listed debentures to a resident

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496. Tax avoidance through distribution by business trusts to its unit holders

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497. Removal of exemption of news agency under clause (22B) of section 10

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498. Extending deeming provision under section 9 to gift to not-ordinarily resident

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499. Extending the scope for deduction of tax at source to lower or nil rate

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500. Increasing threshold limits for presumptive taxation schemes

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