TMI Short Notes

TMI Short Notes on various issues

201. Tax Audit Requirements in India: Clause 63 of the Income Tax Bill, 2025 vs. Section 44AB of Income Tax Act, 1961

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202. Maintenance of books of account: Clause 62 of the Income Tax Bill, 2025 vs. Section 44AA of the Income Tax Act, 1961

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203. Presumptive Taxation for Non-Residents in India: Clause 61 of the Income Tax Bill, 2025 merging Sections 44B, 44BB, 44BBA, 44BBB, 44BBC and 44BBD of Income Tax Act, 1961

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204. Head Office Expenditure Deductions - Reforming Non-Resident Tax Deductions: Clause 60 of Income Tax Bill, 2025 vs. Section 44C of the Income-tax Act, 1961

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205. Computing income by way of royalties, etc., in case of non-residents - Clause 59 of the Income Tax Bill, 2025 vs. Section 44DA of the Income Tax Act, 1961

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206. Presumptive profits and gains of business of plying, hiring or leasing goods carriages: Clause 58 of the Income Tax Bill, 2025 vs. Section 44AE of the Income Tax Act, 1961

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207. Computing Profits and Gains of Profession on Presumptive Basis: Clause 58 of the Income Tax Bill, 2025 vs. Section 44ADA of the Income Tax Act, 1961

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208. Computing profits and gains of business on presumptive basis: Clause 58 of the Income Tax Bill, 2025 vs. Section 44AD of the Income-tax Act, 1961

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209. Modernizing Revenue Recognition in Construction and Service Contracts: Clause 57 of Income Tax Bill, 2025 Vs. Section 43CB of Income-tax Act, 1961

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210. Taxation of Interest Income for Financial Institutions: Clause 56 of Income Tax Bill, 2025 vs. Section 43D of the Income Tax Act, 1961

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211. Taxation of insurance businesses: Clause 55 of the Income Tax Bill, 2025 vs. Section 44 of the Income Tax Act, 1961

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212. Evolution of Tax Provisions for Trade and Professional Associations: Clause 50 of the Income Tax Bill, 2025 vs. Section 44A of the Income-tax Act, 1961

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213. Understanding the Full Value of Consideration of capital assets under Business income Head: Clause 53 of the Income Tax Bill, 2025 vs. Section 43CA of the Income-tax Act, 1961

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214. Computation of Cost of Acquisition of Certain Assets under Business Income Head: Clause 40 of the Income Tax Bill, 2025 vs. Section 43C of the Income Tax Act, 1961

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215. Complexities of Tax Deductions - requiring actual payment for certain deductions: Clause 37 of the Income Tax Bill, 2025 vs. 43B of the Income Tax Act, 1961

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216. Tax on Foreign Currency Transactions: Clause 43 of Income Tax Bill, 2025 vs. Section 43AA of Income-tax Act, 1961

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217. Treatment of foreign exchange fluctuations in tax law: Clause 42 of Income Tax Bill, 2025 vs. Section 43A of the Income-tax Act, 1961

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218. Amortisation of Expenditure for Prospecting Certain Minerals: Clause 51 of the Income Tax Bill, 2025 vs. Section 35E of the Income Tax Act, 1961

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219. Tax Provisions for Mineral Oil Exploration: Clause 54 of Income Tax Bill, 2025 vs. Section 42 of the Income Tax Act, 1961

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220. Calculation of the written down value (WDV): Clause 41 of Income Tax Bill, 2025 vs. Section 43 of Income-tax Act, 1961

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221. The Evolution of Asset Cost Computation in Business Income Head: Clause 39 of the Income Tax Bill, 2025 vs. Section 43 of the Income Tax Act, 1961

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222. Modernizing Definitions of various terms related to Business Income: Clause 66 of the Income Tax Bill, 2025 vs. Section 43 of the Income-tax Act, 1961

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223. Deemed profits and gains of business or profession: Clause 38 of Income Tax Bill, 2025 vs. Section 41 of Income Tax Act, 1961

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224. Ensuring Fair Tax Practices: An Analysis of Clause 36 in the Income Tax Bill, 2025 vs. Section 40A of the Income Tax Act, 1961

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225. Understanding various Deductions from Business Income: Clause 32 of the Income Tax Bill, 2025 vs. Section 40A of the Income-tax Act, 1961

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226. Tax Compliance and Non-Deductibility of certain expenditure: Clause 35 of the Income Tax Bill, 2025 vs. Section 40 of the Income-tax Act, 1961

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227. Building, etc., partly used for business, etc., or not exclusively so used: Clauses 28 and 33 of the Income Tax Bill, 2025 vs. Section 38 of the Income-tax Act, 1961

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228. The Evolution of Business Expenditure Deductions: Insights from Clause 34 of the Income Tax Bill, 2025 vs. Section 37 of the Income Tax Act, 1961

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229. Deduction from Business Income: Clause 32 of the Income Tax Bill, 2025 vs. Section 36 of the Income Tax Act, 1961

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230. Bad and doubtful debt deductions - Clause 31 of the Income Tax Bill, 2025 vs. Section 36 of Income Tax Act, 1961

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231. Digital Age Tax Enforcement: Understanding the Implications of Clause 247 of the Income Tax Bill, 2025 vs. Section 132 of the Income Tax Act, 1961

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232. Understanding Insurance Premium Deductions: Clause 30 of the Income Tax Bill, 2025 vs. Section 36 of Income-tax Act, 1961

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233. Employee welfare expenses: Clause 29 of the Income Tax Bill, 2025 vs. Sections 36 and 40A of the Income Tax Act, 1961

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234. Business Income Deductions - Employee Welfare Contributions: A Legal Perspective on Clause 29 and Section 40A

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235. Tax Incentives for Agricultural and Skill Development Projects: Clause 47 of Income Tax Bill, 2025 vs. Sections 35CCC and 35CCD

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236. Site Restoration Fund: Clause 49 and Schedule X of the Income Tax Bill, 2025 vs. Section 33ABA of the Income Tax Act, 1961

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237. Incentivizing Investment in Specified Businesses: Clause 46 vs. Section 35AD

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238. Amortization of Preliminary Expenses in the Income Tax Bill, 2025: Clause 44 vs. Section 35D

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239. Clause 52 of the Income Tax Bill, 2025 Explained: Amortisation of expenses and Tax Implications for Telecommunications and Corporate Restructuring

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240. Tax Incentives for Scientific Research: Clause 45 of the Income Tax Bill, 2025 vs. Section 35

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241. Clause 33 vs. Section 32: A Comparative Analysis of Depreciation Provisions

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242. Business income deductions against Rent, repairs etc.: Clause 28 of the Income Tax Bill, 2025 Compared with Sections 30 and 31 of the Income-tax Act, 1961
     1 Comment

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243. Business Income: Comparative Analysis of Clause 26 of the Income Tax Bill, 2025 and Section 28 of the Income-tax Act, 1961

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244. Rental Income from House Property: Owner Definition Under Income Tax Bill 2025 and Income Tax Act 1961

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245. Property Co-ownership Provisions for Rental Income: Section 26 of Income Tax Act, 1961 and Clause 24 of Income Tax Bill, 2025

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246. House Property Income Deductions: Comparing Clause 22 of Income Tax Bill, 2025 with Sections 24 and 25 of Income Tax Act, 1961.

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247. Changes in Taxation of Arrears of Rent and Unrealised Rent: Clause 23 of Income Tax Bill, 2025, with Section 25A of Income-tax Act, 1961

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248. Evolution of Annual Value Determination of Property Income: Section 23 of Income Tax Act, 1961 and Clause 21 of Income Tax Bill, 2025

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249. Income from House Property: Section 22 of Income Tax Act, 1961 Versus Clause 20 of Income Tax Bill, 2025

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250. A Comparative Analysis of "Profits in Lieu of Salary" Under the New Tax Regime: Clause 18 of Income Tax Bill, 2025 vis-a-vis Section 17(3) of Income-tax Act, 1961.

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