TMI Short Notes

TMI Short Notes on various issues

851. Computation of Turnover for the purpose of tax audit u/s 44AB - Speculation Business or Derivatives, futures, and options or Delivery based transactions

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852. Income deemed to accrue or arise in India - Section 9

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853. GST on offline/online games such as Rummy - game of skill versus game of chance - principle of nomen-juris

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854. Current Repairs - ‘Nature & Treatment’ of expense

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855. Addition u/s 69A - ambit of the word "owner" and "valuable article" for the purpose of additions as Unexplained money, etc

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856. Role and Responsibilities of Reporting Entities under PMLA

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857. Reporting Entity under Prevention of Money Laundering Act, 2002 (PMLA)

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858. Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?

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859. Impact of belated deposit of employees’ contribution towards the EPF and ESI under Income Tax

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860. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals]

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861. TDS - Rates for deduction of income-tax at source during the financial year (FY) 2023- 24 from certain incomes other than “Salaries”.

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862. Rate of TDS on Salaries and Computation of Income for Advance Tax for FY 2023-24 / Assessment Year 2024-25

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863. Rate of Income Tax - Individual, HUF, association of persons, body of individuals, artificial juridical person for the FY 2023-24 i.e. AY 2024-25

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864. Co-operative Societies - Rate of Income Tax

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865. Firms – Rate of Income Tax on Firms / Partnership Firm

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866. Local authorities - Rate of Income Tax

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867. Companies – Rate of Income Tax / Corporate Tax

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868. Income Tax - Rebate under section 87A

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869. AMENDMENTS IN THE CGST ACT, 2017 and IGST Act, 2017

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870. AMENDMENT TO SEVENTH SCHEDULE TO THE FINANCE ACT, 2001

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871. AMENDMENTS TO THE CUSTOMS ACT, 1962

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872. Decriminalisation of section 276A of the Act

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873. Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) and providing for alternative mechanism for vacation of office of the Administrator.

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874. Omission of certain redundant provisions of the Act

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875. Set off and withholding of refunds in certain cases

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876. Removal of certain funds from section 80G

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

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

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

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

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881. Combining provisional and regular registration in some cases

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

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883. Treatment of donation to other trusts:

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884. Rationalisation of the provisions of Charitable Trust and Institutions

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885. Providing clarity on benefits and perquisites in cash

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886. Non-Banking Financial Company (NBFC) categorization

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

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

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

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890. Clarification regarding advance tax while filing Updated Return

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

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

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

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

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

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896. Amendments in consequence to new provisions of TDS

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

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898. Provisions relating to reassessment proceedings

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

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

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