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TMI Short Notes

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TMI Short Notes on various issues


  1. Denial of Input Tax Credit since the GST registration of the Supplier of Goods has been Cancelled with retrospective effect.
  2. Input Tax Credit (ITC) is a vested right or concession - Can government impose conditions or restrictions for availing ITC?
  3. Manner of disposal of application for advance ruling under Income Tax Act, 1961
  4. Computation of Turnover for the purpose of tax audit u/s 44AB - Speculation Business or Derivatives, futures, and options or Delivery based transactions
  5. Income deemed to accrue or arise in India - Section 9
  6. GST on offline/online games such as Rummy - game of skill versus game of chance - principle of nomen-juris
  7. Current Repairs - ‘Nature & Treatment’ of expense
  8. Addition u/s 69A - ambit of the word "owner" and "valuable article" for the purpose of additions as Unexplained money, etc
  9. Role and Responsibilities of Reporting Entities under PMLA
  10. Reporting Entity under Prevention of Money Laundering Act, 2002 (PMLA)
  11. Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?
  12. Impact of belated deposit of employees’ contribution towards the EPF and ESI under Income Tax
  13. 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]
  14. TDS - Rates for deduction of income-tax at source during the financial year (FY) 2023- 24 from certain incomes other than “Salaries”.
  15. Rate of TDS on Salaries and Computation of Income for Advance Tax for FY 2023-24 / Assessment Year 2024-25
  16. 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
  17. Co-operative Societies - Rate of Income Tax
  18. Firms – Rate of Income Tax on Firms / Partnership Firm
  19. Local authorities - Rate of Income Tax
  20. Companies – Rate of Income Tax / Corporate Tax
  21. Income Tax - Rebate under section 87A
  22. AMENDMENTS IN THE CGST ACT, 2017 and IGST Act, 2017
  25. Decriminalisation of section 276A of the Act
  26. Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) and providing for alternative mechanism for vacation of office of the Administrator.
  27. Omission of certain redundant provisions of the Act
  28. Set off and withholding of refunds in certain cases
  29. Removal of certain funds from section 80G
  30. Denial of exemption where return of income is not furnished within time
  31. Alignment of the time limit for furnishing the form for accumulation of income and tax audit report
  32. Trusts or institutions not filing the application in certain cases
  33. Specified violations under section 12AB and fifteenth proviso to clause (23C) of section 10
  34. Combining provisional and regular registration in some cases
  35. Omission of redundant provisions related to roll back of exemption
  36. Treatment of donation to other trusts:
  37. Rationalisation of the provisions of Charitable Trust and Institutions
  38. Providing clarity on benefits and perquisites in cash
  39. Non-Banking Financial Company (NBFC) categorization
  40. Specifying time limit for bringing consideration against export proceeds into India
  41. Rationalization of provisions related to the valuation of residential accommodation provided to employees
  42. Bringing the non-resident investors within the ambit of section 56(2)(viib) to eliminate the possibility of tax avoidance
  43. Clarification regarding advance tax while filing Updated Return
  44. Relief from special provision for higher rate of TDS/TCS for non-filers of income-tax returns
  45. Facilitating TDS credit for income already disclosed in the return of income of past year
  46. TDS on payment of accumulated balance due to an employee
  47. Tax treaty relief at the time of TDS under section 196A of the Act
  48. Excluding non-banking financial companies (NBFC) from restriction on interest deductibility
  49. Amendments in consequence to new provisions of TDS
  50. Penalty for furnishing inaccurate statement of financial transaction or reportable account