TMI Short Notes

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.

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2. Input Tax Credit (ITC) is a vested right or concession - Can government impose conditions or restrictions for availing ITC?

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3. Manner of disposal of application for advance ruling under Income Tax Act, 1961

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

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

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

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8. 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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9. Role and Responsibilities of Reporting Entities under PMLA

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

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

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

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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]

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

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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

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17. Co-operative Societies - Rate of Income Tax

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

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19. Local authorities - Rate of Income Tax

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20. Companies – Rate of Income Tax / Corporate Tax

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21. Income Tax - Rebate under section 87A

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

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

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24. AMENDMENTS TO THE CUSTOMS ACT, 1962

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25. Decriminalisation of section 276A of the Act

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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.

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27. Omission of certain redundant provisions of the Act

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28. Set off and withholding of refunds in certain cases

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29. Removal of certain funds from section 80G

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

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

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

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

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34. Combining provisional and regular registration in some cases

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

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36. Treatment of donation to other trusts:

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37. Rationalisation of the provisions of Charitable Trust and Institutions

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38. Providing clarity on benefits and perquisites in cash

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39. Non-Banking Financial Company (NBFC) categorization

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

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

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

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43. Clarification regarding advance tax while filing Updated Return

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

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

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

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

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

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49. Amendments in consequence to new provisions of TDS

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

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