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TMI Short Notes

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TMI Short Notes on various issues


  1. Time limit for compliance of mandatory "Pre-Deposit" for entertaining appeal by the appellate authority.

  2. Reopening of assessment - Substance over Form - Failure to disclose material fact - Duty of the AO to make an enquiry to test the correctness of the disclosure made even if the statutory forms signed and certified by the Chartered Accountant

  3. Evasion of GST - Jurisdiction of inspect and search - Power to issue Seizure (prohibition) order - Proper authorization –Section 67  of the Goods and Service Tax Act, 2017

  4. Refund of IGST - Export of goods - only because the exporter had claimed drawback @ 1% in regard to the exported goods, no power to deny refund of IGST

  5. Time limit for availing Input Tax Credit (ITC) - whether GSTR-3B is a return u/s 39(1) of Central GST Act or State GST Act

  6. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the financial year 2019-20.

  7. Rate of Tax for TDS / Advance Tax -  Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.

  8. Rate of Tax for TDS / Advance Tax -  Co-operative Societies

  9. Rate of Tax for TDS / Advance Tax -  Firms

  10. Rate of Tax for TDS / Advance Tax -  Local authorities

  11. Rate of Tax for TDS / Advance Tax -  Companies

  12. WIDENING AND DEEPENDING OF TAX BASE - Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals

  13. TDS at the time of purchase of immovable property

  14. Deemed accrual of gift made to a person outside India

  15. Mandatory furnishing of return of income by certain persons

  16. Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions.

  17. Consequence of not linking PAN with Aadhaar

  18. Widening the scope of Statement of Financial Transactions (SFT)

  19. MEASURES FOR PROMOTING LESS CASH ECONOMY - Prescription of electronic mode of payments

  20. TDS on cash withdrawal to discourage cash transactions

  21. Mandating acceptance of payments through prescribed electronic modes

  22. TAX INCENTIVES - Incentives to International Financial Services Centre (IFSC):

  23. Incentives to Non-Banking Finance Companies (NBFCs)

  24. Relaxation in conditions of special taxation regime for offshore funds

  25. Tax incentive for electric vehicles

  26. Exemption of interest income of a non-resident arising from borrowings by way of issue of Rupee Denominated Bonds referred to under section 194LC

  27. Tax incentive for affordable housing

  28. Incentives to National Pension System (NPS) subscribers

  29. Incentives for start-ups

  30. Incentives for Category II Alternative Investment Fund (AIF)

  31. FACILITATING RESOLUTION OF DISTRESSED COMPANIES - Measures for resolution of distressed companies

  32. Prescription of exemption from deeming of fair market value of shares for certain transactions

  33. IMPROVING EFFECTIVENESS OF TAX ADMINISTRATION - Online filing of application seeking determination of tax to be deducted at source on payment to non-residents

  34. Electronic filing of statement of transactions on which tax has not been deducted

  35. STRENGTHENING ANTI-ABUSE MEASURES - Tax on income distributed to shareholder in case of listed companies

  36. Cancellation of registration of the Trust or Institution

  37. REMOVING DIFFICULTIES FACED BY TAX PAYERS - Facilitating demerger of Ind-AS compliant companies

  38. Relaxing the provisions of sections 201 and 40 of the Act in case of payments to non-residents

  39. Clarification with regard to power of the Assessing Officer in respect of modified return of income filed in pursuance to signing of the Advance Pricing Agreement (APA)

  40. Clarification with regard to provisions of secondary adjustment and giving an option to assessee to make one-time payment

  41. Concessional rate of Short-term Capital Gains (STCG) tax to certain equity-oriented fund of funds.

  42. Provide for pass through of losses in cases of Category I and Category II Alternative Investment Fund (AIF)

  43. Provision of credit of relief provided under section 89

  44. TDS on non exempt portion of life insurance pay-out on net basis.

  45. Clarification regarding definition of the “accounting year” in section 286 of the Act

  46. Rationalisations of provisions relating to maintenance, keeping and furnishing of information and documents by certain persons

  47. Compliance with the notification of exemption issued under section 56(2)(viib)

  48. Consequential amendment to section 56

  49. Rationalisation of penalty provisions relating to under-reported income

  50. Rationalisation of the provisions of section 276CC



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