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TMI Short Notes

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TMI Short Notes on various issues


  1. Rates of income-tax in respect of income liable to tax for the assessment year 2021-22.
  2. Rates for deduction of income-tax at source during the financial year (FY) 2021-22 from certain incomes other than“Salaries”.
  3. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2021-22
  4. Tax Incentives Exemption for LTC Cash Scheme
  5. Incentives for affordable rental housing
  6. Tax incentives for units located in International Financial Services Centre (IFSC)
  7. Issuance of zero coupon bond by infrastructure debt fund
  8. Tax neutral conversion of Urban Cooperative Bank into Banking Company
  9. Facilitating strategic disinvestment of public sector company
  10. Extension of date of sanction of loan for affordable residential house property
  11. Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up
  12. Removing difficulties faced by taxpayers Increase in safe harbour limit of 10% for home buyers and real estate developers selling such residential units
  13. Relaxation for certain category of senior citizen from filing return of income-tax
  14. Rationalisation of provisions related to Sovereign Wealth Fund (SWF) and Pension Fund (PF)
  15. Addressing mismatch in taxation of income from notified overseas retirement fund
  16. Rationalisation of provisions of Minimum Alternate Tax (MAT)
  17. Exemption of deduction of tax at source on payment of Dividend to business trust in whose hand dividend is exempt
  18. Rationalisation of the provision concerning withholding on payment made to Foreign Institutional Investors (FIIs)
  19. Rationalisation of provisions relating to tax audit in certain cases
  20. Advance tax instalment for dividend income
  21. Raising of prescribed limit for exemption under sub-clause (iiiad) and (iiiae) of clause (23C) of section 10 of the Act
  22. Extending due date for filing return of income in some cases, reducing time to file belated return and to revise original return and also to remove difficulty in cases of defective returns
  23. Rationalisation of various Provisions Payment by employer of employee contribution to a fund on or before due date
  24. Constitution of Dispute Resolution Committee for small and medium taxpayers
  25. Constitution of the Board for Advance Ruling
  26. Income escaping assessment and search assessments
  27. Allowing prescribed authority to issue notice under clause (i) of sub-section (1) of section 142
  28. Provision for Faceless Proceedings before the Income-tax Appellate Tribunal (ITAT) in a jurisdiction less manner
  29. Discontinuance of Income-tax Settlement Commission
  30. Reduction of time limit for completing assessment
  31. Rationalisation of the provision of Charitable Trust and Institutions to eliminate possibility of double deduction while calculating application or accumulation
  32. Taxation of proceeds of high premium unit linked insurance policy (ULIP)
  33. Rationalisation of the provision of slump sale
  34. Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution
  35. Provisional attachment in Fake Invoice cases
  36. Rationalisation of the provisions of Equalisation Levy
  37. Depreciation on Goodwill
  38. Rationalisation of the provision relating to processing of returned income and issuance of notice under sub-seciton (2) of section 143 of the Act
  39. Adjudicating authority under the PBPT Act
  40. Rationalisation of the provision of presumptive taxation for professionals under section 44ADA
  41. Clarification regarding the scope of Vivad se Vishwas Act, 2020
  42. Definition of the term “Liable to tax”
  43. Income Declaration Scheme (IDS) amendment
  44. Tax Deduction at Source (TDS) on purchase of goods
  45. TDS/TCS on non filer at higher rates
  46. Taxability of Interest on various funds where income is exempt



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