TMI Short Notes

TMI Short Notes on various issues

251. Since ICDS is not applicable for the purposes of maintenance of books of account, then what is the purpose and ambit of ICDS I on Accounting Policies as accounting policies are applied for maintenance of books of accounts and preparing financial statements.

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252. Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

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253. Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

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254. In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

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255. Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

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256. Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

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257. Does ICDS apply to the applicability aspect of the TDS.

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258. How will ICDS apply to companies which adopted Ind-AS. (Indian accounting standards)

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259. Whether ICDS is applicable to Non-Residents whose income is liable to be taxed at a flat rate of tax like interest, royalty and fees for technical services u/s 115A.

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260. Whether the provisions of ICDS shall apply to Banks, Non-banking financial institutions, Insurance companies, Power sector, etc.

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261. Can ICDS would apply to other categories of taxpayers whose income is taxed under presumptive tax schemes (i.e. u/s 44AD, 44ADA, 44AE, 4BB, 44BBA, 44BBB) as there is no specific exclusion provided.

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262. Can a assessee opt to change his method of accounting from mercantile to cash basis.

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263. Can a assessee can follow different methods of accounting for different sources of income under the same head of income, or different heads of income.

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264. Can ICDS apply to a person following cash system of accounting and to the person whose books of account for the year are not required to be audited u/s 44AB.

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265. Foreign Tax Credit (‘FTC’) - Currency conversion using telegraphic transfer buying rate (‘TTBR’)

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266. Foreign Tax Credit (‘FTC’) in case of MAT/ AMT

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267. Foreign Tax Credit (‘FTC’) - Documents to be furnished for availing FTC

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268. Foreign Tax Credit (‘FTC’) - Lower of the tax payable under the Act and DTAA

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269. Foreign Tax Credit (‘FTC’) shall be allowed if evidence & undertaking furnished within 6 months of dispute settlement

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270. Foreign Tax Credit (‘FTC’) - Cases in which no FTC benefit would be available

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271. Foreign Tax Credit (‘FTC’) - Meaning of foreign tax

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272. Foreign Tax Credit (‘FTC’) - Benefit on proportionate basis

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273. Foreign Tax Credit (‘FTC’) - FTC benefit in the year in which income offered to tax

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274. STEPS NEED TO BE TAKEN AFTER APPROVAL ADVANCE PRICING AGREEMENT(APA)?

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275. What is the limit of PANCARD regarding payment to Life Insurance company ?

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276. What is the basic monetary limit required for PANCARD for amount deposit in mutual fund and shares?

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277. What is the basic limit for PANCARD for payment to foreign country?

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278. Whether PANCARD is require for opening account in bank?

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279. What is the limit of PANCARD for amount depositing in securities.?

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280. Is PANCARD is required for time deposit exceed a time of ₹ 5 lakhs?

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281. What is the Basic limit of PANCARD for sale purchase of immovable property?

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282. Is Permission is Required For Filing Of Revised Return?

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283. How Much Time Revised Return Can Be Revised?

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284. Can Revised Return Substitute Original Return?

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285. Is It Possible To File Auditor Report With Revised Return?

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286. Whether Assessment Made Under Section 143(1) Would Be Considered as Assessment For Revised Return?

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287. X Ltd., closely held company issues 1,000 shares to Mr. A (resident) whose face value is 10, issue price is 40 and fair market value is 42. What is the taxability of X Ltd.? Would your answer be different if the fair market value is 31 instead of 42?

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288. X Ltd., closely held company receives shares of A Ltd. (a listed public company) for 10,000 whose fair market value is 5,00,000. What is the taxability of X Ltd.?

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289. Example: 3) X gets by way of gift a plot of land in Pune from a partnership firm. The partnership firm has only two partners– father of X and Mrs. X. The stamp duty value of the plot of land is 19,00,000.

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290. Example: 2) X gets a gift of 43,000 from C, who is cousin of his father and he also gets a gift of 20,000 from D, who is elder brother of his grandfather.

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291. Example: 1) X purchases a house property situated in Nagpur from A on 31st March, 2013. The purchase price is 28,00,000. However, the stamp duty value is 45,00,000. Would your answer be the same if X purchased the above property on 1st April, 2013?

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292. Example:- Loan Taken on 01-05-2006 of ₹ 5,00,000. Construction ends on 07-09-2012. Rate of interest is 1%. Calculate interest for pre-acquisition period?

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293. Example: 4) The details of House property are as follows: Municipal value: 80,000, Fair rent: 78,000, Standard Rent: 85,000, Annual rent: 72,000, Property remains vacant for 3 months and loss due to vacancy: 18,000. What is the Gross Annual value?

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294. Example: 3) The details of House property are as follows: Municipal value: 60,000, Fair rent: 65,000, Standard Rent: 63,000, Annual rent: 72,000, Property remains vacant for 5 months and loss due to vacancy: 30,000. What is the Gross Annual value?

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295. Example: 1)The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,000, Standard Rent: 62,000, Annual rent: 66,000, Unrealised Rent: 6,000. What is the Gross Annual value?

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296. Example: 2) The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,000, Standard Rent: 62,000, Annual rent: 66,000, Unrealised Rent: 2,000. What is the Gross Annual value?

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297. What does building or land appurtenant includes?

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298. Mr. Ram annually earns ₹ 3,00,000 (after all deductions) and pays an annual rent of ₹ 1,50,000.

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299. Deduction if donation deducted from Salary and donation receipt certificate is on the name of employer?

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300. Documentation required for claiming deduction U/s. 80G?

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