TMI Short Notes

TMI Short Notes on various issues

251. Insertion of Taxpayer’s Charter in the Act.

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252. Provision for e-penalty.

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253. Clarity on stay by the Income Tax Appellate Tribunal (ITAT).

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254. Providing check on survey operations under section 133A of the Act.

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255. Provision for e-appeal.

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256. Amendment in Dispute Resolution Panel (DRP).

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257. Modification of e-assessment scheme.

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258. Widening the scope of Commodity Transaction Tax (CTT).

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259. Rationalization of tax treatment of employer’s contribution to recognized provident funds, superannuation funds and national pension scheme.

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260. Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittance Scheme (LRS) and on selling of overseas tour package as well as TCS on sale of goods over a limit.

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261. Widening the scope of TDS on E-commerce transactions through insertion of a new section.

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262. Enlarging the scope for tax deduction on interest income under section 194A of the Act.

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263. Reducing the rate of TDS on fees for technical services (other than professional services).

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264. Allowing deduction for amount disallowed under section 43B, to insurance companies on payment basis.

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265. Amendment for providing attribution of profit to Permanent Establishment in Safe Harbour Rules under section 92CB and in Advance Pricing Agreement under section 92CC

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266. Modification of the definition of “business trust”

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267. Allowing carry forward of losses or depreciation in certain amalgamations.

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268. Deferring TDS or tax payment in respect of income pertaining to Employee Stock Option Plan (ESOP) of start- ups.

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269. Exempting non-resident from filing of Income-tax return in certain conditions.

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270. Providing an option to the assessee for not availing deduction under section 35AD.

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271. Increase in safe harbour limit of 5 per cent. under section 43CA, 50C and 56 of the Act to 10 per cent..

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272. Excluding interest paid or payable to Permanent Establishment of a non-resident Bank for the purpose of disallowance of interest under section 94B.

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273. Amendment of section 194LD of the Act to extend the period of concessional rate of withholding tax and also to extend this concessional rate to municipal debt securities.

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274. Amendment of section 194LC of the Act to extend the period of concessional rate of withholding tax and also to provide for the concessional rate to bonds listed in stock exchanges in IFSC.

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275. Amendment of section 115BAB of the Act to include generation of electricity as manufacturing.

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276. Modification in conditions for offshore funds’ exemption from “business connection”.

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277. Extending time limit for sanctioning of loan for affordable housing for availing deduction under section 80EEA of the Act

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278. Extending time limit for approval of affordable housing project for availing deduction under section 80-IBA of the Act.

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279. Rationalization of provisions of start-ups.

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280. Exemption in respect of certain income of Indian Strategic Petroleum Reserves Limited.

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281. Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority and Sovereign Wealth Fund.

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282. Withdrawal of exemption on certain perquisites or allowances provided to Union Pubic Services Commission (UPSC) Chairman and members and Chief Election Commissioner and Election Commissioners

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283. Modification of concessional tax schemes for domestic companies under section 115BAA and 115BAB

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284. Incentives to Individual and HUF.

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285. Incentives to resident co-operative societies.

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286. 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 2020-21.

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287. Rates for deduction of income-tax at source during the financial year (FY) 2020-21 from certain incomes other than “Salaries”.

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288. Rates of income-tax in respect of income liable to tax for the assessment year 2020-21.

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289. 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.

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

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

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

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

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

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

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296. TDS at the time of purchase of immovable property

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

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298. Mandatory furnishing of return of income by certain persons

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

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300. Consequence of not linking PAN with Aadhaar

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