TMI Short Notes

TMI Short Notes on various issues

1151. 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

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1152. 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

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1153. 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

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1154. 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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1155. Rate of Tax for TDS / Advance Tax -  Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.

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1156. Rate of Tax for TDS / Advance Tax -  Co-operative Societies

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1157. Rate of Tax for TDS / Advance Tax -  Firms

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1158. Rate of Tax for TDS / Advance Tax -  Local authorities

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1159. Rate of Tax for TDS / Advance Tax -  Companies

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1160. WIDENING AND DEEPENDING OF TAX BASE - Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals

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1161. TDS at the time of purchase of immovable property

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1162. Deemed accrual of gift made to a person outside India

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1163. Mandatory furnishing of return of income by certain persons

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1164. Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions.

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1165. Consequence of not linking PAN with Aadhaar

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1166. Widening the scope of Statement of Financial Transactions (SFT)

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1167. MEASURES FOR PROMOTING LESS CASH ECONOMY - Prescription of electronic mode of payments

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1168. TDS on cash withdrawal to discourage cash transactions

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1169. Mandating acceptance of payments through prescribed electronic modes

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1170. TAX INCENTIVES - Incentives to International Financial Services Centre (IFSC):

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1171. Incentives to Non-Banking Finance Companies (NBFCs)

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1172. Relaxation in conditions of special taxation regime for offshore funds

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1173. Tax incentive for electric vehicles

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1174. Exemption of interest income of a non-resident arising from borrowings by way of issue of Rupee Denominated Bonds referred to under section 194LC

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1175. Tax incentive for affordable housing

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1176. Incentives to National Pension System (NPS) subscribers

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1177. Incentives for start-ups

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1178. Incentives for Category II Alternative Investment Fund (AIF)

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1179. FACILITATING RESOLUTION OF DISTRESSED COMPANIES - Measures for resolution of distressed companies

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1180. Prescription of exemption from deeming of fair market value of shares for certain transactions

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1181. IMPROVING EFFECTIVENESS OF TAX ADMINISTRATION - Online filing of application seeking determination of tax to be deducted at source on payment to non-residents

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1182. Electronic filing of statement of transactions on which tax has not been deducted

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1183. STRENGTHENING ANTI-ABUSE MEASURES - Tax on income distributed to shareholder in case of listed companies

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1184. Cancellation of registration of the Trust or Institution

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1185. REMOVING DIFFICULTIES FACED BY TAX PAYERS - Facilitating demerger of Ind-AS compliant companies

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1186. Relaxing the provisions of sections 201 and 40 of the Act in case of payments to non-residents

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1187. 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)

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1188. Clarification with regard to provisions of secondary adjustment and giving an option to assessee to make one-time payment

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1189. Concessional rate of Short-term Capital Gains (STCG) tax to certain equity-oriented fund of funds.

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1190. Provide for pass through of losses in cases of Category I and Category II Alternative Investment Fund (AIF)
      1 Comment

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1191. Provision of credit of relief provided under section 89

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1192. TDS on non exempt portion of life insurance pay-out on net basis.

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1193. Clarification regarding definition of the “accounting year” in section 286 of the Act

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1194. Rationalisations of provisions relating to maintenance, keeping and furnishing of information and documents by certain persons

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1195. Compliance with the notification of exemption issued under section 56(2)(viib)

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1196. Consequential amendment to section 56

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1197. Rationalisation of penalty provisions relating to under-reported income

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1198. Rationalisation of the provisions of section 276CC

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1199. Rationalisation of provision relating recovery of tax in pursuance of agreements with foreign countries

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1200. Rationalisation of provisions relating to claim of refund.

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