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TMI Short Notes on various issues


  1. What are the conditions as specified u/s 10(21) to avail exemption of any income of a research association, approved under section 35(1)(ii)/(iii)?

  2. As per section 10(19A), if the annual value of any one palace in the occupation of a former ruler, is let out, then whether its income shall be exempted?

  3. Whether any amount received as family pension by any member of the family of an individual who has been in the service of Government or has been awarded ‘Vir Chakra’, shall be taxable?

  4. A partner of the firm/LLP receives interest on capital and remuneration from the firm/LLP. Whether such interest and remuneration shall also be exempt u/s 10(2A).

  5. Whether an amount received by an Individual (a co-parcener to the HUF) from this HUF would be taxable in his hands.

  6. Change in accounting policy - When is to be changed - What should be the basis for change in accounting policy

  7. Accrual of income - Scope of ICDS - If there is conflict between Section 5 and Section 145, which would prevail

  8. ICDS - Accrual basis of Accounting - Accrual of income versus Receipt of income

  9. Bad debts out of income recognised on the basis of ICDS but not yet recognised in books of account

  10. Applicability of ICDS for the purpose of disallowance u/s 40(a)(i) and 40(a)(ia)

  11. Applicability of ICDS on TDS

  12. Maintenance of Books of accounts for the purpose of ICDS

  13. Levy of GST - Reverse Charge on Legal Services - Services provided by an individual advocate including a senior advocate or firm of advocates - Corrigendum notifications issued

  14. Reversal of Input Tax Credit - In GST / VAT era, emergence of by-product which is exempt during manufacturing process is not relevant, what is relevant is sale of goods.

  15. Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

  16. Whether it is required to disclose a change in the accounting policies if it has no material effect for the current previous year.

  17. ICDS-I provides that an accounting policy shall not be changed without ’reasonable cause’. The term ’reasonable cause’ is not defined. What shall constitute ’reasonable cause’.

  18. Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.

  19. When does an assessee is required to make disclosures of fundamental accounting assumptions as per ICDS-I.

  20. What is the scope of Going Concern as per ICDS I.


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