TMI Short Notes

TMI Short Notes on various issues

281. Disallowance of the assessee's business expenditure claims related to the purchase of sugarcane from member farmers, as well as the treatment of additional sugarcane price paid to growers as an appropriation of profits.

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282. Additions made u/s 69 and Section 56 in the absence of direct incriminating evidence linking the assessee to the alleged unexplained investments and interest income. - Assessment of search and seizure

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283. Whether penalty is to be imposed when the appellant has accepted the classification and paid the entire duty along with penalty much before the issuance of the show cause notice?

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284. Liability for payment of customs duty on sale of excess liquor from the duty-free shop

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285. Demand of customs duty beyond normal period of limitation on the ground of change in classification of goods

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286. Stringent approach towards ensuring compliance with auditing standards - importance of auditors' responsibilities in maintaining the integrity and reliability of financial reporting

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287. Whether the appellant's claim can be classified as a Financial Debt or Operational Debt under the Insolvency and Bankruptcy Code, 2016.

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288. Scope of Approval of resolution plan - Allegations of undervaluation of the Corporate Debtor's assets. - Appellant's Locus to Challenge

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289. Denial of Input Tax Credit since the GST registration of the Supplier of Goods has been Cancelled with retrospective effect.

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290. Input Tax Credit (ITC) is a vested right or concession - Can government impose conditions or restrictions for availing ITC?

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291. Manner of disposal of application for advance ruling under Income Tax Act, 1961

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292. Computation of Turnover for the purpose of tax audit u/s 44AB - Speculation Business or Derivatives, futures, and options or Delivery based transactions

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293. Income deemed to accrue or arise in India - Section 9

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294. GST on offline/online games such as Rummy - game of skill versus game of chance - principle of nomen-juris

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295. Current Repairs - ‘Nature & Treatment’ of expense

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296. Addition u/s 69A - ambit of the word "owner" and "valuable article" for the purpose of additions as Unexplained money, etc

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297. Role and Responsibilities of Reporting Entities under PMLA

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298. Reporting Entity under Prevention of Money Laundering Act, 2002 (PMLA)

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299. Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?

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300. Impact of belated deposit of employees’ contribution towards the EPF and ESI under Income Tax

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301. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals]

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302. TDS - Rates for deduction of income-tax at source during the financial year (FY) 2023- 24 from certain incomes other than “Salaries”.

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303. Rate of TDS on Salaries and Computation of Income for Advance Tax for FY 2023-24 / Assessment Year 2024-25

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304. Rate of Income Tax - Individual, HUF, association of persons, body of individuals, artificial juridical person for the FY 2023-24 i.e. AY 2024-25

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305. Co-operative Societies - Rate of Income Tax

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306. Firms – Rate of Income Tax on Firms / Partnership Firm

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307. Local authorities - Rate of Income Tax

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308. Companies – Rate of Income Tax / Corporate Tax

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309. Income Tax - Rebate under section 87A

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310. AMENDMENTS IN THE CGST ACT, 2017 and IGST Act, 2017

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311. AMENDMENT TO SEVENTH SCHEDULE TO THE FINANCE ACT, 2001

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312. AMENDMENTS TO THE CUSTOMS ACT, 1962

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313. Decriminalisation of section 276A of the Act

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314. Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) and providing for alternative mechanism for vacation of office of the Administrator.

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315. Omission of certain redundant provisions of the Act

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316. Set off and withholding of refunds in certain cases

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317. Removal of certain funds from section 80G

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318. Denial of exemption where return of income is not furnished within time

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319. Alignment of the time limit for furnishing the form for accumulation of income and tax audit report

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320. Trusts or institutions not filing the application in certain cases

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321. Specified violations under section 12AB and fifteenth proviso to clause (23C) of section 10

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322. Combining provisional and regular registration in some cases

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323. Omission of redundant provisions related to roll back of exemption

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324. Treatment of donation to other trusts:

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325. Rationalisation of the provisions of Charitable Trust and Institutions

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326. Providing clarity on benefits and perquisites in cash

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327. Non-Banking Financial Company (NBFC) categorization

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328. Specifying time limit for bringing consideration against export proceeds into India

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329. Rationalization of provisions related to the valuation of residential accommodation provided to employees

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330. Bringing the non-resident investors within the ambit of section 56(2)(viib) to eliminate the possibility of tax avoidance

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