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TMI Short Notes

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TMI Short Notes on various issues


  1. Modification of the definition of “business trust”
  2. Allowing carry forward of losses or depreciation in certain amalgamations.
  3. Deferring TDS or tax payment in respect of income pertaining to Employee Stock Option Plan (ESOP) of start- ups.
  4. Exempting non-resident from filing of Income-tax return in certain conditions.
  5. Providing an option to the assessee for not availing deduction under section 35AD.
  6. Increase in safe harbour limit of 5 per cent. under section 43CA, 50C and 56 of the Act to 10 per cent..
  7. Excluding interest paid or payable to Permanent Establishment of a non-resident Bank for the purpose of disallowance of interest under section 94B.
  8. 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.
  9. 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.
  10. Amendment of section 115BAB of the Act to include generation of electricity as manufacturing.
  11. Modification in conditions for offshore funds’ exemption from “business connection”.
  12. Extending time limit for sanctioning of loan for affordable housing for availing deduction under section 80EEA of the Act
  13. Extending time limit for approval of affordable housing project for availing deduction under section 80-IBA of the Act.
  14. Rationalization of provisions of start-ups.
  15. Exemption in respect of certain income of Indian Strategic Petroleum Reserves Limited.
  16. Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority and Sovereign Wealth Fund.
  17. 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
  18. Modification of concessional tax schemes for domestic companies under section 115BAA and 115BAB
  19. Incentives to Individual and HUF.
  20. Incentives to resident co-operative societies.
  21. 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.
  22. Rates for deduction of income-tax at source during the financial year (FY) 2020-21 from certain incomes other than “Salaries”.
  23. Rates of income-tax in respect of income liable to tax for the assessment year 2020-21.
  24. Bribery Case - Court rejects CBI prayer for CBI Custody - sends all accused to JC
  25. Reopening of assessment u/s 147 - Notice issues u/s 148 kept in abeyance since the issue of Deduction u/s u/s 80P(2)(a)(i) is pending before the Apex Court
  26. Time limit for compliance of mandatory "Pre-Deposit" for entertaining appeal by the appellate authority.
  27. Reopening of assessment - Substance over Form - Failure to disclose material fact - Duty of the AO to make an enquiry to test the correctness of the disclosure made even if the statutory forms signed and certified by the Chartered Accountant
  28. 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
  29. 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
  30. 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
  31. 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.
  32. Rate of Tax for TDS / Advance Tax -  Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.
  33. Rate of Tax for TDS / Advance Tax -  Co-operative Societies
  34. Rate of Tax for TDS / Advance Tax -  Firms
  35. Rate of Tax for TDS / Advance Tax -  Local authorities
  36. Rate of Tax for TDS / Advance Tax -  Companies
  37. WIDENING AND DEEPENDING OF TAX BASE - Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals
  38. TDS at the time of purchase of immovable property
  39. Deemed accrual of gift made to a person outside India
  40. Mandatory furnishing of return of income by certain persons
  41. Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions.
  42. Consequence of not linking PAN with Aadhaar
  43. Widening the scope of Statement of Financial Transactions (SFT)
  44. MEASURES FOR PROMOTING LESS CASH ECONOMY - Prescription of electronic mode of payments
  45. TDS on cash withdrawal to discourage cash transactions
  46. Mandating acceptance of payments through prescribed electronic modes
  47. TAX INCENTIVES - Incentives to International Financial Services Centre (IFSC):
  48. Incentives to Non-Banking Finance Companies (NBFCs)
  49. Relaxation in conditions of special taxation regime for offshore funds
  50. Tax incentive for electric vehicles



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