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TMI Short Notes

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TMI Short Notes on various issues

 

  1. Advance tax instalment for dividend income
  2. Raising of prescribed limit for exemption under sub-clause (iiiad) and (iiiae) of clause (23C) of section 10 of the Act
  3. Extending due date for filing return of income in some cases, reducing time to file belated return and to revise original return and also to remove difficulty in cases of defective returns
  4. Rationalisation of various Provisions Payment by employer of employee contribution to a fund on or before due date
  5. Constitution of Dispute Resolution Committee for small and medium taxpayers
  6. Constitution of the Board for Advance Ruling
  7. Income escaping assessment and search assessments
  8. Allowing prescribed authority to issue notice under clause (i) of sub-section (1) of section 142
  9. Provision for Faceless Proceedings before the Income-tax Appellate Tribunal (ITAT) in a jurisdiction less manner
  10. Discontinuance of Income-tax Settlement Commission
  11. Reduction of time limit for completing assessment
  12. Rationalisation of the provision of Charitable Trust and Institutions to eliminate possibility of double deduction while calculating application or accumulation
  13. Taxation of proceeds of high premium unit linked insurance policy (ULIP)
  14. Rationalisation of the provision of slump sale
  15. Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution
  16. Provisional attachment in Fake Invoice cases
  17. Rationalisation of the provisions of Equalisation Levy
  18. Depreciation on Goodwill
  19. Rationalisation of the provision relating to processing of returned income and issuance of notice under sub-seciton (2) of section 143 of the Act
  20. Adjudicating authority under the PBPT Act
  21. Rationalisation of the provision of presumptive taxation for professionals under section 44ADA
  22. Clarification regarding the scope of Vivad se Vishwas Act, 2020
  23. Definition of the term “Liable to tax”
  24. Income Declaration Scheme (IDS) amendment
  25. Tax Deduction at Source (TDS) on purchase of goods
  26. TDS/TCS on non filer at higher rates
  27. Taxability of Interest on various funds where income is exempt
  28. CUSTOMS
  29. AMENDMENTS IN THE CUSTOMS ACT, 1962
  30. AMENDMENTS IN THE CUSTOMS TARIFF ACT, 1975
  31. AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975
  32. CHANGES IN CUSTOMS RULES
  33. OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN RESPECTIVE NOTIFICATIONS [with effect from 2.2.2021, unless specified otherwise]
  34. Other miscellaneous changes
  35. Pruning and review of customs duty concessions/ exemptions
  36. Prescribing the condition of observance of the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR Rules, 2017) for certain conditional entries in notification No. 50/2017-Customs dated 30.06.2017, in lieu of certain exiting conditions. Besides certain other conditions for imports are being rationalized/simplified
  37. IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS ON IMPORT OF CERTAIN ITEMS [to be effective from 02.02.2021] [Clause [115] of the Finance Bill, 2021]
  38. OTHER CHANGES (INCLUDING CERTAIN CLARIFICATIONS/ TECHNICAL CHANGES BY AMENDING NOTIFICATION NO. 50/2017-CUSTOMS DATED 30.06.2017
  39. Review of levy of Social Welfare Surcharge on various items
  40. Other Miscellaneous changes pertaining to Anti-Dumping Duty (ADD)/ Countervailing Duty (CVD)/ Safeguard Measures
  41. EXCISE
  42. AMENDMENT IN THE FOURTH SCHEDULE
  43. Retrospective amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944
  44. Amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944
  45. IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC) ON PETROL AND DIESEL
  46. CHANGE IN EFFECTIVE RATE OF BASIC EXCISE DUTY AND SPECIAL ADDITIONAL EXCISE DUTY ON PETROL AND DIESEL [to be effective from 02.02.2021]
  47. EXEMPTIONS FOR M-15, E-20 AND OTHER BLENDED FUELS
  48. Amendments in the Schedule VII of the Finance Act 2001 (NCCD Schedule)
  49. Goods and Service Tax
  50. AMENDMENTS IN THE CGST ACT, 2017

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