TMI Short Notes

TMI Short Notes on various issues

601. Amendment for providing attribution of profit to Permanent Establishment in Safe Harbour Rules under section 92CB and in Advance Pricing Agreement under section 92CC

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602. Modification of the definition of “business trust”

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603. Allowing carry forward of losses or depreciation in certain amalgamations.

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604. Deferring TDS or tax payment in respect of income pertaining to Employee Stock Option Plan (ESOP) of start- ups.

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605. Exempting non-resident from filing of Income-tax return in certain conditions.

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606. Providing an option to the assessee for not availing deduction under section 35AD.

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607. Increase in safe harbour limit of 5 per cent. under section 43CA, 50C and 56 of the Act to 10 per cent..

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608. Excluding interest paid or payable to Permanent Establishment of a non-resident Bank for the purpose of disallowance of interest under section 94B.

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609. 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.

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610. 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.

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611. Amendment of section 115BAB of the Act to include generation of electricity as manufacturing.

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612. Modification in conditions for offshore funds’ exemption from “business connection”.

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613. Extending time limit for sanctioning of loan for affordable housing for availing deduction under section 80EEA of the Act

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614. Extending time limit for approval of affordable housing project for availing deduction under section 80-IBA of the Act.

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615. Rationalization of provisions of start-ups.

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616. Exemption in respect of certain income of Indian Strategic Petroleum Reserves Limited.

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617. Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority and Sovereign Wealth Fund.

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618. 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

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619. Modification of concessional tax schemes for domestic companies under section 115BAA and 115BAB

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620. Incentives to Individual and HUF.

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621. Incentives to resident co-operative societies.

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622. 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.

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623. Rates for deduction of income-tax at source during the financial year (FY) 2020-21 from certain incomes other than “Salaries”.

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624. Rates of income-tax in respect of income liable to tax for the assessment year 2020-21.

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625. Bribery Case - Court rejects CBI prayer for CBI Custody - sends all accused to JC

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626. 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

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627. Time limit for compliance of mandatory "Pre-Deposit" for entertaining appeal by the appellate authority.

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628. 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

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629. 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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630. 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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631. 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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632. 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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633. Rate of Tax for TDS / Advance Tax -  Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.

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

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

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

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

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

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639. TDS at the time of purchase of immovable property

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

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641. Mandatory furnishing of return of income by certain persons

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

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643. Consequence of not linking PAN with Aadhaar

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

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

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646. TDS on cash withdrawal to discourage cash transactions

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647. Mandating acceptance of payments through prescribed electronic modes

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

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

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

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