TMI Short Notes

TMI Short Notes on various issues

951. Amendment in the provisions of section 263 of the Act

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952. Amendment to sub-section (1A) of section 35

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953. Consequential Amendments

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954. Clarifying that application will be allowed only when its actually paid

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955. Voluntary Contributions for the renovation and repair of temples, mosques, gurudwaras, churches etc notified under clause (b) of sub-section (2) of section 80G

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956. Taxation of certain income of the trusts or institutions under both the regimes at special rate

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957. Providing clarity on taxation in certain circumstances

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958. The provisions of section 115TD to apply to any trust or institution under the first regime.

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959. Bringing consistency in the provisions relating to payment to specified person

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960. Bringing consistency in the provisions of two exemption the regimes

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961. Reference to the Principal Commissioner or Commissioner (PCIT/CIT) for the cancellation of registration/approval

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962. Penalty for passing on unreasonable benefits to trustee or specified persons

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963. Amendment in the provisions of section 179 of the Act

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964. Rationalization of the provisions of sections 271AAB, 271AAC and 271AAD of the Act

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965. Rationalization of provisions relating to assessment and reassessment

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966. Set off of loss in search cases - Amendment in the provisions of section 79A of the Act

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967. Amendment in Faceless Assessment under section 144B of the Act

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968. Faceless Schemes under the Act

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969. Similar amendment is proposed in Section 271C.

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970. Alignment of the provisions relating to Offences and Prosecutions under Chapter XXII of the Act

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971. Cash credits under section 68 of the Act

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972. Amendment in the provisions of section 248 of Income-tax Act and insertion of new section 239A

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973. Withdrawal of exemption under clauses (8), (8A), (8B) and (9) of section 10 of the Income-tax Act, 1961- reg

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974. Withdrawal of concessional rate of taxation on dividend income under section 115BBD

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975. Scheme for taxation of virtual digital assets

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976. Provisions pertaining to bonus stripping and dividend stripping to be made applicable to securities and units

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977. Widening the scope of reporting by producers of cinematograph films or persons engaged in specified activities

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978. TDS on benefit or perquisite of a business or profession

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979. Rationalization of provisions of TDS on sale of immovable property

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980. Rationalization of provisions of section 206AB and 206CCA to widen and deepen tax-base

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981. Facilitating strategic disinvestment of public sector companies

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982. Exemption of amount received for medical treatment and on account of death due to COVID-19

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983. Condition of releasing of annuity to a disabled person

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984. Incentives to National Pension System (NPS) subscribers for state government employees

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985. Tax Incentives to International Financial Services Centre (IFSC)

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986. Rationalization of provisions of the Act to promote the growth of co-operative societies

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987. Extension of date of incorporation for eligible start up for exemption

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988. Extension of the last date for commencement of manufacturing or production, under section 115BAB, from 31.03.2023 to 31.03.2024

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989. Consequence for failure to deduct/collect or payment of tax – Computation of interest

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990. Clarification regarding deduction on payment of interest only on actual payment

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991. Clarification in respect of disallowance under section 14A in absence of any exempt income during an assessment year

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992. Amendments related to successor entity subsequent to business reorganization

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993. Clarification regarding treatment of cess and surcharge

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994. Amendment in section 245MA of the Act related to Dispute Resolution Committee

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995. Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court.

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996. Rates of income-tax in respect of income liable to tax for the assessment year 2021-22.

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997. Rates for deduction of income-tax at source during the financial year (FY) 2021-22 from certain incomes other than“Salaries”.

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998. 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 2021-22

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999. Tax Incentives Exemption for LTC Cash Scheme

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1000. Incentives for affordable rental housing

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