Part A -- New Tax Regime |
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| 1. New Taxation Regime for Individual/HUF [Section 115BAC] |
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| Applicability |
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| Nature of section 115BAC |
2
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| Rate of tax on incomes specified under sections 110 to 115BBG |
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| To whom provisions of section 115BAC apply |
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| Residential status irrelevant |
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| Rate of tax applicable |
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| Surcharge and marginal relief |
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| Availability of rebate under section 87A |
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| Income on which special tax rate applicable |
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| Conditions precedent for special tax rate |
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| -- Not to claim certain deductions and exemptions |
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| -- Effect of above conditions |
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| -- Certain benefits to be allowed still |
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| No exemption in respect of free food or vouchers |
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| No set off of loss or depreciation arising from above deductions |
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| No loss from house property |
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| Method of computing depreciation |
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| No exemption under any other law |
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| Effect of failure to satisfy above conditions |
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| House property and new taxation regime |
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| -- Let out property |
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| -- Self-occupied property |
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| -- Treatment of loss |
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| -- Effect of opting for section 115BAC |
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| When option as to applicability of section 115BAC be exercised |
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| Exercise of option |
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| Unabsorbed depreciation to be adjusted once option is exercised under section 115BAC |
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| Non-applicability of section 115JC to assessees opting for section 115BAC/115BAD |
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| Non-applicability of section 115JD to assessees opting for section 115BAC/115BAD |
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| Steps to be taken while opting for section 115BAC by individual/HUF carrying on business |
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| Is opting for section 115BAC result in disallowance of all losses |
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| Illustrations Illuminating which Regime to be Opted for |
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| -- Illustration 1 |
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| -- Illustration 2 |
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| -- Illustration 3 |
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| -- Illustration 4 |
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Part B -- Residential Status |
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| 2. New Rules of Residence for Indian Citizen or Person of Indian Origin [Section 6] |
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| Position prior to assessment year 2021-22 |
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| Amendment by the Finance Act, 2020 read with The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 |
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| Why this amendment |
18
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| History of related provision and changing mindset of legislature |
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| Applicability of new rules of residence -- Conditions precedent |
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| Provisions summarised |
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| Different situations |
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| Provisions illustrated |
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| Person of Indian Origin -- Who is? |
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| Income from foreign sources -- Scope of |
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| Not ordinarily resident treated as non-resident for limited purposes |
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| Effect of being not ordinarily resident in India |
25
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| Exemptions lost due to amendment |
25
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| Exemptions which are still available |
26
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| -- Income by way of interest on Non-Resident (External) Account [Section 10(4)(ii)] |
26
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| -- Interest payable by scheduled bank on foreign currency deposit [Section 10(15)(iv)(fa)] |
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| -- Interest to non-resident or not ordinarily resident where interest payable by an Offshore Banking Unit [Section 10(15)(viii)] |
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| -- Remuneration or fee or other income of non-resident/not ordinarily resident/non-citizen consultants [Section 10(8A)] |
27
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| -- Remuneration or fee of an employee of a consultant referred to in section 10(8A) [Section 10(8B)] |
27
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| Lower tax rate on interest, dividends, royalty and technical service fees in case of non-residents or foreign companies -- Benefit lost |
28
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| Taxability impact in different situations |
28
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| Dividend income -- Treaty situations |
29
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| Capital gains from transfer of shares -- Benefit lost |
31
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| TDS implications |
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| Tie-braker situations -- Base case India-UAE DTAA |
32
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| Total income -- Computation |
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| -- Incomes to be included in the total income |
35
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| -- Income to be excluded |
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| Whether exempt income to be considered for arriving at limit of Rs. 15 lakhs |
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| Benefits lost due to treatment being not ordinarily resident |
36
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| How to avoid rigor of amendment |
37
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| 3. Residential Status -- Relief Due to Covid [Section 6] |
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| First clarification |
38
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| Second Clarification |
38
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| -- Residential Status for Previous year 2020-21 |
38
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| -- Short stay will not result in Indian residency |
38
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| -- Possibilities of dual non-residency in case of general relaxation |
39
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| -- Tie breaker rule as per Double Taxation Avoidance Agreement (DTAA) |
39
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| -- Employment income taxable only subject to conditions as per DTAA |
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| -- Credit for the taxes paid in other country |
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| -- International Experience |
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| -- Relief by other countries |
42
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| -- Conclusion |
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| 4. Stateless Persons [Sections 2(29A) and 6(1A)] |
44
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| Tax treatment of stateless persons |
44
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| Impact of being treated as not ordinarily resident in India |
44
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| Income from foreign sources |
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| How to determine income being Rs. 15 lakhs |
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| Who is 'Not liable to tax' -- Position prior to amendment by the Finance Act, 2021 |
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| Amendment by the Finance Act, 2021 inserting new clause (29A) in section 2 defining "Liable to tax" |
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| Road travelled on liable to pay v. DTAA benefits |
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| Impact of new section 2(29A) in DTAA cases |
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| Impact of section 6(1A) read with section 2(29A) |
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| How to escape |
57
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Part C -- Exempt Incomes |
59
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| 5. Exemption for LTC Cash Scheme [Section 10(5)] |
60
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| Existing provisions |
60
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| -- Meaning of the term family [Explanation to section 10(5)] |
60
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| -- Amount of exemption under section 10(5) read with rule 2B |
60
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| -- Exemption only in respect of two journeys in a block of four years |
60
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| -- Scope of exemption under section 10(5) |
61
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| Special provisions for the assessment year 2021-22 only |
61
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| Procedural aspects |
62
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| -- Who is eligible for exemption |
62
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| -- When exemption allowable |
62
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| -- Amount of exemption |
62
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| -- Conditions to be satisfied |
62
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| -- Only one exemption in block of four years |
63
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| 6. Taxation of ULIPs [Sections 10(10D), 45(1B) , 111A & 112A] |
64
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| Legal position upto assessment year 2020-21 |
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| Amendment by the Finance Act, 2021 |
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| Money received on certain ULIPs not to be exempt |
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| -- What if more than one ULIP purchased |
67
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| -- Provisions illustrated |
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| -- No restriction on exemption even in case of high premium ULIPs in certain cases |
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| -- What is ULIP |
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| -- Difficulty arising |
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| -- Effective position of exemption post amendment by Finance Act, 2021 from assessment year 2021-22 |
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| -- Illustration 1 |
70
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| -- Illustration 2 |
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| Tax treatment of money received on ULIPs where exemption under section 10(10D) is not allowed by virtue of fourth and fifth proviso to section 10(10D) |
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| -- Treatment as capital asset |
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| -- Conditions precedent for treatment as capital asset |
73
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| -- Taxing the gain as capital gain |
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| -- Rate of tax on capital gains |
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| Different situations identified |
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| ULIPs and deduction under Chapter VI-A |
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| Taxing money received on ULIPs -- Head of income applicable |
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| Amendments to Securities transaction tax provisions -- Consequent to change in tax treatment of ULIPs |
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| -- Taxable securities transaction to include sale or surrender or redemption of a unit of an equity oriented fund to an insurance company |
78
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| -- Charge of securities transaction tax on ULIP |
78
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| -- Collection and recovery of securities transaction tax |
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| -- Insurance company to furnish prescribed return |
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Part D -- Charitable Trusts, NPOs, Etc. |
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| 7. Raising Limit of Aggregate Annual Receipts under Section 10(23C) (iiiad)/(iiiae) and Providing Cap on Exemption on Person Specific Rather than Institution Specific |
81
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| Statutory provisions governing exemption to educational and medical institutions |
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| Computation of "aggregate annual receipt" |
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| Amendment by the Finance Act, 2021 |
85
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| Provisions illustrated |
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| 8. Corpus Donations and Institutions Specified under Section 10(23C) (iv)/(v)/(vi)/(via) |
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| Corpus donation to fund or trust or institution or university or other educational institution or hospital or other medical institution referred to in section 10(23C)(iv)/(v)/(vi)/(via) and rules regarding application or accumulation of such income |
87
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| -- Impact of amendment |
88
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| Corpus donation to fund or trust or institution or university or other educational institution or hospital or other medical institution referred to in section 10(23C)(iv)/(v)/(vi)/(via) or trust registered under section 12AA not to be treated as applicati |
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| Money utilised out of corpus funds or out of loan or borrowings not to be treated as application of income |
90
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| -- Different situations identified |
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| 9. Other Amendments Related to Section 10(23C) |
94
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| Reference of section 12AB inserted in fourteenth proviso to section 10(23C) |
94
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| Treatment of deficit of earlier year |
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| 10. New Rules Regarding Approval to Fund or Trust or Institution or University or Other Educational Institution or Hospital or Other Medical Institution Referred to in Section 10(23C) (iv)/(v)/(vi)/(via) |
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| Position upto 31-3-2021 |
95
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| Fund or trust or institution, etc. to make application for approval/re-approval -- New procedure |
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| -- Compulsory re-approval of all fund or trust or institution, etc., approved as on 1-4-2021 |
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| -- Where approval of trust, etc., is about to expire |
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| -- Where the fund, etc., is provisionally approved |
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| -- Any other case |
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| -- Fate of pending applications |
100
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| Procedure for approval |
100
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| -- Applicable form |
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| -- Accompaniments to application (As per rule 2C) |
102
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| -- Attachments to Form No. 10A |
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| -- Who will verify Form No. 10A/10AB |
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| -- Proceeding on filling up Form No. 10A |
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| -- Default consequences |
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| -- Fate of provisional application |
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| -- Order of approval/rejection where application is made in form no. 10AB |
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| 11. Charitable Trusts [Sections 11, 12A, 12AA, 12AB, 56(2)(x), 115TD and 253] |
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| I. Corpus Donations |
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| Corpus donations and their utilisation in making donations to other trusts |
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| -- Corpus donation out of accumulated funds barred for first time by Finance Act, 2002 |
106
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| -- Corpus donation to any other trust not to be treated as application of income -- Position from assessment year 2018-19 |
106
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| -- Corpus donation out of current income to any other trust or institution referred to in section 10(23C)(iv)/(v)/(vi)/(via) shall also not to be treated as application of income -- Amendment by Finance Act, 2020 |
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| -- Position of law as of now summarised as to treatment of corpus donations |
108
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| Voluntary contributions received by trust to be kept invested in specified modes of investment |
109
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| Money utilised out of corpus funds or out of loan or borrowings not to be treated as application of income |
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| Different situations identified |
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| II. Treatment of Deficit |
112
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| Treatment of expenditure incurred in earlier year against income earned in subsequent year |
112
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| Amendment by the Finance Act, 2021 |
113
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| Provisions illustrated |
113
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| III. Trusts can Claim Exemption Either Under Section 10(23C) or Section 10(46) or Under Section 11 and Not Both |
113
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| Position prior to amendment by Finance Act, 2020 |
113
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| Assessee failed to file notification under section 10(23C)(vi) |
113
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| Exemption not to be denied on basis of rejection of application filed under section 10(23C)(vi) |
114
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| Reason for amendment |
114
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| Extending scope of section 11(7) to entities registered in clause (46) of section 10 -- Effective from 1-6-2020 |
115
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| Trust approved under section 10(23C) or notified under section 10(46) can claim benefit of only one section either section 10(23C) or section 10(46) or section 11 |
115
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| Provisions illustrated |
116
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| IV. Other Amendments |
116
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| Reference of section 12AB inserted in Explanation to section 11(2) and section 11(3)(d) |
116
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| Reference of section 12AB inserted in sub-section (2) of section 12A |
117
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| Report of audit to be obtained before due date specified in section 44AB and report be furnished by that date |
117
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| Reference to section 12AB inserted in section 56(2)(x) |
117
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| Reference to section 12AB inserted in section 115TD |
118
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| Reference to section 12AB inserted in section 253 |
118
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| V. New Provisions as to Registration and Compulsory Re-registration of Charitable Trusts |
118
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| Position upto 31-3-2021 |
118
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| The amendment |
119
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| New conditions for registration |
119
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| Compulsory re-registration of all trusts, etc. |
119
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| Where the trust or institution is registered under newly inserted section 12AB |
120
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| Where registration has been granted provisionally |
121
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| Where registration has become inoperative |
121
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| Where objects of the trust has been modified |
122
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| Any other case |
123
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| Fate of pending applications |
123
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| Provisions illustrated |
124
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| Cancellation of registration |
126
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| Effect of cancellation |
127
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| Procedure for Registration/Re-registration |
127
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| -- Institutions referred to in section 12A(1)(ac) |
127
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| -- Manner of making application |
129
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| -- Who shall verify application |
129
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| -- Accompaniments to application (As per rule 17A) |
129
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| -- Documents to be attached (As per Form No. 10A) |
130
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| -- Procedure on receipt of Form No. 10A/10AB |
131
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| -- Default consequences |
132
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| -- Approved/rejection where application filed in Form No. 10AB |
132
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| -- Provisional registration |
132
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| 12. Scientific Research Expenditure [Section 35] |
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| Deduction under section 35(1)(ii)/(iii) |
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| Form and manner in which approval be granted under section 35(1)(ii)/ 35(1)(iii) |
133
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| Deduction in respect of any sum paid to a company for carrying out scientific research |
135
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| Deduction for any sum paid to a company for carrying out scientific research not to be denied merely because of withdrawal of approval to company |
137
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| Approved scientific research association, etc. to apply for fresh approval and restriction on period of approval |
138
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| -- Intimation under Fifth Proviso to sub-section (1) of section 35 |
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| -- Form of intimation |
140
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| -- Accompaniments to application |
140
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| -- Applicable section codes |
140
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| -- Documents to be uploaded |
141
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| -- Mode of furnishing |
141
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| -- Proceedings on receipt of Form No. 10A |
141
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| Deduction under section 35 to be based on certificate |
141
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| -- Critique of the amendment |
142
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| -- Procedure for issuance of certificate |
142
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| -- Prescribed authority |
142
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| -- Form in which statement of particulars to be furnished |
142
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| -- Aggregation |
142
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| -- Mode of furnishing |
142
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| -- Certificate |
143
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| 13. All Institution or Fund Approved for Purposes of Section 80G(2)(a)(iv) to Apply Afresh for Approval |
144
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| New rules regarding time limit for application for approval |
144
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| Action to be taken by PCIT/CIT where trust or institution stood approved on 1-4-2021 |
144
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| Action to be taken by PCIT/CIT, where application made before expiry of approval |
145
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| Where the institution or fund makes an application for approval in any other case |
145
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| Fate of pending applications |
145
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| Applicability of approval |
146
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| Procedure for approval/Re-approval |
146
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| -- Who is applicant under section 80G(5)(vi) |
146
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| -- Form of application |
147
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| -- Accompaniments to application (As per rule 11AA) |
147
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| -- Documents to be attached (As per Form No. 10A) |
148
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| -- Procedure on receipt of Form No. 10A or 10AB |
149
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| -- Approval/rejection where application made in Form No. 10AB |
149
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| -- Provisional approval |
149
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| 14. Trust or Institution Approved for Purposes of Section 80G to Provide Statement of Donations |
150
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| The requirement |
150
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| -- Effect of amendment |
151
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| Procedural aspects |
151
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| -- Prescribed authority |
151
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| -- Form in which statement of particulars to be furnished |
151
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| -- Aggregation |
151
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| -- Mode of furnishing |
151
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| -- Certificate |
151
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| 15. Filling Up Form No. 10A/10AB/10BD |
152
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| Filling up Form No. 10A |
152
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| Filling up Form No. 10AB |
160
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| Filling up Form No. 10BD |
167
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| 16. FAQs on Form No. 10A |
169
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Part E -- Provident Funds/ESI |
173
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| 17. Tax on Interest from Provident Funds [Section 10(11) and 10(12)] |
174
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| Position upto assessment year 2021-22 |
174
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| Amendment by the Finance Act, 2021 |
174
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| Reason for amendment |
175
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| Statutory provident fund scheme and tax provisions |
175
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| Recognised provident fund and tax treatment |
176
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| Tax treatment post amendment |
178
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| Different situations identified |
178
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| Head of income applicable |
178
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| Year of chargeability |
179
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| Which amount will be taxed |
179
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| Summary of taxation of PF from assessment year 2022-23 |
180
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| 18. Tax Treatment of Contribution by Employer to Certain Funds [Section 17] |
184
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| Contribution to superannuation fund -- Tax treatment upto assessment year 2020-21 |
184
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| Contribution to recognised provident fund and NPS by employer -- Current tax treatment |
185
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| Reason for amendment |
185
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| Position of contribution to different funds (Existing) |
186
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| The amendment |
186
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| Tax treatment post amendment |
187
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| Double taxation of same amount |
187
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| Procedural Aspects |
189
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Part F -- Business Income |
190
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| 19. Delayed Remittance of Employees Share in PF/ESI by Employer -- Tax Treatment [Sections 36(1)(va) and 43B] |
191
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| Related provisions upto 31-3-2021 |
191
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| The controversy |
192
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| View of Tribunal Benches holding that contribution not deposited as per scheme of section 36(1)(va) is income of employer |
193
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| High Courts' view holding that employee's contribution deposited before due date for return is allowable |
193
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| Opposite view of Gujarat and Kerala High Court |
195
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| Position emerging as of now |
197
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| Department's view |
197
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| Amendment by the Finance Act, 2021 |
198
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| Consequence of amendment |
198
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| Whether prima facie adjustment as to delayed remittance of PF/ESI can be made on basis of audit report |
198
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| What if the assessee does not add the employees' share (remitted belatedly) in his total income |
199
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| Provisions illustrated |
199
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| 20. Professional Income [Section 44ADA] |
201
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| Restricting scope of section 44ADA to individual/partnership firm |
201
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Part G -- Real Estate |
203
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| 21. Amendments Related to Real Estate Sector [Section 43CA, 50C, 55, 56(2)(x), 80EEA and 80-IBA] |
204
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| Tolerance band under section 43CA/50C raised to 10 per cent |
204
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| -- Position upto assessment year 2020-21 |
204
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| -- Amendment by the Finance Act, 2020 |
205
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| -- Provisions illustrated |
205
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| -- Applicability of amendment |
205
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| Fair value of land or building as on 1-4-2001 not to exceed stamp duty value |
207
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| -- Effect of amendment |
207
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| Difference between sale consideration and stamp value to be ignored in certain cases |
207
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| -- Position upto assessment year 2020-21 |
207
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| -- The amendment |
208
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| -- Provisions illustrated |
208
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| Tolerance band under section 43CA/56(2)(x) raised to 20 per cent in certain cases [From assessment year 2021-22] |
208
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| -- Position upto assessment year 2020-21 |
208
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| -- The amendment |
209
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| -- Applicability of provisions in the context of buyer |
210
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| Relaxation in conditions for availing of benefit of section 80EEA |
210
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| Tax incentives to rental housing projects |
211
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| Extending time limit for approval of affordable housing project for availing of deduction under section 80-IBA of the Act |
211
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Part H -- Audit |
212
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| 22. Tax Audit (Statutory Amendments) [Section 44AB] |
213
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| Persons carrying on business required to get his accounts audited on compulsory basis |
213
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| -- Person carrying on business |
213
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| -- Person covered under section 44AE, 44BB or 44BBB |
214
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| -- Person covered by section 44AD |
214
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| -- Non-residents |
214
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| Effective limits for person carrying on business [For the assessment year 2020-21] |
214
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| Amendments by the Finance Act, 2021 |
215
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| Effective limits for person carrying on business [From the assessment year 2021-22] |
215
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| Inclusions/Exclusions in receipts/expenditure |
216
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| Different situations identified |
217
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| Provisions illustrated |
217
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| 23. Tax Audit (Procedural Amendments) |
219
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| Revision of tax audit reports |
219
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| -- Under section 40(a) |
219
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| -- Interest on capital and remuneration paid by partnership firm to a partner [Section 40(b)] |
221
| >> |
| -- Remuneration, interest, etc. paid to a member by AOP/BOI [Section 40(ba)] |
221
| >> |
| Substitution of clause 8A of Form No. 3CD |
223
| >> |
| Substitution of clause 17 of Form No. 3CD |
223
| >> |
| Amendment of clause 18 of Form No. 3CD |
224
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| -- Adjustment made to the written down value under section 115BAC/ 115BAD (for Assessment Year 2021-2022 only) |
224
| >> |
| -- Adjustment made to written down value of Intangible asset due to excluding value of goodwill of a business or profession |
225
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| Substitution of clause 32(a) of Form No. 3CD |
228
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| Omission of clause 36 of Form No. 3CD |
231
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| Deferment of reporting under clause 30C and 44 of Form No. 3CD |
232
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Part I -- Capital Gains |
233
| >> |
| 24. New Rules for Taxation in Case of Re-constitution/ Dissolution of Specified Entity [Sections 9B, 45(1) and 45(4)] |
234
| >> |
| Capital gains tax on distribution of assets or money at time of dissolution or otherwise of firm to be paid by firm -- Position prior to Finance Act, 2021 |
234
| >> |
| Section 45(4) applicable where assets distributed to partners on retirement |
235
| >> |
| Retiring partners paid their share after revaluation of assets -- No tax leviable on firm under section 45(4) |
235
| >> |
| I. Distribution of Capital Assets or Stock-in-trade on Re-constitution of Firm -- The Charging Provisions |
241
| >> |
| The charging provisions |
241
| >> |
| Specified entity |
241
| >> |
| Specified person |
241
| >> |
| What is reconstitution |
241
| >> |
| Distribution of capital asset or stock-in-trade and basis of charge |
241
| >> |
| Chargeability to tax |
242
| >> |
| How profits will be taxed |
242
| >> |
| Year of chargeability |
243
| >> |
| When stock-in-trade is distributed on reconstitution/dissolution |
243
| >> |
| Computation of capital gains when capital asset is received by specified person on dissolution/reconstitution |
243
| >> |
| Difficulty arising |
243
| >> |
| II. Money or Capital Asset in Excess of Capital Balance Distributed to Partners to be Taxed in Hands of the Specified Entity and Scope of Section 45(4) Extended to Reconstitution of Firm |
243
| >> |
| The amendment |
243
| >> |
| Nature of section 45(4) |
244
| >> |
| Conditions precedent for applicability of section 45(4) |
244
| >> |
| Who is treated as transferor? |
244
| >> |
| Who is liable to tax on capital gain? |
244
| >> |
| Amount that will be charged to capital gain under section 45(4) |
244
| >> |
| Determination of full value of consideration |
245
| >> |
| Computation of capital gains |
245
| >> |
| -- Full value of consideration |
245
| >> |
| -- Deductibles |
246
| >> |
| -- Expenses relevant to transfer |
246
| >> |
| -- Loss not to be allowed |
246
| >> |
| -- Section 9B and section 45(4) to operate independently |
246
| >> |
| Year of chargeability |
246
| >> |
| Balance in capital account -- How to be arrived at |
246
| >> |
| Capital balance of which date |
246
| >> |
| Terminologies defined |
247
| >> |
| Nature of gain under section 45(4) |
247
| >> |
| III. Different Situations Identified |
252
| >> |
| Determination of full value of consideration in hands of specified entity later on |
252
| >> |
| How to attribute amount taxed under section 45(4) |
252
| >> |
| Procedural aspects |
253
| >> |
| When amount taxed shall relate to revaluation of any capital asset |
253
| >> |
| No depreciation on revaluation account |
253
| >> |
| IV. CBDT Clarifications |
254
| >> |
| Law explained |
254
| >> |
| Binding force |
255
| >> |
| Extension of scope of section 48(iii) to depreciable assets being capital assets |
255
| >> |
| Examples |
256
| >> |
| V. Provisions Illustrated |
261
| >> |
| Key take aways |
261
| >> |
| 25. Tax Exemption to Capital Gains [Section 47] |
262
| >> |
| Relocation of capital asset to be tax neutral in certain case |
262
| >> |
| Exemption from capital gain tax transfer of capital asset by India Infrastructure Finance Company Limited to an institution established for Financing the Infrastructure and Development |
264
| >> |
| Exemption from capital gain to transfer of capital asset, by a public sector company to another public sector company |
264
| >> |
| Reference of section 47(viiac) to 47(viiaf) inserted in proviso to section 56(2)(x) |
264
| >> |
Part J -- Start-up Taxation |
266
| >> |
| 26. Deferred Taxation of ESOPs in Case of Employees of Eligible Start-ups [Sections 17, 140A, 156, 191 and 192] |
267
| >> |
| Taxation of value of specified security or sweat equity shares as perquisite |
267
| >> |
| When section 17(2)(vi) would get triggered |
267
| >> |
| Amount that is taxed as perquisite |
268
| >> |
| -- How fair market value of specified security or sweat equity share being an equity share in the company be determined? |
268
| >> |
| -- Determination of fair market value in case of listed companies |
268
| >> |
| Deferred taxation of ESOPs in case of eligible start-ups |
270
| >> |
| Applicability of deferred taxation rules |
270
| >> |
| Specified security and sweat equity shares -- Meaning of |
270
| >> |
| Eligible start-up referred to under section 80-IAC |
271
| >> |
| Tax to be paid on self-assessment basis |
271
| >> |
| Tax payable by employee |
272
| >> |
| TDS by employer |
273
| >> |
| Taxable event |
273
| >> |
| Taxable event and year of taxability [Only as regards perquisite on stock options] |
273
| >> |
| Provisions illustrated |
274
| >> |
| Different situations identified |
275
| >> |
| 27. Other Amendments Related to Start-Ups [Sections 54GB, 79 & 80-IAC] |
276
| >> |
| Sun-set date for investment in eligible start-up extended to 31-3-2022 |
276
| >> |
| Restriction under section 79 not to apply to a company having change in shareholding due to relocation referred to in section 47 |
276
| >> |
| Rationalization of provisions as to start-ups |
277
| >> |
Part K -- Business Re-organisation |
279
| >> |
| 28. Tax Treatment of Goodwill [Sections 2(11), 32, 43, 50B and 55] |
280
| >> |
| Legal position upto assessment year 2020-21 |
280
| >> |
| Reason for amendment |
280
| >> |
| Goodwill held eligible for depreciation |
282
| >> |
| Amendments by Finance Act, 2021 -- Effective from assessment year 2021-22 |
282
| >> |
| Goodwill not to form block of asset and no depreciation allowable thereon |
284
| >> |
| Re-Determination of written down value of block of assets which included goodwill |
284
| >> |
| Subsequent transfer of goodwill on which depreciation allowed to give rise to capital gains |
286
| >> |
| Cost of acquisition of goodwill of a business or profession where depreciation has been claimed |
288
| >> |
| -- Position upto assessment year 2020-21 |
288
| >> |
| -- Supreme Court decision on capital gains on goodwill |
288
| >> |
| -- Amendment by the Finance Act, 2021 and impact thereof |
292
| >> |
| Amendments summarized |
293
| >> |
| Impact of all above amendments |
293
| >> |
| 29. Amendment in Definition of Merger to Facilitate Strategic Disinvestment [Sections 2(19AA) and 72A] |
294
| >> |
| Position upto assessment year 2020-21 |
294
| >> |
| Relaxation of provisions to facilitate strategic disinvestment |
294
| >> |
| Control -- Meaning of |
295
| >> |
| Demerger redefined and impact thereof |
296
| >> |
| -- Undertaking |
297
| >> |
| -- Effect on accumulated losses, etc. |
297
| >> |
| -- Other tax benefits due to transaction being treated as demerger |
298
| >> |
| Amalgamation of public sector companies |
301
| >> |
| Amalgamation of public sector companies under share purchase agreement |
301
| >> |
| -- Has amalgamation within meaning of section 72A to be as per section 2(1B) |
302
| >> |
| -- Time limit of 8 years in section 72 to be counted afresh on amalgamation |
302
| >> |
| -- Conditions to be fulfilled for availing of benefit under section 72A |
303
| >> |
| -- Conditions notified by the Central Government |
303
| >> |
| -- Consequences of failure to satisfy conditions specified under section 72A(2) |
304
| >> |
| -- Accumulated loss |
304
| >> |
| -- Unabsorbed depreciation |
304
| >> |
| 30. Slump Sale [Sections 2(42C) and 50B] |
305
| >> |
| I. Expansion of Scope of Slump Sale [Section 2(42C)] |
305
| >> |
| Position upto assessment year 2021-22 |
305
| >> |
| Amendment by the Finance Act, 2021 |
305
| >> |
| Why this amendment |
305
| >> |
| Sale of undertaking in exchange of bonds/preference shares not amount to sale |
306
| >> |
| Transfer of business undertaking as a going concern under amalgamation |
307
| >> |
| Slump sale scope not restricted only to sale |
308
| >> |
| Arrangement does not amount to sale |
308
| >> |
| Scope of slump sale extended to all modes of transfer referred to in section 2(47) by Finance Act, 2021 |
310
| >> |
| Impact of amendment |
310
| >> |
| II. Change in Method of Computation of Capital Gains from Slump Sale [Section 50B] |
311
| >> |
| Position upto assessment year 2020-21 |
311
| >> |
| Determination of net worth and full value of consideration in slump sale |
312
| >> |
| Determination of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act |
312
| >> |
| -- Determination of FMV1 |
312
| >> |
| -- Determination of FMV2 |
315
| >> |
| -- When fair value be determined |
317
| >> |
| -- Terminologies defined |
317
| >> |
| Impact of amendment |
317
| >> |
Part L -- Co-operative Society/Banks |
318
| >> |
| 31. Tax Concessions to Re-Organisation of Co-Operative Banks [Section 44DB] |
319
| >> |
| Amendment by the Finance Act, 2021 |
319
| >> |
| Effect of amendment |
320
| >> |
| -- Computation of deduction under section 32, 35D, 35DD and 35DDA -- In the year of business reorganisation [Section 44DB(2) and 44DB(3)] |
320
| >> |
| -- Computation of deduction under sections 35D, 35DD and 35DDA -- In subsequent years [Section 44DB(4)] |
320
| >> |
| -- Business reorganisation defined |
320
| >> |
| 32. New Taxation Regime for Resident Co-operative Societies [Section 115BAD] |
322
| >> |
| Nature of section 115BAD |
322
| >> |
| Rate of tax on incomes specified under sections 110 to 115BBG |
322
| >> |
| To whom provisions of section 115BAD apply |
322
| >> |
| Rate of tax applicable |
322
| >> |
| Surcharge and marginal relief |
322
| >> |
| Income on which special tax rate applicable |
322
| >> |
| Conditions precedent for special tax rate |
323
| >> |
| -- Not to claim certain deductions |
323
| >> |
| -- No set off of loss or depreciation arising from above deductions |
323
| >> |
| -- Method of computing depreciation |
323
| >> |
| Effect of failure to satisfy above conditions |
324
| >> |
| When option as to applicability of section 115BAD be exercised |
324
| >> |
| Unabsorbed depreciation to be adjusted once option is exercised under section 115BAD |
324
| >> |
| Co-operative societies eligible for deduction under section 80P |
325
| >> |
| Illustration |
325
| >> |
Part M -- Return, Assessment and Reassessment |
327
| >> |
| 33. Return and Assessment [Sections 139, 142, 143 and 153] |
328
| >> |
| I. Statutory Amendments |
328
| >> |
| Rationalisation of due date for filing of return of income in case of partner of a firm |
328
| >> |
| Reduction in time limit for filing of belated return or revised return |
329
| >> |
| Relaxation in defective return criteria |
330
| >> |
| Allowing prescribed authority to issue notice under clause (i) of sub-section (1) of section 142 |
330
| >> |
| Reduction in time limit for service of intimation under section 143(1) |
331
| >> |
| Enhancing scope of prima facie adjustments |
331
| >> |
| Reduction in time limit for service of notice for scrutiny of assessment |
332
| >> |
| Reduction in time limit for completion of assessments |
333
| >> |
| II. Applicable Form of Return of Income and Mode of Furnishing of Return |
333
| >> |
| Form of return for assessment year 2021-22 |
333
| >> |
| Return shall be annexureless |
335
| >> |
| Certain reports and notices to be furnished electronically |
335
| >> |
| Manner of furnishing of return |
336
| >> |
| Return in paper form |
337
| >> |
| 34. Re-assessment Revamped [Sections 147 to 151A] |
338
| >> |
| I. Position upto 31-3-2021 |
338
| >> |
| II. Concepts Given Go-by |
338
| >> |
| Necessity of omission or failure on the part of assessee |
338
| >> |
| Twin conditions need be satisfied |
339
| >> |
| Principles as to reopening as in vogue upto 31-3-2021 |
340
| >> |
| Reason to believe -- A condition precedent to reopen |
343
| >> |
| Validity of reopening on change of opinion |
343
| >> |
| Reopening on borrowed satisfaction |
344
| >> |
| Assessment made after proper enquiry under section 143(3) -- Reopening not justified |
346
| >> |
| Reopening on Issue Other Than that Specified on Notice |
348
| >> |
| -- Reassessment on issues other than on which notice under section 148 issued -- Possibility in the light of Explanation 3 to section 147 |
349
| >> |
| -- Applicability of Explanation 3 to section 147 where reopening of assessment was made on one ground but addition was made on another grounds |
350
| >> |
| -- Reopening of assessment on one ground but made addition on other grounds |
351
| >> |
| -- Reassessment order passed for those incomes for which no reasons were recorded |
351
| >> |
| -- Addition towards other income can be made only if issue for reopening results in addition |
352
| >> |
| -- Addition towards income mentioned in notice for reopening not made -- Addition on other issues not justified |
354
| >> |
| -- Scope of fishing and roving enquiries to unearth new ground of additions invoking Explanation 3 to section 147 not justified |
355
| >> |
| Summary |
355
| >> |
| III. New Procedure for Reassessment |
358
| >> |
| Power to reassess |
358
| >> |
| Power extended to assess any other income also |
358
| >> |
| Procedure before issuing notice for reassessment |
358
| >> |
| Issuance of notice |
360
| >> |
| Conditions precedent for issuance of notice |
360
| >> |
| When information can be said to suggestive of escapement |
360
| >> |
| Deemed information in possession |
361
| >> |
| Time limits for reopening the assessment [Section 149] |
362
| >> |
| -- Existing time limit |
362
| >> |
| -- Revised time limits |
362
| >> |
| -- No notice under new provisions if no such notice could have been issued under earlier provisions |
362
| >> |
| -- Different situations |
363
| >> |
| No notice under section 148 where search conducted upto 31-3-2021 |
364
| >> |
| Exclusion of certain time limits |
364
| >> |
| Sanction for issue of notice |
365
| >> |
| Faceless reassessment |
365
| >> |
| 35. Survey and Search Assessment [Sections 147 to 151, 153A and 153C] |
367
| >> |
| Sun set clause to special procedure for search assessments |
367
| >> |
| New procedure in search assessments |
368
| >> |
| -- Power to reassess |
368
| >> |
| -- Power extended to assess any other income also |
369
| >> |
| -- Procedure before issuing notice for reassessment not to be followed |
369
| >> |
| -- Issuance of notice |
370
| >> |
| -- Conditions precedent for issuance of notice |
370
| >> |
| -- Time limits for reopening the assessment in search and survey case [Section 149] |
371
| >> |
| -- Sanction for issue of notice |
372
| >> |
| 36. Enhancing Scope of Statement of Financial Transaction or Reportable Account [Section 285BA] |
373
| >> |
| Specified financial transactions -- Meaning of |
373
| >> |
| Who shall furnish statement and in respect which transaction it shall be furnished |
373
| >> |
| Reporting of certain incomes by specified persons |
375
| >> |
| Aggregation of transactions |
376
| >> |
| Manner of furnishing return in Form No. 61A |
377
| >> |
| Time limit for furnishing of statement of financial transaction |
377
| >> |
| Verification statement |
377
| >> |
| Statement of Financial Transaction -- Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Dividend income |
377
| >> |
| Statement of Financial Transaction -- Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income |
378
| >> |
| Statement of Financial Transactions (SFT) -- Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions |
379
| >> |
| Statement of Financial Transactions (SFT) -- Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Mutual Fund Transactions by Registrar and Share Transfer Agent |
380
| >> |
Part N -- Tax Deduction at Source, Interest and Fee |
382
| >> |
| 37. Tax Deduction in Case of Specified Senior Citizens by Banking Companies [Section 194P] |
383
| >> |
| Who is required to deduct tax under section 194P |
383
| >> |
| Provision are mandatory of nature |
383
| >> |
| Specified bank |
383
| >> |
| Specified senior citizen |
383
| >> |
| Effect of tax deduction under section 194P |
384
| >> |
| What if bank fails to deduct tax under section 194P |
384
| >> |
| 38. Tax Deduction by Buyer of Goods in Certain Cases [Section 194Q] |
385
| >> |
| Who is liable to deduct tax under section 194Q |
385
| >> |
| Whether provisions of section 194Q of the Act shall apply to buyer in the year of incorporation? |
385
| >> |
| Meaning of buyer |
386
| >> |
| From whom tax is to be deducted |
386
| >> |
| Conditions for application of provisions |
386
| >> |
| No tax to be deducted under section 194Q in certain cases |
386
| >> |
| -- When tax is collectible under section 206C other than case covered by section 206C(1H) |
386
| >> |
| -- When there is liability to deduct tax under any other provision |
387
| >> |
| When tax is to be deducted |
387
| >> |
| Timing of deduction -- Where either credit or payment made prior to 1-7-2021 |
387
| >> |
| Applicability of provisions in different circumstances |
388
| >> |
| Limit of Rs. 50 lakhs, how to apply |
388
| >> |
| Calculation of threshold for the financial year 2021-22 |
388
| >> |
| Rate of tax deduction |
388
| >> |
| Higher rate of TDS -- Interplay of section 206AA, 206AB and 194Q |
388
| >> |
| Provisions illustrated |
389
| >> |
| Liability of non-residents to deduct tax |
390
| >> |
| Are provisions applicable where payment is made to Non-residents |
391
| >> |
| Determination of total sales, etc. |
391
| >> |
| -- Points to be considered while interpreting section 44AB |
391
| >> |
| -- Meaning of sales and turnover |
392
| >> |
| -- Kachha Arahtia v. Pacca Arahtia |
394
| >> |
| Whether turnover shall include non-business turnover |
396
| >> |
| Treatment of GST collected |
396
| >> |
| TDS, whether deductible on GST |
397
| >> |
| What is meaning of the term goods |
397
| >> |
| Applicability of provisions to goods, etc. |
402
| >> |
| Sale of immovable properties -- Whether liable to TDS |
402
| >> |
| TDS on purchase of shares etc. |
402
| >> |
| Applicability on transactions carried through various exchanges |
403
| >> |
| Personal assets being purchased |
403
| >> |
| Cancellation of transaction |
403
| >> |
| Purchase returns |
404
| >> |
| Netting transactions |
404
| >> |
| Advance against purchases |
404
| >> |
| TDS on GST component in case of advance payments |
405
| >> |
| Applicability of section 194Q to case of motor vehicle |
405
| >> |
| TDS only on amount paid or credited on or after 1-7-2021 |
407
| >> |
| Exchange of goods |
407
| >> |
| Branch transfers |
407
| >> |
| Aggregation of transactions |
408
| >> |
| Whether tax is to be deducted when the seller is a person whose income is exempt |
408
| >> |
| Interplay of section 206C(1H) and 194Q |
408
| >> |
| Cross application of section 194-O, sub-section (1H) of section 206C and section 194Q of the Act |
409
| >> |
| Power to remove difficulties |
411
| >> |
| 39. Higher Rate of Tax Deduction/Collection in Case of Non-filers of Return [Sections 206AB and 206CCA] |
412
| >> |
| I. Law and Its Impact |
412
| >> |
| The purpose |
412
| >> |
| Payments on which higher rate of TDS will apply |
412
| >> |
| When tax is to be deducted |
412
| >> |
| To whom provision shall apply |
412
| >> |
| Conditions precedent |
413
| >> |
| Rate of tax deduction |
413
| >> |
| Provisions when not applicable |
413
| >> |
| Analysis of provisions |
414
| >> |
| Different situations identified |
414
| >> |
| Applicability of higher rate of TCS |
415
| >> |
| -- Rate of TCS where higher rate applicable by virtue of section 206CC |
415
| >> |
| -- Specified person for purpose of section 206CCA |
415
| >> |
| Impact of amendment |
416
| >> |
| Deciding rate of TDS |
417
| >> |
| Applicability of section 206AB to cases covered by section 194-IB |
417
| >> |
| II. CBDT Clarification |
420
| >> |
| III. Guide to Use of Functionality |
420
| >> |
| Registration of Tax Deductors/Collectors on Reporting Portal |
420
| >> |
| Accessing the functionality on Reporting Portal by Principal Officer |
421
| >> |
| Compliance Check for section 206AB & 206CCA |
422
| >> |
| IV. What Tax Deductor/Collector shall do |
424
| >> |
| 40. Miscellaneous TDS Related Amendments [Sections 194, 194A and 196D] |
424
| >> |
| No tax to be deducted from dividend income in case of certain assessees |
424
| >> |
| No tax to be deducted on interest income credited or paid to infrastructure debt fund |
424
| >> |
| Rationalisation of the provision concerning withholding on payment made to Foreign Institutional Investors (FIIs) |
425
| >> |
| 41. Determination of Appropriate Sum Chargeable Under Section 195(2) and 195(7) -- Related Procedure Notified |
426
| >> |
| Payment to non-residents liable to TDS under section 195 |
426
| >> |
| TDS on proportionate amount under section 195(2) |
426
| >> |
| CBDT empowered to notify class of persons or cases where person responsible to make payment shall make application to assessing officer for determination of appropriate proportion of sum chargeable |
426
| >> |
| Section 195(7) vis-a-vis section 195(2) |
427
| >> |
| Form to be used for application under section 195(2) and under section 195(7) |
427
| >> |
| Manner for furnishing application |
427
| >> |
| Examining of application and issuance of certificate by the assessing officer |
427
| >> |
| Validity period of certificate issued under rule 29BA |
428
| >> |
| Authority empowered to lay down relevant procedures |
428
| >> |
| Documents to be uploaded alongwith Form No. 15E |
428
| >> |
| Details required to be furnished in Form No. 15E |
429
| >> |
| -- Regarding payer and non-resident recipient |
429
| >> |
| -- Regarding transaction entered into |
429
| >> |
| -- Regarding taxability under Income Tax Act as well as under DTAA |
429
| >> |
| 42. Interest and Fee [Sections 234C, 234G and 234H] |
430
| >> |
| Dividend income and interest under section 234C |
430
| >> |
| Late fees under section 234F reduced to Rs. 5,000 |
431
| >> |
| Fee for defaults relating to statement or certificate [Section 234G] |
431
| >> |
| Fee for default relating to intimation of Aadhaar number |
432
| >> |
Part O -- Dispute Resolution |
433
| >> |
| 43. Settlement Commission Abolished [Sections 245A to 245L] |
434
| >> |
| Background of introduction of Settlement Commission under Chapter XIX-A |
434
| >> |
| Need for settlement machinery |
434
| >> |
| Constitution of Settlement Commission |
435
| >> |
| Policy of law behind providing for settlement through Settlement Commission |
435
| >> |
| Abolishing settlement commission |
435
| >> |
| Amendments giving effect to abolishment of settlement commission |
437
| >> |
| Admissibility of pending applications |
438
| >> |
| Rectification of order of Settlement Commission |
439
| >> |
| Provisions relating to interim settlement board |
439
| >> |
| -- Interim Board for Settlement |
439
| >> |
| -- Pending application |
440
| >> |
| -- Applicability of provisions with certain modifications |
440
| >> |
| Exclusion of certain time limits |
442
| >> |
| Proceeding before Interim Board shall be faceless |
442
| >> |
| Power to order provisional attachment to protect revenue |
443
| >> |
| Powers of Settlement Commission |
443
| >> |
| Furnishing of copies of reports given by income-tax authority |
444
| >> |
| Power of Settlement Commission to grant immunity from prosecution and penalty |
444
| >> |
| Option to withdraw application for settlement |
445
| >> |
| Impact of abolishment |
446
| >> |
| 44. Establishment of Dispute Resolution Committee [Section 245MA] |
448
| >> |
| Introduction |
448
| >> |
| Salient features of new scheme |
448
| >> |
| Constitution of dispute resolution committee |
449
| >> |
| Powers of dispute resolution committee |
449
| >> |
| Proceedings before committee to be faceless |
449
| >> |
| Persons not entitled to make application before dispute resolution committee |
450
| >> |
| Orders which can be challenged before dispute resolution committee |
451
| >> |
| Issues |
451
| >> |
| 45. Advance Rulings Rejigged [Sections 245N to 245W] |
452
| >> |
| New scheme of advance rulings |
452
| >> |
| Applicability of advance ruling |
454
| >> |
| Appealability of order of advance ruling |
455
| >> |
| Constitution of Board for Advance Rulings |
456
| >> |
| Authority for advance ruling cease to operate from specified date |
456
| >> |
| Vacancies, etc., not to invalidate proceedings |
456
| >> |
| Reference of Central Excise Act and Finance Act removed |
456
| >> |
| Transfer of application for advance ruling to Board for Advance Ruling |
456
| >> |
| Procedure of advance ruling before Board of Advance rulings |
457
| >> |
| Proceedings before Board for Advance Rulings shall be faceless |
458
| >> |
| Advance ruling to be void in certain circumstances |
458
| >> |
| Powers of the Authority |
459
| >> |
| Procedure of Authority |
459
| >> |
Part P -- International Taxation |
460
| >> |
| 46. Income Deemed to Accrue or Arise in India [Section 9] |
461
| >> |
| Restricting scope of Explanation 1(a) to any business other than the business having business connection in India on account of significant economic presence |
461
| >> |
| Business connection on account of significant economic presence |
461
| >> |
| Extending source rule in case of income from advertisements, income from sale of data or income from sale of goods or services in certain cases |
463
| >> |
| Consideration for the sale, distribution or exhibition of cinematographic films to be treated as royalty |
464
| >> |
| 47. Equalisation Levy [Finance Act, 2016] |
466
| >> |
| Introduction |
466
| >> |
| Amendments by the Finance Act, 2020 and Finance Act, 2021 |
467
| >> |
| Consideration liable to tax as royalty or fees for technical services under Income Tax Act not to be liable to Equalisation levy |
467
| >> |
| -- Royalty -- Meaning of |
468
| >> |
| -- Fees for technical services -- Meaning of |
469
| >> |
| -- What to be looked into |
469
| >> |
| Charge of equalization levy on "e-commerce operators" for "e-commerce supply or services" |
470
| >> |
| Equalisation levy on consideration received or receivable for e-commerce supply or services |
470
| >> |
| Terminologies defined from 1-4-2020 |
470
| >> |
| Charge of equalisation levy on e-commerce supply or services |
471
| >> |
| -- Equalisation levy at 2 per cent on e-commerce supply or services |
471
| >> |
| -- No Equalisation levy at 2 per cent on e-commerce supply or services in certain cases |
471
| >> |
| Enlargement of scope of "e-commerce supply or services" |
472
| >> |
| Ownership of goods and provision of services by e-commerce operator not to be pre-requisite for equalisation levy |
474
| >> |
| Impact of new equalisation levy |
475
| >> |
| Parallel taxation under two laws |
476
| >> |
| Treaty situations |
478
| >> |
| Situation of company having PE and that not having PE |
479
| >> |
| Double taxation |
480
| >> |
| Credit of EL where assessing officer concludes that assessee was having PE |
480
| >> |
| Illustrations |
480
| >> |
| Collection and recovery of equalisation levy on e-commerce supply or services |
481
| >> |
| Furnishing of statement |
481
| >> |
| Processing of statement |
481
| >> |
| Rectification of mistake |
482
| >> |
| Interest on delayed payment of equalisation levy |
482
| >> |
| Penalty for failure to deduct or pay equalisation levy |
483
| >> |
| Penalty for failure to furnish statement |
483
| >> |
| No penalty in certain cases |
483
| >> |
| Punishment for false statement |
483
| >> |
| No prosecution in certain cases |
483
| >> |
| Appellate mechanism |
483
| >> |
| Application of certain provisions of Income-tax Act |
484
| >> |
| Power to remove difficulties |
484
| >> |
| Exemption to income arising from any e-commerce supply or services made or provided in certain cases |
484
| >> |
| Unresolved issues |
485
| >> |
| Restriction of exemption to income arising from any e-commerce supply or services made or provided in certain cases |
485
| >> |
Part Q -- Corporate Taxation |
487
| >> |
| 48. Dividend Taxation [Sections 10(34), 57, 80M, 115BBDA, 115-O, 194 and 195] |
488
| >> |
| Position upto 31-3-2020 |
488
| >> |
| Amendment by the Finance Act, 2020 |
489
| >> |
| Change in tax policy |
489
| >> |
| Effect of amendment |
490
| >> |
| Rate of tax |
491
| >> |
| Dividend income -- Treaty situations |
491
| >> |
| Position as to taxability of dividends summarised |
493
| >> |
| Dividend -- What does it includes |
494
| >> |
| Current versus new tax incidence |
495
| >> |
| Expenses against dividend income [Section 57(i)] |
497
| >> |
| -- Limit of expenses -- Whether on gross dividend or net dividend |
498
| >> |
| Case of domestic company receiving dividends |
499
| >> |
| Chargeability of deemed dividend under section 2(22)(e) |
499
| >> |
| No tax to be levied under section 115BBDA on dividends declared, distributed or paid after 31-3-2020 |
500
| >> |
| TDS on dividends to residents |
500
| >> |
| -- Liability to deduct tax on dividends |
501
| >> |
| -- What is dividend |
501
| >> |
| -- Person responsible for deduction of tax at source |
501
| >> |
| -- Prescribed arrangements for declaration and payment of dividends within India |
501
| >> |
| -- When tax is to be deducted |
502
| >> |
| -- Rate at which tax be deducted |
502
| >> |
| -- No deduction under certain circumstances |
502
| >> |
| -- Payment to LIC, GIC or other insurers [Second proviso to section 194] |
502
| >> |
| -- Tax deduction at lower rate or no tax deduction |
502
| >> |
| -- No tax deduction where recipient furnishes Form No. 15G/15H |
503
| >> |
| -- Blanket exemption to certain payees [Section 196] |
503
| >> |
| No TDS where payment to non-shareholders |
504
| >> |
| TDS from dividends to non-residents |
504
| >> |
| Consequential amendments |
504
| >> |
| 49. Minimum Alternate Tax [Section 115JB] |
506
| >> |
| Dividend income and expenditure thereof to be excluded while computing books profits in case of a foreign company |
506
| >> |
| Re-computation of book profits in case of transfer pricing adjustments |
507
| >> |
Part R -- Miscellaneous |
509
| >> |
| 50. Deduction Under Chapter VI-A [Sections 80EEA, 80G and 80GGA] |
510
| >> |
| Relaxation in conditions for availing of benefit of section 80EEA |
510
| >> |
| Donation to PM CARES Fund eligible for 100 percent deduction -- Effective from 1-4-2020 |
510
| >> |
| Principal CIT empowered to approve trust or institution for the purposes of section 80G -- Effective from 1-4-2021 |
510
| >> |
| Condition regarding deduction towards donation to institution or fund referred to in section 80G(5) |
511
| >> |
| -- Effect of amendment |
511
| >> |
| Restricting cash donation under section 80GGA to Rs. 2,000 |
511
| >> |
| -- Eligibility for deduction under section 80GGA towards contribution for scientific research or rural development |
511
| >> |
| -- Restriction on cash donation |
513
| >> |
| -- The amendment |
513
| >> |
| Deduction under section 80GGA to be allowed only on basis of statement filed by donee institution |
513
| >> |
| Deduction for inter-corporate dividends |
513
| >> |
| 51. Other Amendments [Sections 2(48), 9A, 10(4D), 10(4E), 10(4F), 10(23FF), 10(48D), 10(48E), 10(50), 80LA, 89A, 115ACA, 115AD, 255, 263 and 281B] |
514
| >> |
| Infrastructure debt fund allowed to issue zero coupon bond |
514
| >> |
| Tax Concessions to Unit in International Financial Services Centre |
515
| >> |
| Rationalisation of provisions related to Sovereign Wealth Fund (SWF) and Pension Fund (PF) |
518
| >> |
| -- Investment through holding company |
518
| >> |
| -- Investment in NBFC-IDF/IFC (non-banking finance company-infrastructure debt fund/Infrastructure finance company) |
519
| >> |
| -- Loan or borrowings by SWF/Pension Fund |
519
| >> |
| -- Commercial activity |
519
| >> |
| -- Liable to Tax |
519
| >> |
| -- Rules to prescribe the method of calculation |
519
| >> |
| Exemption to income of institution established for financing the infrastructure and development |
520
| >> |
| Exemption to income of developmental financing institution |
520
| >> |
| Restriction of exemption to income arising from any e-commerce supply or services made or provided in certain cases |
520
| >> |
| Relief from taxation on income from retirement benefit account maintained in a notified country |
521
| >> |
| GDRs listed in International Financial Services Centre to be eligible for benefit under section 115ACA |
521
| >> |
| Appeal before ITAT to be faceless |
522
| >> |
| Principal Chief Commissioner/Chief Commissioner empowered to make revision |
523
| >> |
| Provisional attachment in Fake Invoice cases |
523
| >> |
| 52. Supreme Court Decision on Limitation |
524
| >> |
| 53. Recent Date Extensions |
526
| >> |
| Extension of Time Limits of Certain Compliances to Provide Relief to Taxpayers in view of the Severe Pandemic |
526
| >> |
| Time limit for initiation of Penalty proceedings |
527
| >> |
| Time limit for passing of assessment orders under section 153 or section 153B |
527
| >> |
| Direct tax Vivad se Vishwas Act |
528
| >> |