Taxmann's Analysis | Changes Proposed in the Income-tax Act by the Finance Bill 2024 PDF Download
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Author: Taxmann
Publisher: Taxmann Publications Private Limited
ISBN:
Category : Law
Languages : en
Pages : 13
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Book Description
Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024-25 in the Parliament on February 01, 2024. No significant tax announcements were proposed, with only a few necessary proposals introduced concerning Income Tax and GST. The changes proposed in the Finance Bill 2024 about the Income-tax Act have been discussed in this article, which includes: ‣ TCS provisions proposed to be amended to align them with the Govt.'s Press Release ‣ Extension of sunset dates under various provisions ‣ Withdrawal of small outstanding direct tax demands
Author: Taxmann
Publisher: Taxmann Publications Private Limited
ISBN:
Category : Law
Languages : en
Pages : 13
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Book Description
Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024-25 in the Parliament on February 01, 2024. No significant tax announcements were proposed, with only a few necessary proposals introduced concerning Income Tax and GST. The changes proposed in the Finance Bill 2024 about the Income-tax Act have been discussed in this article, which includes: ‣ TCS provisions proposed to be amended to align them with the Govt.'s Press Release ‣ Extension of sunset dates under various provisions ‣ Withdrawal of small outstanding direct tax demands
Author: Taxmann
Publisher: Taxmann Publications Private Limited
ISBN:
Category : Law
Languages : en
Pages : 12
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Book Description
The Finance Minister presented the Interim Budget for the fiscal year 2024-25 on February 1, 2024, introducing minimal amendments to the taxation laws. Notably, a couple of significant amendments are proposed in the realm of indirect taxes. This article provides an in-depth analysis of the changes proposed in GST by the Finance Bill 2024, which includes: ‣ Mandating distribution of common ITC on services through the ISD mechanism, which was previously optional. ‣ Additionally, a substantial penalty has been proposed for tobacco manufacturers who fail to register their machines by the specified procedure.
Author: Taxmann
Publisher: Taxmann Publications Private Limited
ISBN:
Category : Law
Languages : en
Pages : 14
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Book Description
Taxpayers, tax professionals, and the tax department collectively contribute to refining tax legislation to enhance clarity and effectiveness. This year, we put forward 75 proposals to the Finance (No. 2) Bill, 2024, six of which were incorporated into the final legislation. This article examines our recommendations alongside the amendments ultimately enacted in the Finance (No. 2) Act, 2024, focusing on key changes to the Income Tax Act, 1961. Notable updates include: ‣ Abolition of Buyback Tax ‣ Simplified Taxation Framework for Charitable Trusts ‣ Increased Interest Rate for Non-Deposit of TCS Amount ‣ Inclusion of Foreign Tax Credit in Assessee's Income ‣ Defined Time Limit for Tax Deduction Defaults on Payments to Non-Residents ‣ Expanded Eligibility for Lower Tax Collection Certificates
![Taxmann's Taxation of Capital Gains – [Most] Comprehensive Chapter-wise Analysis of Capital Gains Taxation—Covering Key Topics | Recent Amendments | Practical Guidance | Finance (No. 2) Act 2024 PDF](https://books.google.com/books/content/images/frontcover/F3kgEQAAQBAJ?fife=w80-h100)
Author: CA S. Krishnan
Publisher: Taxmann Publications Private Limited
ISBN: 9364553454
Category : Law
Languages : en
Pages : 49
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Book Description
This book is the most comprehensive handbook that provides chapter-wise analysis of capital gains taxation. It covers various topics, including the nuances of tax planning within family settlements, implications of recent judicial decisions, and detailed guidance on exemptions under Sections 54, 54B, and 54F, etc.. It addresses complex scenarios such as joint property developments, transactions between firms and partners post-2021 amendments, and the tax implications for NRIs, OCIs, and PIOs. With 35+ structured chapters, the book emphasises ethical tax planning and provides practical solutions through numerous examples and illustrations. It is designed for tax professionals, legal practitioners, and financial advisors, equipping them with the knowledge to understand the intricate landscape of capital gains taxation. The Present Publication is the 13th Edition and has been amended by the Finance (No. 2) Act, 2024. This book is authored by CA S. Krishnan with the following noteworthy features: • [Comprehensive Coverage of Capital Gains Taxation] The book covers every aspect of capital gains taxation across 35+ chapters, each dedicated to specific sections or topics within Chapter IV-E under the heading 'Computation of Total Income.' This detailed approach ensures that readers can grasp the full scope of capital gains provisions and their applications • [In-depth Analysis of Tax Planning in Family Settlements] It provides a detailed examination of tax planning opportunities within the confines of the law, particularly in the context of family settlements and arrangements. The book extends this analysis to include family arrangements involving companies, supported by notable judgments from the ITAT • [Critical Insights on Exemptions (Sections 54, 54B, 54F, etc.)] The book discusses the pros and cons of claiming exemptions under sections 54, 54B, and 54F, etc. This section includes judicial interpretations and practical considerations that professionals need to be aware of • [Addressing Joint Development of Properties] A significant focus is placed on the issues arising from joint property developments, with detailed analysis of various judicial decisions. The book suggests potential remedies that could be considered by the legislature, providing a critical perspective on these challenging scenarios. • [Post-2021 Amendments to Section 45] A dedicated discussion covers the impact of the 2021 amendments to Section 45 and related provisions, particularly on transactions between firms and partners. The book includes an analysis of the Supreme Court ruling in the case of CIT v. Mansukh Dyeing and Printing Mills [2022] 145 taxmann.com 151 (SC), highlighting the tax implications when retiring partners are paid after revaluation of assets • [Updated Judicial Decisions and Case Law Integration] The 13th edition incorporates numerous judicial decisions rendered after the last Edition, placing these rulings in the appropriate context within the book. Each decision is thoroughly analysed, providing readers with the latest legal insights into capital gains taxation • [Special Chapter on NRIs, OCIs, and PIOs] A separate chapter is devoted to the tax planning, compliance, and procedural aspects for Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs). This chapter provides practical guidance on property transactions, tax liabilities, and strategies for NRIs returning to India • [Examination of RFCTLARR Act, 2013] The book provides a detailed analysis of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, explaining its implications on capital gains taxation and how it intersects with current tax laws • [Taxability of Interest on Compensation for Agricultural Land] A comprehensive discussion on the taxability of interest received on compensation for acquiring agricultural land is presented. This section relies on an exhaustive review of judicial decisions, providing clear guidance on this often-debated topic • [Understanding Complex Capital Gains Scenarios] The book emphasises that there is no one-size-fits-all solution for capital gains taxation due to the variability in facts, legal precedents, and amendments. It guides readers in comparing live situations with case laws, identifying changes in legal interpretations, and understanding the impact of new amendments or jurisdictional rulings • [Worked Examples and Illustrations] Featuring numerous worked-out examples, the book covers a broad spectrum of possible scenarios, enhancing the reader's understanding through practical application. It highlights inconsistencies in judicial thought, explaining later decisions in relation to earlier ones and drawing distinctions where necessary • [Ethical Tax Planning Guidance] The book strongly emphasises the importance of ethical and legal tax planning, reinforcing the need for compliance and accuracy in income reporting. It aims to guide professionals in advising their clients correctly, avoiding both overpayment and underpayment of taxes The structure of the book is as follows: • [Exhaustive Coverage] This book contains 35+ Chapters, and each Chapter covers one section/topic exclusively • [Cross-Referenced Contents] Each Chapter in this book is unique, and whenever and wherever there are overlapping provisions, adequate care has been taken to give cross-references • [Specific Focus on Tax Planning] The tax planning has to be legal, and this important and ethical aspect has been stressed throughout the book • [Examples/Illustrations] covering every possible situation • [Case Laws] Whenever and wherever there is no uniformity in the thinking of various judicial authorities, they have been brought out and highlighted. In appropriate cases, the later decisions have been explained in tune with the ratio decidendi of earlier decisions by highlighting the common issues between these decisions and/or bringing out the distinction between the earlier decision(s) and the later one(s)
Author: Taxmann
Publisher: Taxmann Publications Private Limited
ISBN:
Category : Law
Languages : en
Pages : 37
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Book Description
The Lok Sabha passed the Finance Bill 2023 on March 24, 2023. The Bill has been passed with more than 60 changes compared to the Finance Bill introduced on February 01, 2023. New amendments have been made, and some proposed amendments have been modified. In this special write-up, Taxmann's Advisory and Research team has prepared snippets of all changes (both Income-tax & GST) made in the Finance Bill, 2023, as passed by the Lok Sabha viz-a-viz the Finance Bill, 2023. The changes include: ‣ Changes Related to Income-Tax 1. Marginal relief to a resident individual opting new tax scheme [Section 87A] 2. Scope of Section 50AA is expanded to cover specified mutual funds 3. Change in the tax rates on specified income of non-residents [Section 115A] 4. TDS provision under Section 194BA on winning from online games is effective from 01-04-2023 5. Section 206AB (non-filer of ITR) will not apply in respect of TDS on winning from online games 6. Reference of Section 194BA is given in the meaning of "rates in force" in Section 2(37A) 7. Exemption to be available to a "Sikkimese woman marrying a non-sikkimese" and an "Individual domiciled in Sikkim" [Section 10(26AAA)] 8. Exemption to income of credit guarantee trusts/funds 9. Insertion of reference of Section 10(23EC) in Section 11(7) 10. Meaning of the original fund expanded 11. Exemption from capital gains on transferring the interest in a JV by a Public sector company in exchange for shares in a foreign company [Section 47(xx) and Section 49(2AI)] 12. Unit of IFSC allowed opting for tonnage tax scheme after claiming Section 80LA deduction [Section 115VP] 13. 100% deduction in remaining five years to income of Offshore Banking Units [Section 80LA] 14. No surcharge and cess to be levied on income from securities held by specified fund referred to in Section 10(4D) 15. New TCS rate under Section 206C will apply even if the remittance is made under LRS within India 16. TCS rate shall not exceed 20% if the collectee does not furnish his PAN or is a non-filer of income-tax return 17. A new rate of TDS from interest on a long-term or rupee-denominated bond listed on a recognised stock exchange located in an IFSC introduced [Section 194LC] 18. Scope of exemption has been expanded to the income received by a non-resident from specified activities carried out by a specified person [Section 10(4G)] 19. Exemption to non-residents or IFSC units on the transfer of shares of a domestic company engaged in aircraft leasing business in IFSC [Section 10(4H)] 20. Tax exemption for inter-corporate dividend distribution within IFSC Units engaged in the aircraft leasing business [Section 10(34B)] 21. "Specified" sum received from business trust to be taxable as residuary income ‣ Changes Related to GST and Custom 22. Levy of IGST and GST Compensation Cess on the removal of imported goods to the warehouse for further manufacturing/processing 23. Amendment relating to GST Appellate Tribunal 24. Removing the requirement of compulsory registration where the Government grants exemption through notification 25. Extension of time limit to apply for revocation of cancellation of registration from 30 days to 60 days 26. Increase in the time period for filing a return before initiation of best judgment assessment 27. Place of supply in case of services of transportation of goods where the location of supplier/recipient is outside India 28. Specific tax-based levy of GST compensation cess on commodities like pan masala, tobacco, etc. 29. Changes in Customs Duty Rates relating to a few items
![Taxmann's Taxation of Loans Gifts & Cash Credits – Comprehensive analysis on undisclosed incomes and gift taxation, featuring case law, ready reckoners, etc. [Finance (No. 2) Act 2024] PDF](https://books.google.com/books/content/images/frontcover/JTwgEQAAQBAJ?fife=w80-h100)
Author: Taxmann
Publisher: Taxmann Publications Private Limited
ISBN: 9364555090
Category : Law
Languages : en
Pages : 18
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Book Description
This book is an exhaustive guide to the complex landscape of undisclosed incomes and the taxation of gifts, providing a thorough analysis supported by relevant case laws. It examines the legislative provisions under the Income Tax Act, 1961, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, and the Prohibition of Benami Property Transactions Act, 1988. It is designed to equip tax professionals, legal practitioners, accountants, auditors, and other stakeholders with the necessary knowledge to understand the complexities of tax compliance, planning, and dispute resolution in these areas. The Present Publication is the 13th Edition and has been amended by the Finance (No. 2) Act 2024. This book is authored by Taxmann's Editorial Board with the following noteworthy features: • Comprehensive Coverage of Undisclosed Incomes o Thorough Discussion of Provisions § The book analyses the provisions related to undisclosed incomes, such as unexplained investments, unexplained cash credits, and other unreported assets. It thoroughly discusses these topics in the light of relevant provisions under the following: ■ Income Tax Act, 1961 ■ Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ■ Prohibition of Benami Property Transactions Act, 1988 o Case Law Analysis and Practical Application § Detailed discussions are supported by case laws that highlight the judicial interpretations and practical applications of these provisions, providing readers with a clear understanding of the legal nuances involved in cases of undisclosed income o Ready Reckoners for Legal Consequences § A unique feature of the book is the inclusion of a ready reckoner that outlines the possible legal consequences of investments under various laws, depending on the source, nature of income, and manner of investment. This ready reckoner serves as a quick reference tool, helping practitioners assess the potential outcomes of various investment scenarios, ensuring informed decision-making o Analysis of Shell Companies § Applicability of Section 68 and Benami Act ■ The book provides an in-depth examination of the applicability of Section 68 and the Benami Property Transactions Act to monies routed through shell companies, highlighting the legal and tax implications of using such entities § Case Law Analysis ■ It discusses relevant case laws that shed light on how funds routed through shell companies are scrutinized by tax authorities, offering guidance on compliance and risk mitigation strategies • Extensive Coverage of Gift Taxation o Taxability of Various Gifts § The book comprehensively covers the taxation of gifts, providing detailed discussions on: ■ Awards and Rewards – Tax implications of awards and rewards given to Olympic heroes ■ Financial Benefits – Analysis of the taxability of cashbacks, loan waivers, and one-time settlements of NPAs by banks when received by individuals or entities ■ Promotional and Corporate Gifts – Taxation of gifts to brand ambassadors and freebies given by pharmaceutical companies to doctors, highlighting the tax consequences of these promotional practices ■ Personal and Financial Transactions – Examination of the taxability of alimony received, family settlements, bonus shares, and rights shares received by shareholders, providing comprehensive guidance on personal financial transactions o Ready Reckoner for Relatives § A ready reckoner provides a detailed list of relatives to whom gifts can be made without attracting tax liabilities for the recipient, facilitating tax-efficient gift planning and compliance • Ready Reckoners for Property Transfers o Immovable Property Transfers § Comprehensive Tax Guidance – The book also addresses the taxation of gifts involving immovable property, such as land and buildings, whether received without consideration, for consideration less than the stamp duty value or when the value is indeterminable § Detailed Ready Reckoner – The ready reckoner concisely summarises the tax implications for the transferor/donor and recipient/donee, providing a clear roadmap for managing property-related tax issues. o Movable Property Transfers § Taxation of Specified Movable Properties – The book also covers the taxation of gifts involving specified movable properties, including jewellery, shares, securities, bullion, works of art, and virtual digital assets § Ready Reckoner for Movable Property – The ready reckoner summarises the tax implications for transfers where consideration is below fair market value or not ascertainable, providing practical guidance for accurate tax reporting and compliance in complex asset transactions
Author: Taxmann
Publisher: Taxmann Publications Private Limited
ISBN:
Category : Law
Languages : en
Pages : 12
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Book Description
In the Interim Budget 2024, certain amendments have been proposed in the provisions relating to Input Service Distribution (ISD) under GST. The proposed amendment, if notified, would mandate the ISD provisions regarding the common credit on third-party invoices. This article provides an in-depth examination of the proposed amendment, including: ‣ Key amendments in the provisions relating to ISD – Section 2(61) and Section 20 of the CGST Act, 2017 ‣ Analysis of the proposed amendment to ISD provisions ‣ Impact of proposed amendment on cross-charge ‣ Practical implications as well as difficulties due to the proposed amendment
![Taxmann's Analysis | 53rd GST Council Meeting – Detailed Analysis of [50+] Recommendations PDF](https://books.google.com/books/content/images/frontcover/PX0QEQAAQBAJ?fife=w80-h100)
Author: Taxmann
Publisher: Taxmann Publications Private Limited
ISBN:
Category : Law
Languages : en
Pages : 62
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Book Description
The much-awaited 53rd GST Council meeting, held on June 22, 2024, marked a significant milestone in the evolution of the GST system in India. The key focus areas included: ‣ Significant decisions to simplify compliance ‣ Resolving long-pending litigation issues ‣ Creating a more taxpayer-friendly GST environment ‣ Introducing new provisions, such as Section 11A and Section 128A in the CGST Act, providing significant relief to taxpayers across various industries ‣ The government's new approach and commitment to resolving disputes and facilitating trade This article has provided a comprehensive analysis and simplified version of the recommendations and decisions.
Author: Taxmann
Publisher: Taxmann Publications Private Limited
ISBN:
Category : Law
Languages : en
Pages : 11
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Book Description
The Finance (No. 2) Bill 2024 proposes to merge the approval-based exemption under Section 10(23C) with the registration-based exemption under Section 12AB. This change affects entities operating under the Section 10(23C) regime, which must transition to the Section 11/12 exemption regime. This article examines the procedural and constitutional implications of this shift for Section 10(23C) approved entities. The coverage includes: ‣ Summary of the Amendments and Key Issues ‣ Overview of Current Provisions under Section 10(23C) ‣ Process of Shifting from First Regime to Second Regime ‣ Conversion of Provisional Approval under Section 10(23C) to Regular Registration under Section 12AB and Related Issues ‣ Additional Compliances Due to the Transition from Section 10(23C) to Section 11 ‣ Enabling Window for Solely Educational Institutions to Shift from Section 10(23C) to Section 11 ‣ Reverting from a Solely Educational Institution to a Charitable Organisation
Author: D.C. Agrawal
Publisher: Taxmann Publications Private Limited
ISBN: 9357785272
Category : Law
Languages : en
Pages : 37
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Book Description
Law Relating to Under-reporting & Misreporting of Income is a comprehensive handbook that addresses the complexities of income tax penalties under Sections 270A and 271(1)(c) of the Income Tax Act. This book clarifies the differences between tax planning, avoidance, and evasion. It highlights how taxpayers may inadvertently cross into illegal territory by under-reporting or misreporting their income through accounting manipulations, non-disclosure, and misinterpreting legal provisions. For assessment years up to 2016-17, penalties were imposed under Section 271(1)(c) for concealing income or furnishing inaccurate particulars. From the assessment year 2017-18 onwards, Section 270A replaced these provisions, introducing the concepts of under-reporting and misreporting of income. This book analyses the evolution of these provisions, their application, and the distinctions between under-reporting and misreporting. This book is helpful for tax professionals, legal practitioners, and taxpayers seeking to understand the complexities of income reporting and penalties under the Income Tax Act. It combines theoretical analysis with practical tools, making it helpful for tax compliance or dispute resolution. The Present Publication is the Latest Edition, amended by the Finance (No. 2) Act, 2024. This book is authored by D.C. Agrawal and Ajay Kumar Agrawal, with the following noteworthy features: • [Comprehensive Analysis] The book provides an in-depth examination of Section 270A, supplemented by relevant circulars and detailed commentary, outlining the transition from earlier penalty provisions under Section 271(1)(c) to the current framework • [Historical Context and Principles] It traces the evolution of penalty provisions, analysing how judicial interpretations and tribunal judgments have shaped the current laws, helping readers understand the principles underpinning penal statutes • [Practical Guidance] The book includes over 30 draft responses and submissions tailored to various scenarios involving penalties under Section 270A. These practical tools assist taxpayers and advisors in drafting effective defences against notices from tax authorities • [Comparative Analysis] A thorough comparison of Sections 270A and 271(1)(c) helps readers understand the legislative intent and practical differences, including the interplay with other related sections like 271AAB • [Digest of Case Laws] An appendix summarising significant case laws related to under-reporting and misreporting of income is also included in the book The structure of the book is as follows: • Part One – Legal Framework and Analysis o This section covers the evolution and current state of income tax penalties, with a focus on Section 270A introduced by the Finance Act, 2016 § Chapter 1 – Overview of Section 270A, relevant circulars, and a detailed analysis of the provision § Chapter 2 – A historical review of penalty provisions, providing context and understanding of the evolution of current laws § Chapters 3 to 12 – Cover various aspects, including the interpretation of penal statutes, burden of proof, evidentiary requirements, under-reporting and misreporting of income, and comparisons with earlier provisions under Section 271(1)(c). • Part Two – Practical Responses and Drafts o This section provides practical assistance by providing over 30 draft responses to penalty notices and submissions against penalty orders, aiding taxpayers and professionals in preparing their defences o Chapters 13 to 46 – Present scenario-specific drafts that cover various factual situations, helping readers tailor their responses to specific cases of penalty initiation or levy
