Dr. Vinod K. Singhania got his Ph.D. from the Delhi School of Economics in 1976. His fields of special interest include all facets of corporate legislation and corporate economics especially the tax laws. Associated in different capacities with several professional institutes and business houses in India and abroad, Dr. Singhania is author of many popular books and software published by Taxmann. He has to his credit more than 300 research articles which have appeared in leading journals. He has been a resource person in over 800 seminars in India and abroad. He can be reached at vks@taxmann.com.
AAR : Authority for Advance Rulings
ADT : Avoidance of Double Taxation Agreement
AIF : Alternative investment fund
AMT : Alternate minimum tax under section 115JC
ALP : Arm’s length price
AOPs : Association of persons
AU : Assessment Units
AY : Assessment year
BOI : Body of individuals
BSE : Bombay Stock Exchange
CBDT : Central Board of Direct Taxes
CCIT : Chief Commissioner of Income-tax
CII : Cost Inflation Index
CIT : Commissioner of Income-tax
CSR : Corporate social responsibility
CTT : Commodities transaction tax
DPIIT : Department for Promotion of Industry and Internal Trade
DTAA : Double Taxation Avoidance Agreement
EC : Education cess
EGR : Electronic gold receipt
EVC : Electronic verification code
FBT : Fringe benefit tax
FIFO : First in First out
FII : Foreign Institutional Investor
FITL : Funded Interest Term Loan
FMV : Fair market value
FY : Financial year
GAAR : General Anti-Avoidance Rules
GST : Goods and services tax
GTI : Gross total income
HEC : Health and education cess
HUF : Hindu undivided family
ICDS : Income Computation and Disclosure Standards notified by the Central Government under section 145(2)
IFSC : International Financial Services Centre
Inv IT : Infrastructure Investment Trust
IP address : Internet protocol address
IT : Income-tax
IT + HEC : Income-tax plus health and education cess
IT + SC : Income-tax plus surcharge on income-tax
IT + SC + EC : Income-tax plus surcharge on income-tax plus education cess on income-tax and surcharge
IT + SC + EC + SHEC: Income-tax plus surcharge on income-tax plus education cess plus secondary and higher education cess on income-tax and surcharge
IT + SC + HEC: Income-tax plus surcharge on income-tax plus health and education cess on incometax and surcharge
IT RATE : Income-tax rate
ITAT : Income Tax Appellate Tribunal
Abbreviations
ITSC : Income-tax Settlement Commission
KVP : Kisan Vikas Patra
LLP : Limited liability partnership
LTC : Leave travel concession
LRS : Liberalised Remittance Scheme
MAT : Minimum alternate tax under section 115JB
MF : Mutual fund
NAV : Net asset value
NFAC : National Faceless Assessment Centre
NI : Net income
NOR : Resident but not ordinarily resident
NPS : National Pension System
NR : Non-resident
NSC : National Stock Exchange
PAN
: Permanent Account Number
PE : Permanent establishment
PM CARES : Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund
POEM : Place of Effective Management
PPF : Public Provident Fund
RBI : Reserve Bank of India
REIT : Real Estate Investment Trust
RFAC : Regional Faceless Assessment Centres
ROR : Resident and ordinarily resident
RU : Review Units
Relaxation and: Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, Amendment Act 2020
SBI : State Bank of India
SI : Salary income
SEBI : Security and Exchange Board of India
SEZ
: Special Economic Zone
SC : Surcharge
SHEC : Secondary and higher education cess
STT : Securities transaction tax
TAN : Tax deduction/collection account number
TCS : Tax collection at source
TDS : Tax deduction at source
TPO : Transfer Pricing Officer
TU : Technical Units
VCC : Venture capital company
VCF : Venture capital fund
VCU : Venture capital undertaking
VsV : Direct Tax Vivad se Vishwas Act, 2020
VU : Verification Units
WT : Wealth-tax
(All section references are to the Income-tax Act, 1961, unless otherwise stated Likewise, all rule references are to the Income-tax Rules, 1962, unless otherwise stated.)
Time-limit specified for bringing export proceeds into India [Sec. 10AA] R2.19 inter alia -
Amendment to sections 11, 12A and 12AB R2.20 See
to section 17 R2.21
Benefits or perquisites under section 28(iv) maybe in cash or kind R2.22 iv
Board’s clarifications - iv vide
83. The effect of the abovementioned amendment is that in respect of an assessment for the assessment year 1964-65 and subsequent years, the value of any benefit or amenity, in cash or kind, arising
to an assessee from his business or the exercise of his profession, , the value of rent-free residential accommodation secured by an assessee from a company in consideration of the professional services as a lawyer rendered by him to that company, will be assessable in the hands of the assessee as his income under the head ‘Profits and gains of business or profession’.
Ruling of the Apex Court - iv
CIT . Mahindra & Mahindra Ltd.
iv Mahindra & Mahindra Ltd
Relaxation in the conditions to avail deduction pertaining to preliminary expenses [Sec. 35D] R2.23
Approved concerns -
Consequences of making late payment to micro and small enterprises [Sec. 43B]
R2.24 R2.24-1 Amendment -
Due date of payment specified under MSMED Act, 2006 -
Consequences of amendment to section 43BDifferent situations In
Non-Banking Financial Company (NBFC) categorization [Secs. 43B and 43D]
Increasing threshold limits for presumptive taxation schemes [Secs. 44AB, 44AD and 44ADA] R2.26
Section
is eligible
Tax audit under section 44AB-
Section 44AD -
Section 44ADA --
R2.26-E1
Different situations Turnover of the assessee falls in the range given below
Whether section 44AD is applicable
Whether section 44AB tax audit is required
Different situations Gross receipts of the assessee fall in the range given below
Whether section 44ADA is applicable
Whether section 44AB tax audit is required
Amendment to section 45(5A)
Para R2.28
Averting misuse of presumptive schemes under section 44BB/44BBB R2.27
a b c Misuse of presumptive schemes -
-
Amendment to section 45(5A) R2.28 inter alia,
When consideration is payable by cheque/drafti.e.
Amendment to section 47
R2.29
R2.29-1 Relocation - Explanation (b) viiad
Explanation c i viiad
R2.29-2 Conversion of gold into electronic gold receipt - See R2.29-3 Transfer of interest in a joint venture [Sec. 47(xx)] - xx
Cost of acquisition of aforesaid shares [Sec. 49(2AI)] -
Interest on borrowed capital - Not to be part of cost of acquisition in certain cases [Sec. 48] R2.30 inter alia
Cost of acquisition of a unit of business trust [Explanations 1 and 2 to section 48(ii)]
R2.31 ii
23FC 23FCA xii