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Q293 Correct Answer is (a)

Q270 Correct Answer is (b)

Where branches of bank were spread over many districts, Assessing Officer (TDS) of district, where in Head Office was situated, had no jurisdiction in respect of branches spread over other districts- Karnataka HC

Provision for diminution in value of investment, having been actually written off, cannot be added to book profit under section 115JB(2)(i)-Gujarat HC

❇️ DT Revision cum Amendment Lectures for Nov 19 :

💁‍♂ By CA Vinod Gupta (VG Sir)

🔰PART- I :
https://youtu.be/WUxsdH8HabY

🔰PART-II :
https://youtu.be/YSz09J-d4BY

🔰PART-III :
https://youtu.be/pQiiQJj5qLU

🔰PART-IV :
https://youtu.be/53dnEcbSd-A

🔰PART-V :
https://youtu.be/4N_rfobDv-8

🔰PART-VI :
https://t.me/cafinal_p7/670

🔰PART-VII :
https://youtu.be/6FTmb0xzohY

🔰PART-VIII :
https://youtu.be/XrZIjvGaaSg

🔰PART-IX :
https://youtu.be/iBh7VVkIMqk

🔰PART-X :
https://youtu.be/gocGrRDgFXM

🔰PART-XI :
https://youtu.be/v__cJkiSeak

CA Final DT Revision By CA Bhanwar Borana sir in Parts
1. Rates of Taxes - https://youtu.be/A3zC_sC_OQM
2. Other Sources - https://youtu.be/X6a7hyABBKs
3. Capital Gains - https://youtu.be/g2WYwUctBc8
4. PGBP - https://youtu.be/biNVtgRDvS8
5. Taxation of partnership firm - https://youtu.be/NSTGw47B7oE
6. Amalgamation, Demerger and Liquidation of Companies- https://youtu.be/jcIDeruJkSg
7. Assessment Procedure ¬- https://youtu.be/74ZEo6FspNY
8. TDS / TCS - https://youtu.be/RwNXj1XYj3w
9. 10AA/SEZ - https://youtu.be/nlcBR-5m4iA
10. Alternate Minimum Tax (AMT) - https://youtu.be/aUxDxMOIJ3E
11. Minimum Alternative Tax (MAT)- https://youtu.be/VwiZIehTk50
12. Trust (Invit/Bst / Securitization) - https://youtu.be/TYe35DfZDpw
13. AOP/BOI - https://youtu.be/CJf-nL5MnKo
14. Charitable Trust- https://youtu.be/wnYkGuw2-hk
15. Transfer Pricing - https://youtu.be/MzY_hpvyn2w
16. DTAA - https://youtu.be/1tuzKKp6Gy0
17. BuyBack of Shares - https://youtu.be/wlvFymyr9lk

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💥💥TOP UPDATE

Union Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur and Revenue Secretary Ajay Bhushan Pandey addressing a press conference in Panaji

Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs

To attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15 percent

• Effective corporate tax rate after surcharge to be 25.17 percent

• *Corporate tax rate to be 22% without exemptions*, inclusive of surcharge and cess. No Minimum Alternate Tax (MAT) applicable on such companies

• GOI today propose to slash corporate tax rate for domestic companies and new domestic manufacturing companies. Ordinance for cutting tax rate has been passed

💁‍♂️ Company Law Notes CS Executive New Syllabus

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Key Takeaways from Sitharaman's Announcement :
- Corporate tax rate cut for domestic companies and new domestic manufacturing companies
- The tax rate will be 22 percent without exemptions
- Effective corporate tax rate after surcharge to be 25.17 percent
- To attract investment in manufacturing, local companies incorporated after October will pay tax at the rate of 15 percent
- Effective tax for new companies shall be 17.01 percent, including cess and surcharge

With effect from financial year 2019-20 ... any domestic company has an option to pay income tax at the rate of 22%, subject to condition that they will not avail any exemption," Sitharaman said. The effective tax rate for such companies will be around 25%, inclusive of surcharges, 

another relief, the minister said listed companies which have announced buyback of shares prior to July 5 will not be charged with super rich tax.

The minister also said companies opting for 22 per cent income tax slab would not have to pay minimum alternative tax (MAT).

Sitharaman further said, new domestic manufacturing companies incorporated after October 1, can pay income tax at a rate of 15 per cent without any incentives. Meaning, effective tax rate for new manufacturing companies will be 17.01 per cent inclusive of all surcharge and cess.

The government has also decided to not levy enhanced surcharge introduced in Budget on capital gain arising from sale of equity shares in a company liable for securities transaction tax (STT).

Also, the super-rich tax will not to apply on capital gains arising from sale of any security including derivatives in hands of foreign portfolio investors (FPIs). In another relief, the minister said listed companies which have announced buyback of shares prior to July 5, will not be charged with super rich tax.

Q296 Correct Answer is (b)

Q271 Correct Answer is (c)

Govt. expands scope of spending of CSR funding; now CSR can be spent on Govt. aided research institutes, IITs, etc.

The Govt. has decided to expand the scope of the spending of 2% of CSR. The CSR fund of 2% can now be spent on incubators funded by the Central or the State Govt. or any agency or public sector undertaking of Central or State Govt. making contribution to public funded universities, IITs, National laboratories and Autonomous Bodies (established under the auspices of ICAR, ICMR, CSIR DAE, DRDO, DST, Ministry of Electronics and Information Technology) engaged in conducting research in science, technology, engineering and medicine aimed at promoting National labs, IITs, established under CSIR, ICMR , DRDO,DAE, etc., engaged in conducting research in science, medicine, Information Technology

No buy-back tax on listed Cos that have announced buy-back of shares before July 5, 2019

The scope of Section 115QA of the Income-tax Act, which provides for levy of additional income-tax on companies opting for buy-back of shares, was expended by the Finance (No. 2) Act, 2019 to include listed companies under its ambit. It was provided that listed companies shall also be liable to pay additional income-tax at the rate 20% on income distributed by way of buy-back of shares on or after July 5, 2019.

Now, in order to provide relief to listed companies which have already made a public announcement of buy-back of shares before 5th July 2019, it is provided that tax on buy-back of shares in case of such companies shall not be charged.

Withdrawal of enhanced surcharge

It has been proposed that enhanced surcharge introduced by the Finance (No.2) Act, 2019 shall not apply to capital gains arising on sale of equity shares in a company or a unit of an equity oriented fund or a unit of a business trust liable for securities transaction tax, in the hands of an individuals, HUF, AOP, BOI and AJP.

Further, the enhanced surcharge shall also not apply to capital gains arising on sale of any security including derivatives, in the hands of Foreign Portfolio Investors (FPIs).