Tax Book 2023

Final Tax Regime and Minimum Tax Chapter- 22

Section

Topic covered

Section Rule

For CA Mod F & ICMAP students

113

Minimum tax on income of certain

persons

169

General provisions regarding

income under final tax regime

148 Tax on import of packing material &

edible oil

148, 5,

150,151

Imports, dividend & profit on debt 153

Minimum tax on services & goods

transport services

152

Royalty or fee for technical

services received by non-residents

235 Advance tax on electricity bills

153 Sale of goods, services & contracts 236C

Advance tax on sale or transfer of

immovable property

152A Omitted by Finance Act, 2021 6 18 Income from royalty

154 &

154A

Export & export indenting

commission

6 19 Fee for technical services

156 &

156A

Prizes & winnings & petroleum

products

7, 143

& 144

37 &

38

Tax on income of non-resident

shipping & air transport person, ship

owner & air craft owner

233 Local indenting commission MCQ’s with solutions

2 34A Omitted by Finance Act, 2021

Practice question for CA Mod F &

ICMAP

236 M & N

Bonus Shares issued by

companies quoted & not quoted on

stock exchange

ICMAP & CA Mod C past papers

theoretical questions

For CA Mod F and ICMAP students

A. General provisions regarding income under Final Tax Regime (Section 169):

Where an income is chargeable to tax under final tax regime:

a. The income shall not be chargeable to tax under any other head of income in computing the

taxable income of the person.

b. No deduction shall be allowable for an expenditure incurred in deriving the income or any

deductible allowances.

c. The amount of income shall not be reduced by any tax credits or set off of any losses (except

stated otherwise).

d. In case where a person has no income other than final tax regime the return of income filed for

final tax regime an assessment order shall be deemed as made u/s 120 on the date of filing of

income tax return.

22 Final Tax Regime & Minimum Tax S. No. CHAPTERS Page No.

Chapter