While considering a number of petitions having similar issues, the Single Bench of Supreme Court, on March 9thheld that the subsidies granted by the Governments to industries is business income and entitled to deduction under the Income Tax Act. 353 more words
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Permissibility to claim Benefits partly under the DTAA i.e. the Treaty and the Indian Income Tax Act in the same Assessment Year – A Plausible Fallacy?
The Supreme Court of India delivered a path-breaking judgment whereby held that the Government subsidies are not “business income” and they would come under the ambit of “income from other sources.” 663 more words
Payments made to Expatriate Employees from Overseas can be deducted from the Business Income of the Assessee though TDS is not deposited within time: Delhi High Court
The Delhi High Court on today delivered a judgment, held that Payments in the nature of salary, allowance, perquisites etc., made to the expatriate employees from the head office of the Company situated overseas can be deducted from the Business Income of the assessee Company even the though TDS in respect of such payments is not deposited within the prescribed time. 995 more words
In a significant ruling, the Mumbai Bench of the Tribunal in Shivalik Ventures (P) Ltd. v. DCIT, 60 taxmann.com 314 (Mumbai Trib.) considered the debatable issue of exclusion from book profit for Minimum Alternate Tax (‘MAT’) of any amount credited in the Profit &Loss account, which is not at all taxable due to exemption, or which is not taxable because of its nature being capital receipt. 89 more words
The Canada Revenue Agency delayed announcing that a high-profile Liberal lobbyist had pleaded guilty to income-tax evasion until after the fall election campaign.
The agency says that when it delayed announcing the conviction of Herb Metcalfe, it was following the “caretaker convention,” which limits government communications to only those “necessary for government business” during the writ period. 703 more words