Tags » Income Tax Act

“Govt. Subsidies are Income from Profits & Gains of Business or Profession”: Supreme Court [DOWNLOAD JUDGMENT]

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

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?

By Ms. Shriya Maini*


This is one of my earlier writings from law school and hence, it is straight from the heart. I must admit that I was rather hesitant to share this draft for it might at the outset, appear a bit sketchy and rough. 4,336 more words


Subsidies are “Income from Other Sources”: Supreme Court [DOWNLOAD JUDGMENT]

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

The trend of change in personal tax in recent years

Personal taxes, a part of the direct taxes in India, have gone through many major changes throughout the period, since the implementation of the Income tax Act (ACT) in 1922. 828 more words

Tax And Regulatory Service


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

Tax agency kept charges against high-profile Liberal quiet during election

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