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PRE-BUDGET MEMORANDUM – 2025 - DIRECT TAXES AND INTERNATIONAL TAXATION The Institute of Chartered Accountants of India (ICAI) has submitted a Pre-Budget Memorandum for 2025 focusing on Direct Taxes and International Taxation. The memorandum includes suggestions for rationalizing the Income-tax Act, 1961, reducing litigation, easing compliance burdens, and improving tax collection. Key recommendations include introducing a new income head for shares and securities, enhancing standard deductions based on inflation, extending tax deferral for ESOPs to all start-ups, and revising provisions for capital gains and business income. It also calls for adjustments in the taxation of companies, firms, and individuals, and suggests measures to promote climate change mitigation and social security benefits for taxpayers.
2021 (5) TMI 768 - BOMBAY HIGH COURT The court directed the defendants to pursue their claim of exemption from municipal taxes with the Municipal Corporation within two months. If no exemption is obtained, the defendants are to pay accumulated municipal dues and future taxes. The court also held that any coercive action by the Municipal Corporation in the interim is to be borne by the defendants. Other prayers in the notice of motion were rejected, and no costs were awarded.
The circular outlines the income tax deduction guidelines for salaries during the financial year 2018-19 under Section 192 of the Income Tax Act, 1961. It specifies tax rates based on income slabs and age categories, including normal rates, rates for senior citizens, and those over 80 years. It introduces a Health and Education Cess of 4% on income tax, including surcharges. The document details the method of tax calculation, employer responsibilities, and conditions for deductions and exemptions. It also describes the process for filing returns, penalties for non-compliance, and the requirement for providing evidence for claims like house rent allowance and deductions under Chapter VI-A.
2022 (6) TMI 659 - ITAT LUCKNOW The High Court held that the appellant's activities, primarily involving the development of housing and related infrastructure, did not constitute trade, commerce, or business but rather served public utility without a profit motive. The court affirmed that the appellant qualified for exemption under Section 11 as its activities were genuinely charitable, focusing on public welfare and infrastructure development. The court emphasized that incidental profits did not negate the charitable nature of the activities, which aligned with the definition of "charitable purpose" post-amendment by the Finance Act, 2008. The cancellation of registration under Section 12AA was deemed invalid as the appellant continued to fulfill its statutory mandate.
1980 (7) TMI 67 - BOMBAY High Court The court held that capital gains arising from the transfer of agricultural land used for agricultural purposes constitute "agricultural income" and fall within the State's legislative field. The impugned sub-clause defining "capital asset" was read down to exclude such agricultural land, preserving the State's power to tax agricultural income. The court found the classification between urban and rural areas to be rational, rejecting claims of arbitrariness. Delegation of power to the executive was deemed permissible. Capital gains tax was clarified as a tax on income, not on land. The court quashed assessment orders and directed fresh assessments excluding profits from agricultural land sales.
2017 (4) TMI 67 - ITAT MUMBAI The Tribunal ruled in favor of the assessee on all issues, allowing the accumulation of 15% of income under section 11(1)(a), exempting dividend income under section 10(33), and permitting the carry forward of both current year's excess application and brought forward excess application. The Tribunal overturned the CIT(A)'s decisions and deleted the additions made, in line with legal precedents supporting the assessee's claims.
2025 (3) TMI 347 - DELHI HIGH COURT The court determined that Section 3(7) of the Customs Tariff Act (CTA) is not an independent levy but a mechanism for collecting the integrated tax imposed under Section 5 of the Integrated Goods and Services Tax Act (IGST). Additionally, it held that a supply of service classified under the Central Goods and Services Tax Act (CGST) cannot be recharacterized as an import of goods for tax purposes. The court quashed Notification No. 36/2021 to the extent it imposed an additional duty beyond the IGST and set aside related orders, granting relief to the petitioners.
2023 (4) TMI 959 - AUTHORITY FOR ADVANCE RULING, RAJASTHAN The court ruled that the transfer of business by the Airport Authority of India (AAI) to M/s. Adani Jaipur International Airport Limited (AJIAL) qualifies as a "Supply" under Section 7 of the CGST Act, and is treated as a supply of a going concern, exempt under Notification No. 12/2017-CT(R). Concession fees are considered part of the business transfer consideration and are exempt from GST. However, GST at 18% applies to the reimbursement of salary/staff costs. Reimbursement of municipal taxes and similar charges is exempt from GST. AAI must reverse ITC proportionate to the exempt supply.
The circular outlines the tax deduction process from salaries for the financial year 2017-18 under Section 192 of the Income Tax Act, 1961. It specifies the applicable tax rates for different income brackets, including special rates for senior citizens. It also details the surcharge and education cess applicable on income tax. The document provides guidelines for employers on calculating and deducting tax at source, considering various exemptions and deductions under Chapter VI-A of the Act. It includes instructions for filing TDS returns, issuing Form 16, and handling non-monetary perquisites. The circular emphasizes compliance with PAN requirements and outlines penalties for non-compliance.
2009 (3) TMI 925 - GAUHATI HIGH COURT The court declared Section 47A of the Arunachal Pradesh Goods Tax Act, 2005, ultra vires and illegal as it mandated a flat rate deduction of 12.5% without considering non-taxable components in works contracts. The court quashed the provision and the notice issued by the tax authority, emphasizing the necessity for tax deduction mechanisms to align with constitutional and statutory requirements.
The Finance Act, 1979--Explanatory Notes on the provisions relating to direct taxes The Finance Act of 1979 outlines various amendments and provisions related to direct taxes, including income tax, wealth tax, and gift tax. Key changes include the specification of income tax rates for the assessment year 1979-80, amendments to the Income-tax Act to address tax exemptions and loopholes, and adjustments in the rates for wealth tax on higher slabs of net wealth. The Act also introduces modifications to the jurisdiction of appellate authorities, extends tax exemptions to certain corporations and institutions, and continues the Compulsory Deposit Scheme for income-tax payers for two additional years. These provisions aim to streamline tax processes, close tax avoidance loopholes, and provide incentives for rural development and certain financial activities.
The Finance (No. 2) Act, 1971 introduces various amendments to tax laws, including the Income-tax Act, Wealth-tax Act, Gift-tax Act, and Companies (Profits) Surtax Act. Key changes include adjustments in tax rates, definitions, and exemptions. The Act modifies the rate structure for income tax, introduces new provisions for tax deductions and exemptions, and imposes restrictions on business expenses. It also addresses the tax treatment of capital gains, dividends, and technical services. Additionally, it amends the rules for tax recovery and the registration of property transfers. The Act aims to streamline tax processes, enhance revenue, and provide relief in specific cases.
2021 (7) TMI 1466 - ITAT AHMEDABAD The court ruled on several tax-related issues, affirming the disallowance of deductions under Section 10B for incomes not directly derived from export activities. It determined that a corporate guarantee to associated enterprises is not an international transaction under transfer pricing provisions. The disallowance under Section 14A was overturned due to the availability of sufficient interest-free funds. The penalty under Section 271(1)(c) was deleted, as the claim was based on a bona fide belief without dishonest intent. The judgment clarifies the application of these provisions, emphasizing the factual context and genuine intent of the assessee.
2020 (6) TMI 703 - APPELLATE AUTHORITY FOR ADVANCE RULING, MAHARASHTRA The Appellate Authority determined that Ordnance Factory Bhandara (OFB) qualifies as "Central Government" under the CGST Act, 2017. Consequently, various services provided by OFB, such as tolerating non-performance of contracts, supplying food and beverages, renting out facilities, and conducting exams, attract a NIL rate of tax under specific GST notifications. Input Tax Credit (ITC) eligibility was assessed based on the nature of expenditures, with ITC available for certain essential business-related expenses. The Authority ruled that OFB is not required to reverse ITC due to deductions for liquidated damages. The decision set aside the previous ruling, affirming OFB's status and tax implications under GST regulations.
PRE-BUDGET MEMORANDUM 2013-2014 - FICCI The pre-budget memorandum for 2013-2014 by FICCI outlines key economic and fiscal recommendations aimed at addressing India's economic challenges. It emphasizes the need for stable tax policies to boost investor confidence and suggests implementing committee reports on tax reforms. FICCI opposes the introduction of inheritance tax, citing potential negative impacts on capital generation. The memorandum stresses the importance of dispute resolution mechanisms, efficient tax refund processes, and the removal of double taxation on overseas dividends. It advocates for maintaining current import duties to protect domestic industries until comprehensive GST implementation and highlights the need for infrastructure development, including the introduction of GST, to stimulate economic growth.
2018 (11) TMI 1250 - ITAT DELHI The Tribunal upheld the Transfer Pricing Adjustments for Export of Goods for AY 2007-08 and 2008-09, rejecting the use of Chinese market quotations and a 5% bulk discount. It directed consideration of transactions on an aggregate basis and remanded the issue of nickel price adjustments. The Tribunal found the Transfer Pricing Adjustment for Interest on Loans to Associated Enterprises inconsistent and directed benchmarking at LIBOR + 200 basis points. For Corporate Guarantees, the Tribunal upheld the assessee's benchmarking at 1.5% and rejected additional markup. Disallowances under Section 14A, depreciation on cars sold to employees, computer peripherals, bad debts written off, and interest decapitalization were also addressed and decided upon by the Tribunal.
The circular issued by the Government of India outlines the procedures for income tax deduction from salaries under Section 192 of the Income-Tax Act, 1961, for the financial year 2016-17. It details the applicable tax rates as per the Finance Act, 2016, based on income slabs and age categories, including surcharges and education cess. The circular also explains the responsibilities of employers in deducting tax, providing options for tax payment on perquisites, and handling multiple employers. It includes guidelines for deductions under Chapter VI-A, such as insurance premiums and contributions to pension funds, and emphasizes the need for accurate documentation and compliance with tax laws.
Income-tax deduction from salaries under section 192 during the financial year 2012-13 The circular provides guidelines for income tax deduction from salaries under Section 192 of the Income Tax Act, 1961, for the financial year 2012-13. It outlines the tax rates applicable to different income brackets and age groups, including normal rates and those for senior citizens. The document also discusses surcharges, education cess, and the method of tax calculation. Employers are instructed on handling tax deductions, including on non-monetary perquisites and salary from multiple employers. It emphasizes compliance with PAN requirements and the consequences of non-compliance, such as higher TDS rates. The circular includes extensive details on deductions and exemptions under various sections of the Income Tax Act.
2021 (10) TMI 1270 - BOMBAY HIGH COURT The court held that the income accruing to the trust established by ADIA, where ADIA was both the settlor and sole beneficiary, could benefit from the India-UAE DTAA. It ruled that the income should be treated as accruing to ADIA and exempt under the DTAA. The court disagreed with the AAR's ruling that the income from investments made by the trust in Indian portfolio companies was taxable in India, stating that the income should be taxed in the hands of ADIA and be exempt under the DTAA. The court quashed the AAR's ruling and ordered that the steps taken in furtherance of it be set aside, with no order as to costs.
2019 (6) TMI 1236 - AUTHORITY FOR ADVANCE RULING, MAHARASHTRA The court held that the applicant, an entity under the Ministry of Defence, is liable for GST on various services provided, including liquidated damages, forfeited security deposits, canteen supplies, and community hall rentals. Input Tax Credit (ITC) was found not available for certain expenses like garden maintenance and guest houses. The applicant was exempt from generating E-way bills as a 'defence formation' and qualified for GST exemption on transporting military equipment. The judgment emphasized the importance of complying with specific GST provisions and addressing ITC reversals in certain situations.
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