Tax exemption for foreign aircraft leases recognised when Indian companies remit tax under government approved lease agreements. Effective 1 April 1998, the statute inserts an exemption recognising tax paid by an Indian company to the Central Government under a Central Government approved lease agreement for acquisition of aircraft or engines by a foreign State or non resident foreign enterprise. It expands exempted business activities to include telecommunication services, modifies temporal scope for certain agreements, increases a specified monthly allowance threshold, replaces and enumerates the definition of infrastructure facility to list qualifying public works and power and telecommunication projects, omits two clauses, and inserts an exclusion for certain dividend income.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for foreign aircraft leases recognised when Indian companies remit tax under government approved lease agreements.
Effective 1 April 1998, the statute inserts an exemption recognising tax paid by an Indian company to the Central Government under a Central Government approved lease agreement for acquisition of aircraft or engines by a foreign State or non resident foreign enterprise. It expands exempted business activities to include telecommunication services, modifies temporal scope for certain agreements, increases a specified monthly allowance threshold, replaces and enumerates the definition of infrastructure facility to list qualifying public works and power and telecommunication projects, omits two clauses, and inserts an exclusion for certain dividend income.
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