Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
No deduction of tax is required under section 393(1) on lease rent or supplemental lease rent paid to an IFSC unit leasing aircraft, provided the lessor furnishes the prescribed statement-cum-declaration in Form 1(N) and the lessee receives it. The exemption applies only for the twenty consecutive tax years declared by the lessor for which deduction under section 147 is opted; for any other year, tax must be deducted. The lessee must report all non-deducted payments in the tax deduction statement, and the notification applies from 1 April 2026. It also sets system and data-security responsibilities for the tax systems authority and defines aircraft, IFSC, and unit by reference to the Act and SEZ law.
No deduction of tax is required under section 393(1) on lease rent or supplemental lease rent paid to an IFSC unit leasing aircraft, provided the lessor furnishes the prescribed statement-cum-declaration in Form 1(N) and the lessee receives it. The exemption applies only for the twenty consecutive tax years declared by the lessor for which deduction under section 147 is opted; for any other year, tax must be deducted. The lessee must report all non-deducted payments in the tax deduction statement, and the notification applies from 1 April 2026. It also sets system and data-security responsibilities for the tax systems authority and defines aircraft, IFSC, and unit by reference to the Act and SEZ law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
