Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Reinsurance premiums ceded to a non-resident reinsurer should...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciation block.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Reinsurance premiums ceded to a non-resident reinsurer should not be disallowed under the insurance-business computation regime merely on an Assessing Officer's inferred regulatory breach where the sectoral regulator has examined the arrangement and raised no objection. A tax disallowance requires an established regulatory violation with tax consequences, rather than an independent technical interpretation of regulatory correspondence. Independently acquired enterprise application software falls within the depreciation entry for computers including computer software. The entry does not distinguish operating from application software or software bought with hardware from separately licensed software; licensing does not convert it into an intangible commercial or intellectual property right. The applicable computer-software depreciation rate remains subject to verification of first use.
Reinsurance premiums ceded to a non-resident reinsurer should not be disallowed under the insurance-business computation regime merely on an Assessing Officer's inferred regulatory breach where the sectoral regulator has examined the arrangement and raised no objection. A tax disallowance requires an established regulatory violation with tax consequences, rather than an independent technical interpretation of regulatory correspondence. Independently acquired enterprise application software falls within the depreciation entry for computers including computer software. The entry does not distinguish operating from application software or software bought with hardware from separately licensed software; licensing does not convert it into an intangible commercial or intellectual property right. The applicable computer-software depreciation rate remains subject to verification of first use.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
