Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Discretionary trust liable to pay tax at maximum marginal rate, including highest slab rate of income tax and surcharge applicable to individuals. Section 2(29C) mandates computing maximum marginal rate by considering highest tax rate and surcharge rate for individuals. Surcharge cannot be based on trust's slab rate; it defeats the purpose of discouraging discretionary trusts. Central Processing Centre has power u/s 143(1) to compute correct tax and surcharge amount payable by assessee. Assessee's appeal dismissed, upholding CIT(A)'s order that maximum marginal rate is correctly computed using highest individual tax and surcharge rates.
Discretionary trust liable to pay tax at maximum marginal rate, including highest slab rate of income tax and surcharge applicable to individuals. Section 2(29C) mandates computing maximum marginal rate by considering highest tax rate and surcharge rate for individuals. Surcharge cannot be based on trust's slab rate; it defeats the purpose of discouraging discretionary trusts. Central Processing Centre has power u/s 143(1) to compute correct tax and surcharge amount payable by assessee. Assessee's appeal dismissed, upholding CIT(A)'s order that maximum marginal rate is correctly computed using highest individual tax and surcharge rates.
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