Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Section 44B is a special provision for computing profits and gains of shipping business for non-residents at 7.5% of specified amounts like freight receipts. The issue was whether GST should be included in these specified amounts for computing presumptive income u/s 44B. It was held that Section 145A dealing with income computation and disclosure standards relates to valuation of inventory and cannot be extended to alter the computation mechanism u/s 44B. GST being a statutory levy cannot be considered part of the specified amounts u/s 44B(2), as it would amount to charging income tax on GST itself. Judicial precedents under the earlier service tax regime support excluding indirect taxes from such presumptive taxation provisions. Including GST would go against the intent of Section 44B which aims to simplify taxation for non-residents by avoiding complexities of normal provisions. Deduction for GST paid cannot be allowed u/s 43B if GST is included, as Section 44B overrides regular provisions. The minority DRP view upholding exclusion of GST for Section 44B was affirmed. Book profit u/s 115JB was held inapplicable due to Explanation 4A. Directions were issued regarding tax deducted at source and advance tax credit claims.
Section 44B is a special provision for computing profits and gains of shipping business for non-residents at 7.5% of specified amounts like freight receipts. The issue was whether GST should be included in these specified amounts for computing presumptive income u/s 44B. It was held that Section 145A dealing with income computation and disclosure standards relates to valuation of inventory and cannot be extended to alter the computation mechanism u/s 44B. GST being a statutory levy cannot be considered part of the specified amounts u/s 44B(2), as it would amount to charging income tax on GST itself. Judicial precedents under the earlier service tax regime support excluding indirect taxes from such presumptive taxation provisions. Including GST would go against the intent of Section 44B which aims to simplify taxation for non-residents by avoiding complexities of normal provisions. Deduction for GST paid cannot be allowed u/s 43B if GST is included, as Section 44B overrides regular provisions. The minority DRP view upholding exclusion of GST for Section 44B was affirmed. Book profit u/s 115JB was held inapplicable due to Explanation 4A. Directions were issued regarding tax deducted at source and advance tax credit claims.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
