Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
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.
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