Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
The Income Tax Bill 2025 consolidates and modernizes deemed income provisions previously contained in Sections 7 and 8 of ITA 1961. The new Clause 7 creates a unified framework dividing deemed income into two sub-clauses: employee benefits and dividend income. Key modifications include updated references to Schedule XI for provident funds, expanded scope of employer contributions, and refined dividend income treatment. The consolidation maintains essential provisions while improving organizational clarity through precise terminology and streamlined cross-references. The restructuring aims to reduce interpretational disputes and align with contemporary business practices, though initial implementation may require updated judicial precedents. The reform represents a systematic enhancement of deemed income provisions while preserving their fundamental characteristics.
The Income Tax Bill 2025 consolidates and modernizes deemed income provisions previously contained in Sections 7 and 8 of ITA 1961. The new Clause 7 creates a unified framework dividing deemed income into two sub-clauses: employee benefits and dividend income. Key modifications include updated references to Schedule XI for provident funds, expanded scope of employer contributions, and refined dividend income treatment. The consolidation maintains essential provisions while improving organizational clarity through precise terminology and streamlined cross-references. The restructuring aims to reduce interpretational disputes and align with contemporary business practices, though initial implementation may require updated judicial precedents. The reform represents a systematic enhancement of deemed income provisions while preserving their fundamental characteristics.
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