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    ManualsIncome Tax
    Example:-X is employed by a company. He has been provided a car (1200cc) owned by employer, cost of ...
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    Rent-free accommodation valuation: taxable value is the lower of a percentage of salary or employer-paid rent for perquisite computation.
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    House Rent Allowance exemption under section 10(13A) requires choosing the minimum of three salary-based tests to determine taxable HRA.
    The exemption under section 10(13A) and Rule 2A is the minimum of actual HRA received, rent paid in excess of ten percent of salary, and the prescribed percentage of salary. In the example actual HRA is 36,000; excess rent over ten percent of salary is 26,400; forty percent of salary is 38,400. The exempt amount is therefore 26,400 and the remaining 9,600 is included in gross salary.
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    Voluntary retirement compensation tax treatment: exemption limited by statutory ceiling formulas; excess is treated as taxable salary.
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    Example:-Mr. X retired from ABC Ltd. on 11th March 2014 after serving for 30 years and 11 months and...
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    Leave salary exemption under section 10(10AA) limited by average salary and statutory caps, yielding the lowest applicable ceiling.
    Computation of leave salary exemption under section 10(10AA) requires determining average salary by annualising ten months' basic pay plus the proportion of dearness allowance included for retirement benefits and dividing by ten. Unavailed leave months equal total entitlement minus leaves taken and leaves earlier encashed. The exempt leave salary is the least of (unavailed months x average salary), (ten months' average salary), and the statutory ceilings; the example selects the lowest applicable ceiling as exempt.
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    Gratuity exemption: least of three test determines exempt portion for noncovered employers; excess gratuity is taxable.
    Gratuity from a noncovered employer is exempt to the extent of the least of three amounts: the service based fraction computed from the average monthly salary (which includes basic pay, one month's dearness allowance, and average monthly commission), the statutory monetary ceiling, and the gratuity actually received; any excess over that exempt amount is taxable.
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    Gratuity exemption: part determined by 15 days salary times completed years, excess treated as taxable salary.
    Gratuity exemption is determined by taking the least of: the product of 15 days' salary and completed years of service, the statutory ceiling, and the gratuity received. Completed years may be rounded to include qualifying months. The exempt portion is that least amount; any excess over the exempt amount is taxable as salary income in the assessment year.
    ManualsIncome Tax
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    Gratuity exemption under Section 10(10)(i) remains available even if retiree accepts private sector employment after retirement.
    Gratuity paid to a government employee on retirement is fully exempt from income tax under the governing gratuity exemption provision, and that exemption remains available even if the retiree subsequently accepts employment in the private sector.
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    Refund of application fee: advance ruling applications are not refundable even if the applicant withdraws the application.
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    Advance ruling review barred except when ruling procured by fraud or misrepresentation, enabling annulment under law.
    The Authority for Advance Rulings lacks jurisdiction to reconsider or review its own ruling absent a substantiated mistake of law or fact or a mistake apparent from the record warranting rectification or amendment under the procedural regulations; however, a previously announced ruling may be declared void ab initio if it is shown to have been obtained by fraud or misrepresentation of facts.
    ManualsService Tax
    Whether Advance Ruling application can be filed for a question related to Circular issued by the Cen...
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    Advance ruling jurisdiction excludes Board circulars; notifications by the government are distinct and control admissibility.
    Advance ruling jurisdiction does not extend to Board circulars because the statute expressly contemplates government notifications for advance-ruling purposes while omitting circulars; the power to issue circulars is conferred on the Board under the Central Excise framework made applicable to service tax, whereas notification-making power in the service-tax provisions is vested in the Central Government, producing a statutory limitation on advance-ruling admissibility.
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    Whether a Government company can apply for a advance ruling ? if yes, whether subsidiary of a govern...
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    Government company eligibility for advance ruling confirmed; subsidiaries retain separate legal personality and may also apply.
    A government company is eligible to apply for an advance ruling and a subsidiary of a government company may also file because the holding company and each subsidiary are separate legal entities with independent rights to apply; a step-down subsidiary falls within the definition of an applicant, rendering its advance-ruling application maintainable.
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    Writ remedy against advance rulings where no statutory appeal exists; seek High Court review under constitutional writ jurisdiction.
    No statutory appeal exists against orders of the Advance Ruling Authority; the available remedial route is a writ petition invoking constitutional writ jurisdiction in the appropriate High Court. The Supreme Court has indicated parties should approach the High Court rather than seek direct original jurisdiction at the apex court, and courts are urged to allocate and expedite fiscal writ matters.
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    Appeal on new grounds barred where party lacks aggrievement; omitted issues may be raised later upon arising.
    An appellant cannot maintain an appeal on entirely new grounds if the assessing or appellate authority has approved the assessee's classification or fully allowed the revenue's prayer, because there is no aggrievement; however, issues not considered by the tribunal may be agitated later when a cause of action arises.
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    Locus standi limits: only aggrieved private parties may challenge tax notices; third-party appeals are not maintainable.
    Only the private operators against whom tax notices are issued possess the requisite standing to challenge those notices; third parties lack authority to prosecute appeals or writs on their behalf, and challenges must be instituted by the directly aggrieved parties through the statutory remedy, who may then raise all issues available to them in accordance with law.
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    Finality of tribunal orders bars fresh appeals, preventing restoration by filing a new appeal against the same order.
    When an appeal has been rejected by the Tribunal there is no scope for entertaining an application for restoration by filing a fresh appeal in respect of the same order; similarly, once a Tribunal order has become final for lack of further appeal, the finality of orders precludes fresh appeals challenging that same order.

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      CUSTOMS - SOCIAL WELFARE SURCHARGE (SWS)

      24 July, 2024

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      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      A.

      AMENDMENT TO NOTIFICATION NO. 11/2018 – CUSTOMS, DATED 02.02.2018 (w.e.f. 24.07.2024)

      S.No.

      Description

      Following goods are being exempted from levy of Social Welfare Surcharge

      1.

      Natural Graphite

      2.

      Natural sands

      3.

      Quartz (other than natural sands); quartzite

      4.

      Strontium sulphate (natural ore)

      5.

      Copper ores and concentrates

      6.

      Cobalt ores and concentrates

      7.

      Tin ores and Concentrates

      8.

      Tungsten Ores and Concentrates

      9.

      Molybdenum ores and concentrates

      10.

      Zirconium ores and concentrates

      11.

      Hafnium Ores and concentrates

      12.

      Vanadium ores and concentrates

      13.

      Niobium or tantalum ores and concentrates

      14.

      Antimony Ores and Concentrates

      15.

      Tellurium

      16.

      Silicon, containing by weight not less than 99.99% of silicon

      17.

      Other silicon

      18.

      Selenium

      19.

      Alkali or alkaline earth metals, Rare-earth metals, scandium and yttrium, whether or not intermixed or inter alloyed

      20.

      Silicon dioxide

      21.

      Potassium hydroxide

      22.

      Oxides, hydroxides and peroxides, of strontium or barium

      23.

      Cobalt oxides

      24.

      Cobalt hydroxides

      25.

      Commercial cobalt oxides

      26.

      Lithium oxide and hydroxide

      27.

      Vanadium oxides and hydroxides

      28.

      Germanium oxides

      29.

      Molybdenum oxides and hydroxides

      30.

      Antimony Oxides

      31.

      Cadmium oxide

      32.

      Chlorides of Nickel

      33.

      Strontium chloride

      34.

      Sulphates of Nickel

      35.

      Nitrates of potassium

      36.

      Lithium carbonates

      37.

      Strontium carbonate

      38.

      Salts of oxometallic or peroxometallic acids of Beryllium and Rhenium

      39.

      Compounds, inorganic or organic of rare earth metals

      40.

      Bismuth citrate

      41.

      Artificial Graphite, colloidal or semi-colloidal graphite, preparations based on graphite or other carbon in form of pastes, blocks, plates or other semimanufactures

      42.

      Unwrought Tin

      43.

      Unwrought tungsten, including bars and rods obtained simply by sintering

      44.

      Unwrought molybdenum, including bars and rods obtained simply by sintering

      45.

      Unwrought tantalum, including bars and rods obtained simply by sintering, powders

      46.

      Cobalt, unwrought

      47.

      Bismuth, unwrought

      48.

      Unwrought zirconium, powders, Containing less than 1 part hafnium to 500 parts zirconium by weight

      49.

      Unwrought antimony, powders

      50.

      Beryllium unwrought, powders

      51.

      Hafnium unwrought, waste and scrap, powders

      52.

      Rhenium unwrought

      53.

      Cadmium unwrought, Powders

      54.

      Cadmium, wrought

      55.

      Unwrought; Waste and scrap; powders of :-

      (i) Gallium

      (ii) Germanium

      (iii) Indium

      (iv) Niobium

      (v) Vanadium

      Full Text:

      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

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