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    NotificationsIncome Tax
    Manner of disposal of application for advance ruling under Income Tax Act, 1961
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    Majority decision with third member nomination resolves member disagreements in advance ruling panels, enabling electronic pronouncement and communication.
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    Turnover computation for derivatives and speculation: include absolute differences and option premiums under tax audit rules.
    Turnover for tax audit purposes differs by transaction type: speculative transactions use the aggregate of realised favourable and unfavourable differences; derivatives, futures and options use the absolute total of favourable and unfavourable differences with option premium included unless already counted in net profit; reverse trade differences are included; delivery based transactions use total sales value as turnover.
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    Game of skill excludes gambling under GST; nomen juris applied to classify Rummy as skill based for tax purposes.
    The classification of Rummy under GST depends on whether skill predominates over chance; applying the principle of nomen juris, judicially established meanings of "gambling," "game of chance," and "game of skill" must be used. Rummy requires memorisation and strategic holding and discarding of cards and has been regarded as a game of skill. Consequently, the terms betting and gambling in the GST context should not be read to include games of skill, and selective reliance on stray judicial language to levy tax on such games is impermissible.
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    Current repairs classification distinguishes capital expenditure from revenue deductions for building and machinery repairs under income tax rules.
    Classification of current repairs determines whether expenditures on buildings and on plant and machinery are revenue deductions or capitalised: enduring benefit or substantial enhancement is capital, while routine restorative or replacement outlays that merely maintain existing earning capacity are revenue; Sections 30 and 31 provide the statutory context for rent, rates, taxes, repairs and insurance for buildings and for machinery, plant and furniture.
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    Ownership for unexplained articles must reflect real ownership rights, not mere carrier possession, to trigger tax implications.
    Section 69A applies only where the assessee can properly be regarded as the owner of the item and the item is an other valuable article; a carrier or bailee lacks ownership rights unless wrongful retention or misappropriation confers exclusive control akin to ownership, and an article qualifies as "valuable" by per unit marketability and premium price rather than aggregate value of ordinary low cost goods such as bitumen.
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    Whether expenditures by pharmaceutical companies for distribution of incentives to medical practitioners are allowable under Section 37(1) depends on Explanation 1 to Section 37(1), which disallows deductions for purposes that are an offence or are prohibited by law; because medical ethics regulations prohibit doctors from accepting such freebies and attach punishments, donors' provision of those incentives is treated as participation in proscribed conduct and such expenses are not allowable as business deductions.
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    Non-deposit of employees' contribution within the due date prescribed under the respective provident/insurance statute results in disallowance of the employer's deduction, whereas employer contributions are subject to a separate payment-based rule that defers deduction until actual payment. The statutory scheme preserves distinct treatment: employee contributions must be credited by the statutory due date to qualify as deduction, while employer contributions may be allowed on a payment basis when actually paid.
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    Existing special-rate provisions for companies and cooperative societies remain unchanged for AY 2023-24 while Part I of the First Schedule prescribes standard slab rates for other assessees; the optional personal tax regime permits eligible individuals and HUFs to elect alternative slab rates with disallowance of most deductions except specified allowances, procedural rules govern exercise and revocation of the option, and surcharge, marginal relief and a fixed health and education cess apply with specified caps and computation rules.
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    Rebate under section 87A expanded to raise the exempt-income threshold for resident individuals under the new tax regime.
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    GST Amendments broaden OIDAR taxability, impose statutory time limits for returns/statements, and decriminalise select offences.
    The Finance Bill amends the CGST Act to permit composition levy for suppliers transacting through electronic commerce operators, restrict input tax credit by treating specified Schedule III transactions as exempt-supply value and excluding CSR-related credits, clarify retrospective registration exemptions, impose statutory time limits (with conditional extensions) for furnishing outward-supply details, periodic and annual returns and monthly statements by e-commerce operators, introduce penal liability for E-commerce operators for unregistered/composition supplier contraventions, decriminalise certain offences and raise prosecution thresholds, and give retrospective non-supply treatment to specified Schedule III activities; IGST changes broaden OIDAR taxability and revise place-of-supply rules.

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      Income Tax

      Current Repairs - ‘Nature & Treatment’ of expense

      23 May, 2023

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      Section 30 - Rent, rates, taxes, repairs and insurance for buildings

      Section 31 - Repairs and insurance of machinery, plant and furniture

      Income-tax Act, 1961

      All About “Current Repairs”

      Current Repairs – Though there’s no specific definition as per the Income Tax Act, 1961. We generally assumed it is for the repairs of ‘Building’ & ‘Plant & Machinery.’

      Section 30 & 31 of Income Tax Act, 1961 provides for the treatment of Current/Revenue repairs of Building & Plant & Machinery. However, there’s always some confusion regarding ‘Nature & Treatment’ of expense, so beneath are some of the latest judgements for clarification as per the courts.

       

       

      Full Text:

      Section 30 - Rent, rates, taxes, repairs and insurance for buildings

      Section 31 - Repairs and insurance of machinery, plant and furniture

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      ActsIncome Tax
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