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Case Laws VAT / Sales Tax
Whether circulars are binding on Qusi judicial authorities? If Yes, to what extent and scope / limit...
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Binding effect of government circulars: administrative clarifications do not bind courts or quasi judicial authorities and cannot create estoppel.
Government circulars and clarifications represent administrative understanding of statutory provisions and do not bind courts or quasi judicial authorities; they cannot create an estoppel against the statute and do not prevent recovery of tax lawfully leviable despite prior communications to taxpayers.
Case Laws Service Tax
Whether components of a composite transaction amounting to supply of labour/rendition of service(s),...
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Service elements in works contracts taxable when classifiable under construction or erection services, not limited to a new label.
Service elements within a composite works contract that correspond in nature to Commercial or Industrial Construction Service, Construction of Complex Service or Erection, Commissioning or Installation Service are taxable under those service heads; such service elements need not be classified exclusively under the subsequently inserted sub clause, and levy under the existing defined service categories is proper based on the substantive character of the activities.
Notifications Service Tax
Specified persons for the purpose of Advance Ruling u/s 96A of the Chapter V of the Finance Act, 199...
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Resident firm classification for advance ruling expands eligible applicants under service tax advance ruling framework.
Notification declares resident firm as a class of persons eligible for advance rulings under section 96A of the Finance Act, 1994 for service tax. It defines "firm" to include partnerships under the Indian Partnership Act, limited liability partnerships (including those without a company partner), sole proprietorships, and One Person Companies, and links the term "resident" to the meaning in the Income-tax Act as applicable to a resident firm.

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Income Tax

Example:-An employee of X Ltd. retires on 10th March, 2015 after service of 26 years and receives ₹ 6,50,000 as gratuity. X Ltd. is not covered by the Payment of Gratuity Act, 1972). If Salary drawn by him during 1st May 2014 and 28th February 2015 is as follows: 1st May 2014 to 31th December 2014 Rs. 26,000 p.m. 1st January 2015 to 28th February 2015 Rs. 26,500 p.m. Besides, he receives ₹ 400 p.m. as dearness allowance (forming part of salary for the computation of retirement benefits). He is also entitled to 6% commission on sales achieved by him (during 1st May 2014 and 28th February 2015, turnover achieved by the employee is ₹ 25,77,860). Is the entire amount of gratuity exempt from tax?

10 August, 2015

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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 ... Summary

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Acts Income Tax
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