IMA Ruling: Abolition of the Doctrine of Mutuality in GST and Scope of ‘Business’ Facts The Indian Medical Association (IMA), a professional body for medical practitioners, sought an Advance Ruling regarding the taxability of its internal operations. The key facts of the dispute included: Nature of Activities: The applicant was involved in conducting health camps… Read More »
GST Liability on Pure Services provided to FCI: Distinction between “Government Entity” and “Government Authority” Facts The Food Corporation of India (FCI), a statutory corporation established under the Food Corporations Act, 1964, sought clarity on its tax liabilities regarding security services. The Activity: FCI engaged a security agency to provide personnel for manning its depots… Read More »
In-Patient Medicine Supply as an Exempt Composite Healthcare Service Facts: The Applicant: A 400-bedded multi-specialty hospital and registered clinical establishment providing both inpatient and outpatient care. The Dispute: The hospital’s in-house pharmacy dispenses medicines and consumables required for the diagnosis and treatment of admitted (in-patient) patients. Billing Practice: For in-patients, the cost of medicines and… Read More »
GST on Skill Development: Regularization of Tax for the “Intervening Period” under ‘As Is Where Is’ Basis Facts The applicant is an NSDC-approved Training Partner providing digital marketing courses aligned with the National Skills Qualification Framework (NSQF). The Model: The training follows a market-led, fee-based model where students pay directly, and no government funding is… Read More »
Section – 39 Income Tax Act 1961 Section – 39 Income Tax Act 1961 Managing agency commission 39. Where a managing agent of a company is liable under an agreement in writing made for adequate consideration to share managing agency commission with a third party or third parties, the said agent and the said party or… Read More »
Section 66 Income Tax Act 1961 CHAPTER VI AGGREGATION OF INCOME AND SET OFF OR CARRY FORWARD OF LOSS Section 66 Income Tax Act 1961 Aggregation of Income Total income 66. In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter VII and any… Read More »
Section – 41 Income Tax Act 1961 Section – 41 Income tax act 1961 Profits chargeable to tax 41. (1) Where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee, and subsequently during any previous year the assessee has obtained,… Read More »
Section 2 Income Tax Act 1961 Section 2 Income Tax Act 1961 Definition 2. In this Act, unless the context otherwise requires,— (1) “agricultural income” means— (a) any rent or revenue derived from land which is used for agricultural purposes and is either assessed to land revenue in India or is subject to a local rate… Read More »
Tax implications 50 lakh income for AY 2026-27 For an income of ₹50 lakh in India (Assessment Year 2026-27), the primary tax implication is that you reach the threshold where a 10% surcharge on your calculated income tax is triggered if your net taxable income exceeds this amount. Tax Liability Comparison (FY 2025-26 / AY… Read More »