Residential Status Under the Income-tax Act Introduction The residential status of a taxpayer is determined based on his physical presence in India or the location of effective management in the case of companies. It is assessed separately for each financial year and affects the scope of income taxable in India. If a person is resident… Read More »
Items specifically defined as income Section 2(24) of the Income-tax Act has specifically included the following receipts and benefits as income: Receipts or Gains The following receipts or gains are considered as income: Profits and gains; Dividends; Any interest, salary, bonus, commission or remuneration, due to, or received by, a partner of a firm from such… Read More »
Important GST Case Laws 29.04.2026 Relevant Act Section Case Law Title Citation Brief Summary CGST Act, 2017 Sec 7 Aryapride Hotel and Convention (P.) Ltd., In re Click Here Partnership Contribution: Contributing leasehold/commercial rights to an LLP in exchange for partnership interest is a “supply of service” and is taxable. CGST Act, 2017 Sec 11… Read More »
Rebuttability of Price Reduction Presumption in Anti-Profiteering Cases Facts The Allegation: It was alleged that following a reduction in GST rates on certain electronic goods, the respondent failed to reduce the prices commensurately, thereby violating the anti-profiteering provisions. Investigation: Based on a report by the Director General of Anti-Profiteering (DGAP), profiteering under Section 171 was… Read More »
Recognition of Prior Deposits as Pre-Deposit for GST Appeals under November 2025 Manual Facts The Context: The petitioner underwent a de novo adjudication process for the period 2017-18 to 2019-20. This followed a previous High Court order that remitted the matter for fresh consideration on the condition that the petitioner deposit 10% of the disputed… Read More »
Statutory Bar on Parallel Proceedings: Quashing Provisional Attachment by State Authorities Facts The Conflict: The State GST authorities issued Form GST DRC-22 to provisionally attach five bank accounts of the petitioner for the period 2017-18 to 2024-25. Prior Central Action: Before the State’s intervention, the Central GST authorities had already initiated extensive enforcement actions on… Read More »
Suo Motu Adjustment of Erroneously Paid Tax: Limitation and Penalties Set Aside Facts The Audit Instruction: The assessee, a nationalized bank, was directed by an audit team to pay service tax on its share of profit from foreign exchange transactions. The Payment: Following these instructions, the bank paid the tax but later realized, upon internal… Read More »
Meaning of Income Introduction Section 2(24) of the Income-tax Act specifically includes over 30 types of receipts or benefits in the definition of income. This provision outlines various notional items that are also considered income for tax purposes. Since the definition of income is inclusive, items not explicitly defined as income or deemed as income by… Read More »
Income under the Head ‘Salary’ AY 2026-27 Calculation of Income from Salary Salary Income Exempt from Tax Tax on Leave Encashment Taxability of Pension Taxation under Agnipath Scheme Employee Provident Fund (EPF) Profits in Lieu of Salary Retrenchment Compensation Voluntary Retirement Compensation (VRS) Taxability of Allowances Taxability of House Rent Allowance (HRA) Taxability of Armed… Read More »
SBI’s Rate of Interest for Perquisite Valuation Introduction The taxable value of the perquisite arising from free or concessional loans extended by employers is determined based on the State Bank of India’s (SBI) interest rates as of April 1 of the relevant financial year. Key Provisions Applicability Perquisite tax applies to loans for personal purposes… Read More »