relevant provisions

Taxpayers in the infrastructure sector are often engaged in the execution of construction activities, which form a minor portion of a contract for the development of an infrastructure facility. This ruling provides guidance on whether a contactor simplicitor would be entitled to tax holiday under the ITL, in respect of the construction activities carried out by it. This ruling makes it clear that tax holiday would be denied to a person who merely executes any works contr.. Full Article

In the current times where several MNCs are facing the issue of operating losses (the term ‘operating losses’ for the purpose of this article denotes business losses) in various jurisdictions, it becomes imperative for them to evaluate the provisions on utilisation of tax losses in these jurisdictions so as to optimise the overall tax cost. Considering the above, this article contains a broad overview of provisions prevalent in certain key jurisdictions on utilisatio.. Full Article

Compliance to be ensured by candidates, their authorised representatives/supporters/volunteers, in particular, and members of the institute, in general, within as well as outside the zero tolerance zone in relation to polling booths set up. Full Article

Merely because the interest income is earned by the assessee on account of contractual obligation and the same has been accepted in the regular assessment u/s 143(3) of the Income-tax Act, 1961 does not mean that interest income is not taxable under the Act; there is no such provision under the Act to exempt any such income because it is contractual. Full Article

SUMMARY OF CASE LAW The canons of limitation are ordinarily provided expressly in the Act and in their absence, they are to be impliedly inferred by taking into consideration the scheme of the relevant provisions; there cannot be a particular time limit which can be described as reasonable for all the actions under the Act, [...] Full Article