taxpayer tax

This article summarizes recent ruling of the Madras High Court (HC) in the case of CIT v M/s Hi Tech Arai Limited (Taxpayer) [Tax Case (Appeal) Nos. 670 and 671 of 2009] on the issue of allowability of additional depreciation on newly set-up windmills, under the Indian Tax Law (ITL), where the setting up of windmills had no connection with the main business activity of the Taxpayer. The HC held that, for the purpose of claiming additional depreciation under the ITL, it i.. Full Article

Individual and small corporate taxpayers will get income or corporate tax refunds in four months, with the refund banker scheme spreading across the country soon. The refunds, arising out of tax payments and TDS collections, usually take more than a year to reach the average taxpayer. “Tax and TDS refunds will now reach the individual and [...] Full Article