Custom Duty : Should Cess and Surcharge Be Permanent? Explore the history and purpose of Cess and its impact on taxes and duties....
Income Tax : Certain taxpayers have been claiming deduction on account of 'cess' under section 40 of the Income Tax Act, 1961 claiming that 'ce...
Income Tax : Navigate the controversy surrounding the allowability of Cess as expenditure. Dive into the amendments brought by the Finance Act,...
Income Tax : Clarification regarding treatment of cess and surcharge Section 40 of the Act specifies the amounts which shall not be deducted in...
Income Tax : The Supreme Court rules that 'Education Cess' cannot be claimed as an expenditure. Read the detailed analysis of JCIT vs Sesa Goa ...
Excise Duty : In a landmark decision, CESTAT Ahmedabad supports Welspun Corp Ltd, permitting the use of Cenvat credit of basic excise duty to of...
Income Tax : MAT credit u/s. 115JA cannot be denied on Surcharge, education cess and additional surcharge - secondary and higher education cess...
Service Tax : CESTAT set aside the impugned order pertaining to the rejection of refund of unutilized cenvat credit of Education Cess, SHEC and ...
Income Tax : Education cess is an additional surcharge levied on income tax and hence it partakes the character of income tax and is not allowa...
The Supreme Court rules that ‘Education Cess’ cannot be claimed as an expenditure. Read the detailed analysis of JCIT vs Sesa Goa Ltd. case.
In a landmark decision, CESTAT Ahmedabad supports Welspun Corp Ltd, permitting the use of Cenvat credit of basic excise duty to offset Education Cess and Secondary & Higher Education Cess, establishing a crucial legal precedent.
MAT credit u/s. 115JA cannot be denied on Surcharge, education cess and additional surcharge – secondary and higher education cess
Should Cess and Surcharge Be Permanent? Explore the history and purpose of Cess and its impact on taxes and duties.
CESTAT set aside the impugned order pertaining to the rejection of refund of unutilized cenvat credit of Education Cess, SHEC and KKC
Certain taxpayers have been claiming deduction on account of ‘cess’ under section 40 of the Income Tax Act, 1961 claiming that ‘cess’ has not been specifically mentioned in the provisions of the section 40(a) (ii) of the Income Tax Act, 1961 and therefore, cess ought to be an allowable expenditure. Such assesses placed strong reliance on various judicial judgments such as Sesa Goa Limited versus JCIT (Bombay High Court).
Education cess is an additional surcharge levied on income tax and hence it partakes the character of income tax and is not allowable as deduction.
Navigate the controversy surrounding the allowability of Cess as expenditure. Dive into the amendments brought by the Finance Act, 2022, shedding light on the retrospective implications, rectification proceedings, and potential legal ramifications. Stay informed on tax complexities.
Clarification regarding treatment of cess and surcharge Section 40 of the Act specifies the amounts which shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”. Sub-clause (ii) of clause (a) of section 40 of the Act provides that any sum paid on account of any […]
LG Soft India Private Limited Vs DCIT (ITAT Bangalore) The Hon’ble Bombay High Court in the case of Sesa Goa Limited v. JCIT (supra) had held education cess is an allowable expenditure as the word ‘cess’ is conspicuously absent under the provisions of section 40(a)(ii) of the I.T.Act The Hon’ble High Court also placed reliance […]
