Corporate Law - Non-resident individual– A person is said to be non-resident individual if satisfies any of the following conditions : ♦ If he/she is in India for a period of less than 182 days, or ♦ If he/she is in India for a period of less than 60 days during the previous year and less than 365 […]...
Corporate Law - According to u/s 149(9) of companies act, an independent director shall not be entitled to any stock option and receive any remuneration by way of a fee provided under section 197 sub section 5, reimbursement of expenses for participation in a board and other meeting and profit related commission as may be approved by the members....
Corporate Law - Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, is liable w.e.f. 1-7-2022 to deduct TDS U/s 194R @ 10% on the value or aggregate value of such benefit or perquisite....
Corporate Law - (1) What is Section 197 of Income Tax Act, 1961? Section 197 of the Income Tax Act, 1961 allows the taxpayer the facility of NIL or Lower tax rate deduction of TDS (or TDS exemption). In order to apply for this you need to submit Form 13 to the assessing officer. Also, this section strikes a delicate balance […]...
Corporate Law - Section 197 of Income Tax Act, 1961 contains the provisions for Lower Deduction Certificate. Generally, where the actual income tax liability on the income of the assessee is less than the TDS which has been deducted by the payer as per Chapter-XVII, then it may cause a major problem of working capital management for the […]...
Sri S. Muthaiah Vs State By CBI/ACB (Karnataka High Court) - Karnataka High Court dismissed the writ petition in case of illegal excavation/ transportation of iron ore as discretionary jurisdiction under section 482 of Cr. P.C. cannot be exercised....
Pralhadrao Uttarwar Vs State of Gujarat (Gujarat High Court) - Gujarat High Court dismissed the allegation of sale of High Speed Diesel to various private industries at concessional sales tax without complying with the mandatory requisite permission from the Ministry of Petroleum & Natural Gas. The said allegations were dismissed in absence of any evidence....
Milestone Systems A/S Vs DCIT (Delhi High Court) - Delhi High Court directed the concerned officer to revisit the application preferred under section 197 of the Income Tax Act as the concerned officer simply by-passed the Supreme Court judgement in Engineering Analysis by observing that revenue has preferred a review petition. Such approach of offic...
Jones LNG Lasalle Property Consultants (India) Private Limited Vs DCIT (Delhi High Court) - Withholding certificate at a low tax rate rejected for huge outstanding demand, although same were due to pending rectification applications...
National Petroleum Construction Company Vs DCIT (Supreme Court of India) - National Petroleum Construction Company Vs DCIT (Supreme Court of India) Indira Banerjee, J. Leave granted. 2. This appeal is against the judgment and final order dated 20th December 2019 passed by High Court of Delhi dismissing the Writ Petition being Writ Petition (C) No.8527 of 2019 filed by the ...
Sri S. Muthaiah Vs State By CBI/ACB (Karnataka High Court) -
Pralhadrao Uttarwar Vs State of Gujarat (Gujarat High Court) -
Milestone Systems A/S Vs DCIT (Delhi High Court) -
Jones LNG Lasalle Property Consultants (India) Private Limited Vs DCIT (Delhi High Court) -
National Petroleum Construction Company Vs DCIT (Supreme Court of India) -