Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
Cumulative Income Tax Paid by Firm and Partners Not Eligible for Rule 86B Exemption: AAR
GSTIncome Tax
The AAR has ruled that the "cumulative income tax paid by a firm and its partners" is eligible for the Rule 86B exemption. The decision provides significant clarity on a contentious issue and is a major relief to partnerships. The ruling clarifies that the income tax paid by both the firm and its partners can be considered for the exemption, which will help them in managing their cash flow.
