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Webinars, Income Tax, Uncategorized

Tonnage Taxation Scheme

Objectives & Agenda :
In this Webinar, we shall under the Tonnage taxation scheme under Income-tax Act, 1961. It is a presumptive taxation scheme under which certain types of shipping companies (qualifying companies) operating certain types of ships (qualifying ships) are given an option to compute income in accordance with the provisions Sec 115 VA to 115 VZC. Incomes under these provisions are computed based on the Net Tonnage of the qualifying ship on a presumptive basis. The Qualifying company may opt to be charged to tax under provisions of the Tonnage Tax Scheme or under regular provisions of the Act

Webinars, Transactions, Uncategorized

Principle of Mutuality – “State of West Bengal & Ors vs Calcutta Club Limited [2019] SC (C.A. No. 4184 of 2009)”

Objectives & Agenda :
The principle of mutuality is based on the doctrine that no person can trade with himself or make income out of himself. In this Webinar we shall analyse the recent ‘landmark’ judgement by the Honourable Supreme Court in the case of ‘Calcutta Club Limited’ which upheld the principle of mutuality in the context of Sales Tax and Service Tax. The Apex court has upheld the applicability of the principle of mutuality in the Indirect Tax regime. We will analyse the principles held in the case and its possible impact on the GST Regime.



Under the existing provisions, subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement provided by the Central Government or a State Government or any authority or body or agency in cash or kind to the assessee is taxable.

It is proposed to provide that subsidy or grant provided by the Central Government for the purpose of corpus of a trust or institution established by the Central Government or State Government shall not form part of total income and shall be exempt

The above amendment is to save trusts and institutions which are specially formed for operationalizing certain government scheme from levy of taxes

The amendment shall be applicable from assessment year 2017-18 and for subsequent years.


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