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Finance Bill 2018 - COMPENSATION – CAPITAL RECEIPT, IS ALSO PROPOSED TO BE TAXABLE INCOME

Finance Bill 2018 - COMPENSATION – CAPITAL RECEIPT, IS ALSO PROPOSED TO BE TAXABLE INCOME - Budget - By: - CA DEV KUMAR KOTHARI - Dated:- 8-2-2018 - Finance Bill 2018. COMPENSATION -CAPITAL RECEIPT, IS ALSO PROPOSED TO BE TAXABLE INCOME- FM sir, please make valid law. Follow man-ki-baat of PM. In the Finance Bill compensations in relation to business as well as employment have been proposed to be included in income to be made taxable from AY 2019-20. In an earlier article, compensation relating .....

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osition of tax on income being in nature of profit or gains or revenue or earnings etc. It appears that the provision to tax compensation which is of capital nature will not be valid and will be unconstitutional. It appears that though PM Narendra Modi, and his ministers shows full respect to the Constitution of India, however, many actions taken by NAMO Sarkar and many provisions legislated and proposed appears to be not within the limited powers of the Central Government as conferred by the Co .....

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he spirit of our Constitution. The message that our Constitution conveys is that no one should be harmed in any way, he said. The proposals in the Finance Bill regarding compensation, even if of capital nature to be included in income to impose tax are, such provisions which cannot be considered constitutionally valid. When the Explanatory Memorandum itself admit such capital nature ,then we can only say that NAMO SARKAR MANMAANI PE HAI - and approach appears to be who care for the Constitution .....

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me called, in connection with the termination of his employment or the modification of the terms and conditions relating thereto. . Notes on clause: Clause 21 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. This amendment will take effect from 1st April, 2018. It is also proposed to insert a new clause (xi) in sub-section (2) of the said section so as to provide that any compensation or other payment due to or received by any person, by whatever .....

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