The Tax-ability Essay Example

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    List of abbreviations

Co. Ed. IT ACT ITO Company Edition Income Tax Act

Objective

In this paper an attempt is made to analyze the law on taxability of turnkey contracts. An attempt has been made to analyze to what extent income is taxable in turnkey contract. An approach has been taken in this paper to study the statutory provision and different case laws regarding the taxability of turnkey contract and what is the current situation of law on imposing the tax liability.

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Research Methodology

The nature of the project is purely doctrinal/ non-empirical. It is purely based on the data collected from books, statutes, journals, case laws and web resources. It is a literature review. The researcher has relied upon the primary as well on secondary sources. In the paper researcher has followed the uniform mode of citation.

Scope of the Paper

The scope of the research paper is limited to analyze the law and legislation on the taxability of turnkey contracts and what is the role played by the judicial pronouncement in deciding the cases on taxability of turnkey contracts. In this research an attempt has been made to analyze the statutory provision as well as judicial pronouncements delivered regarding the taxability of turnkey contract. The analysis can further help in locating the lacunas in the present law and how it can overcome by strengthening and regulating the prospective laws. The scope of paper is limited to laws releted to taxability of turnkey contracts.

INTRODUCTION

In today’s world infrastructure is considered as one of the leading factors for development. The Indian government has desire to make India as an upcoming superpower country for which they have been escalating their investment on enhancing the infrastructure of the country as it will help in its progress and development.[1] Because of the scale of the infrastructure projects and the complexities included, regularly these projects welcome tender from the whole way across the globe, the agreement signed with these companies are known as EPC contracts furthermore referred to as turnkey contracts. [2] A turnkey contract is a business plan in which a project is conveyed in a finished state. Rather than contracting with an owner to create a project in stages, the developer is enlisted to complete the whole project without owner information. The builder or developer is independent from the final owner or operator, and the project is turned over just once it is completely operational. Essentially, the developer is completing the project and “turning the key” over to the new owner. This sort of arrangement is normally utilized for construction projects extending from single structures to expansive scale developments.

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