Unless there is an exact indication in the Income Tax Act itself, that interest payable on income tax refund amounts fulfill the basic character as income (defined under Section 2(24) of the Income Tax Act) cannot be ignored. It is no doubt true that this amount cannot be treated as interest income since the assessee did not earn it through conscious choice or voluntarily, nor was it engaged in the activity of investing its amount and earning interest. However, the basic characteristic of income being what it is, the amount received towards statutory interest has to be subject to tax under the head income from other sources.
Deduction of payment of employees’ contribution towards provident fund and ESI cannot be disallowed under section 43B, if paid before the due date of filing the return. ACIT Vs. M/s. Shakti Bhog Foods Pvt. Ltd.
Finance Minister in para 149 of the budget speech while introducing the entry for tax on Goods Transport Agency in the budget of 2004. It appears that there was clear intention not to levy service tax on individual truck owners except in cases where the cargo for such trucks are booked by Goods Transport Agency which is in the business of booking cargo and issuing the consignment note in the normal course of their business.
While computing book profits the AO added Provision for Doubtful debts of Rs.3,53,35,020/- debited to the profit and loss account to the profits arrived at in the profit and loss account prepared in accordance with the provisions of Sec.115JA(2) of the Act. The question whether provision for doubtful debts and provision for doubtful advances have to be added while computing book profits u/s.115JA of the Act has to be answered in favour of the revenue and against the assessee because of the retrospective amendment introduced in Section 115JA of the said Act.
Complaint filed in anticipation of the accrual of the cause of action under clause (c) of the proviso to section 138 would be a premature complaint. The complainant will have no legal justification to file such a complaint for the cause of action to do so would not accrue to him till such time the drawer of the cheque fails to pay the amount covered by the cheque within the stipulated period of 15 days from the date of the receipt of the notice.
The Government has been constantly trying to strengthen the legislative frame work to control generation of black money in the country as well as control the flight of such illicit fund to foreign shores.
ICAI: Online submission of CA Exam form for November 2012: Start Date : 06/08/2012 Last Date for online submission of Form without late fees : 27/08/2012 Last Date for online submission of Form with late fees : 03/09/2012 Registration for Online submission of Exam forms for November 2012 Exam closes at 17:30 hrs IST of […]
