section 36(1)(vii) articles

Section 36 – Other Deductions | Income Tax Act, 1961

Section 36 – Other Deductions Section 36 of the Indian Income Tax Act, 1961, provides a list of explicit deductions for computing income arising from profession or business. Section 36 of the Income Tax Act elucidates the expenses which are allowed as deductions from the income earned from profession or business.  illustrative list of ...

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Posted Under: Income Tax |

Whether writing of bad debts in accounts sufficient to claim deduction U/s. 36(1)(Vii)?

The Delhi High Court, has held in CIT vs. Samara India(P) Ltd. (2013) 216 Taxman 93 , following the decision of Supreme Court in T.R.F. Ltd. Vs. CIT(2010) 323 ITR 397:190 Taxman 391(SC), that for an assessee to claim deduction in relation to bad debts it is, now, no longer necessary to establish that debt had become irrecoverable and it i...

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Posted Under: Income Tax |

Deduction of Interest Expenses – Section 36(1)(iii) – Assessment – Legal Views

In this discussion, we would take up Section 36(1)(iii) of the Income Tax Act, 1961 and analyse the provision therein from all facets, which will make us understand the deduction in a comprehensive way. In the vortex of legal pronouncements, we will analyse few case laws as well, which throw light on the grey areas that are not captured ...

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Will CBDT look into the following and allow Government to amend the tax law?

ection 55 (2)(b) of the Income Tax Act, 1961 provides the option to the assesse to consider the fair market value of capital assets as on the 1st day of April , 1981 as the cost of acquisition where the same were acquired before April 1, 1981. This base year has been in use since the last amendment made under the Finance Act, 1992. ...

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Posted Under: Income Tax |

GRATUITY- direct cheque issued to LICI, allowed by CIT(A), ITAT, HC and confirmed by SC as contribution to Gratuity Fund

We find lot of complications and procedural delays in setting up and approval of gratuity funds. This can be simplified and any payment made for funding gratuity liability made to insurers like the Life Insurance Corporation of Indian can be allowed....

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Posted Under: Income Tax |

Supreme Court rules write off of debt is sufficient for claiming bad debts

In a recent ruling Supreme Court in the case of TRF Ltd. on the issue of whether a taxpayer, while claiming deduction of bad debts in its return of income, is required to establish that the debts have, in fact, become irrecoverable. The SC held that post the amendment to Section 36(1)(vii) (Section) of the Indian Tax Law (ITL), for claimi...

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September 2021