Chapter XII-DASPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC )
Part CProcedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM )
Chapter XX-BREQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT )
Tax credit for tax paid on deemed income enables carryforward and setoff subject to specified carryforward periods and exclusions. Tax credit equals the excess of tax paid under the deemed-income provisions over the tax otherwise payable on total income; no interest is payable on the ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Tax credit for tax paid on deemed income enables carryforward and setoff subject to specified carryforward periods and exclusions.
Tax credit equals the excess of tax paid under the deemed-income provisions over the tax otherwise payable on total income; no interest is payable on the credit. The determined credit is carried forward and set off subject to statutory time limits, with set-off permitted only in years when tax is computed under the Act other than under the deemed-income provisions and limited to the difference between tax under normal computation and tax under the deemed provision. Adjustments follow any assessment or revision orders, and specified exclusions to applicability are provided.
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