Commodities transaction tax deduction permitted where income from taxable commodities transactions is included in business income. The amendment requires that the account for provision for bad and doubtful debts under clause (viia) be a single account covering all types of advances, including rural branch advances, and adds clause (xvi) allowing a deduction for commodities transaction tax paid on taxable commodities transactions when income from those transactions is included under 'Profits and gains of business or profession,' with terms defined by Chapter VII of the Finance Act, 2013.
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.
Provisions expressly mentioned in the judgment/order text.
Commodities transaction tax deduction permitted where income from taxable commodities transactions is included in business income.
The amendment requires that the account for provision for bad and doubtful debts under clause (viia) be a single account covering all types of advances, including rural branch advances, and adds clause (xvi) allowing a deduction for commodities transaction tax paid on taxable commodities transactions when income from those transactions is included under "Profits and gains of business or profession," with terms defined by Chapter VII of the Finance Act, 2013.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
