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of <h1>Section 145B Income Tax Act establishes timing rules for recognizing interest, price escalation claims and export incentives</h1> Section 145B of the Income Tax Act, 1961 establishes specific timing rules for recognizing certain types of income. Interest received on compensation or enhanced compensation is deemed income in the year received. Price escalation claims and export incentives are treated as income when reasonable certainty of realization is achieved. Income under section 2(24)(xviii) is deemed income in the year received if not previously taxed. These provisions override contrary provisions in section 145 and were inserted by the Finance Act 2018 with retrospective effect from April 1, 2017.
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