Tax credit allocation depends on whose taxable income includes the contract receipts; credit follows assessment inclusion. Credit for tax deducted at source is to be allowed to the person in whose total income the contract receipts are included; when payments received by an individual are assessed in the hands of a firm of which he is a partner and he signs receipts on the firm's behalf, the credit should be given to the firm.
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.
Tax credit allocation depends on whose taxable income includes the contract receipts; credit follows assessment inclusion.
Credit for tax deducted at source is to be allowed to the person in whose total income the contract receipts are included; when payments received by an individual are assessed in the hands of a firm of which he is a partner and he signs receipts on the firm's behalf, the credit should be given to the firm.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.