Sales tax deferral treated as discharged under section 43B when state law deems deferred payments as paid, preserving incentives. Sales tax deferral schemes permit collection and retention of sales tax for a prescribed period, but tax deduction timing under section 43B allows deduction only when tax is actually paid; a State-law deeming provision treating deferred tax as paid will satisfy section 43B and cause the statutory liability to be treated as discharged for income-tax purposes.
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.
Sales tax deferral treated as discharged under section 43B when state law deems deferred payments as paid, preserving incentives.
Sales tax deferral schemes permit collection and retention of sales tax for a prescribed period, but tax deduction timing under section 43B allows deduction only when tax is actually paid; a State-law deeming provision treating deferred tax as paid will satisfy section 43B and cause the statutory liability to be treated as discharged for income-tax purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
