TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Deductibility of Extra Tax Liabilities from Settlement Proceedings Clarified u/s 271(4A) of Income Tax Act.</h1> The circular clarifies the deductibility of additional income-tax liabilities arising from settlement proceedings under Section 271(4A) of the Income Tax Act. It states that while tax liabilities for income voluntarily disclosed under Section 68 of the Finance Act, 1968, should not be deducted as a 'debt' when calculating net wealth, the additional income-tax liabilities from settlement proceedings can be deducted as a debt owed on the relevant valuation date. This is based on Supreme Court principles from specific cases. The Board instructs Wealth-Tax Officers to apply this clarification in their assessments.
TaxTMI 
TaxTMI 
