Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Interest on delayed statutory payments is treated according to the nature of the underlying liability. Interest on delayed sales tax, VAT, entry tax, service tax and employer's provident fund contributions is compensatory and allowable as business expenditure, while interest on delayed TDS and employees' provident fund contributions is not deductible because those payments do not constitute the assessee's business expenditure. Verification is required to prevent double disallowance where interest has already been included in another disallowed amount. For exempt-income disallowance, expenditure may be disallowed only in relation to investments yielding exempt income; if no exempt income was earned, the additional disallowance does not survive, subject to verification.
Interest on delayed statutory payments is treated according to the nature of the underlying liability. Interest on delayed sales tax, VAT, entry tax, service tax and employer's provident fund contributions is compensatory and allowable as business expenditure, while interest on delayed TDS and employees' provident fund contributions is not deductible because those payments do not constitute the assessee's business expenditure. Verification is required to prevent double disallowance where interest has already been included in another disallowed amount. For exempt-income disallowance, expenditure may be disallowed only in relation to investments yielding exempt income; if no exempt income was earned, the additional disallowance does not survive, subject to verification.
Note: It is a system-generated summary and is for quick reference only.
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