Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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.
TaxTMI 
of 4782
Join Channel
TaxTMI 
