Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
Form No. 26A compliance may prevent disallowance of interest expenditure for non-deduction of tax where payees have reported the income, paid tax and supplied complete accountant's certificates; portal-related delay not attributable to the payer does not invalidate that compliance. The notes also state that interest-free business advances do not generate taxable notional interest without a contractual right, actual accrual or receipt, or statutory basis. An ICDS amount entered in the wrong return column should be corrected rather than added twice. A substantiated creditor balance cannot be treated as unexplained solely because the supplier does not answer a notice, and section 68 does not cover an opening balance. Remaining business loss requires verification for lawful carry-forward.
Form No. 26A compliance may prevent disallowance of interest expenditure for non-deduction of tax where payees have reported the income, paid tax and supplied complete accountant's certificates; portal-related delay not attributable to the payer does not invalidate that compliance. The notes also state that interest-free business advances do not generate taxable notional interest without a contractual right, actual accrual or receipt, or statutory basis. An ICDS amount entered in the wrong return column should be corrected rather than added twice. A substantiated creditor balance cannot be treated as unexplained solely because the supplier does not answer a notice, and section 68 does not cover an opening balance. Remaining business loss requires verification for lawful carry-forward.
Note: It is a system-generated summary and is for quick reference only.
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