Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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.
TaxTMI 
of 4782
Join Channel
TaxTMI 
