Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Interest liability on delayed payment GST - The court held that the credit to the Government's account occurs not later than the last date for filing monthly returns as per Section 39(7) of the GST Act. Once payment is made through GST PMT-06, it is initially credited to the Government's account, discharging the tax liability to the extent of the deposit made. For accounting purposes, it is then deemed to be credited to the Electronic Cash Ledger (ECL). The court clarified that as long as the GST collected is credited to the Government's account by the filing deadline, the tax liability is considered discharged from the date of credit to the Government's account. If there is a default in payment post the due date, interest is payable under Section 50(1) of the Act for the delayed period. - HC
Interest liability on delayed payment GST - The court held that the credit to the Government's account occurs not later than the last date for filing monthly returns as per Section 39(7) of the GST Act. Once payment is made through GST PMT-06, it is initially credited to the Government's account, discharging the tax liability to the extent of the deposit made. For accounting purposes, it is then deemed to be credited to the Electronic Cash Ledger (ECL). The court clarified that as long as the GST collected is credited to the Government's account by the filing deadline, the tax liability is considered discharged from the date of credit to the Government's account. If there is a default in payment post the due date, interest is payable under Section 50(1) of the Act for the delayed period. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
