SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Levy of interest on delayed payment of profession tax - The High Court found that the Act and the Rules clearly indicated that the profession tax should be deducted and paid on a monthly basis. Even in the absence of a specific date men tioned before the 2011 amendment, the payment and filing of returns were to be done by the last day of the succeeding month. - The Court dismissed the petitioner's argument that there was no prescribed time limit for payment of tax and filing of returns. The Court upheld the revisional authority's order, confirming that there was a liability to pay interest for delayed payment of profession tax.
Levy of interest on delayed payment of profession tax - The High Court found that the Act and the Rules clearly indicated that the profession tax should be deducted and paid on a monthly basis. Even in the absence of a specific date men tioned before the 2011 amendment, the payment and filing of returns were to be done by the last day of the succeeding month. - The Court dismissed the petitioner's argument that there was no prescribed time limit for payment of tax and filing of returns. The Court upheld the revisional authority's order, confirming that there was a liability to pay interest for delayed payment of profession tax.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
