Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Allowability of working partner remuneration and tax treatment of commission on cash basis are examined. The article explains that where a partnership deed expressly adopts the statutory definition of book profit and authorises remuneration, an inadvertent numeric discrepancy in the deed does not negate authorisation; remuneration quantification is for the firm and payments within statutory computation limits are allowable, especially where the partner declared the amount separately. Separately, a consistent accounting policy of recognising commission on a cash basis, supported by disclosures and documentary evidence that amounts shown in Form 26AS were not received until a later year, justifies deferring taxation and claiming TDS credit when received.
Allowability of working partner remuneration and tax treatment of commission on cash basis are examined. The article explains that where a partnership deed expressly adopts the statutory definition of book profit and authorises remuneration, an inadvertent numeric discrepancy in the deed does not negate authorisation; remuneration quantification is for the firm and payments within statutory computation limits are allowable, especially where the partner declared the amount separately. Separately, a consistent accounting policy of recognising commission on a cash basis, supported by disclosures and documentary evidence that amounts shown in Form 26AS were not received until a later year, justifies deferring taxation and claiming TDS credit when received.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
