CLARIFICATION REGARDING APPLICABILITY OF PROVISIONS OF SECTION 40(a)(ia) WITH REGARD TO AMOUNT NOT DEDUCTIBLE IN COMPUTING INCOME CHARGEABLE UNDER HEAD 'PROFITS AND GAINS OF BUSINESS OR PROFESSION' ON CONFLICTING INTERPRETATIONS BY JUDICIAL AUTHORITIES

CLARIFICATION REGARDING APPLICABILITY OF PROVISIONS OF SECTION 40(a)(ia) WITH REGARD TO AMOUNT NOT DEDUCTIBLE IN COMPUTING INCOME CHARGEABLE UNDER HEAD 'PROFITS AND GAINS OF BUSINESS OR PROFESSION' ON CONFLICTING INTERPRETATIONS BY JUDICIAL AUTHORITIES https://www.taxtmi.com/circulars?id=52596 The Board clarifies that under Section 40(a)(ia) the term "payable" includes amounts payable at any time during the previous year and expressly includes amounts actually paid during the previous year without deduction of tax at source, thus attracting disallowance; where a High Court decision contradicts this departmental view, the CCIT must notify the CTC for priority examination to determine whether to pursue further proceedings or seek legislative amendment. en-us Mon, 16 Dec 2013 00:00:00 +0530 Wed, 18 Dec 2013 17:22:00 +0530 TaxTMI RSS Generator CLARIFICATION REGARDING APPLICABILITY OF PROVISIONS OF SECTION 40(a)(ia) WITH REGARD TO AMOUNT NOT DEDUCTIBLE IN COMPUTING INCOME CHARGEABLE UNDER HEAD 'PROFITS AND GAINS OF BUSINESS OR PROFESSION' ON CONFLICTING INTERPRETATIONS BY JUDICIAL AUTHORITIES https://www.taxtmi.com/circulars?id=52596 The Board clarifies that under Section 40(a)(ia) the term "payable" includes amounts payable at any time during the previous year and expressly includes amounts actually paid during the previous year without deduction of tax at source, thus attracting disallowance; where a High Court decision contradicts this departmental view, the CCIT must notify the CTC for priority examination to determine whether to pursue further proceedings or seek legislative amendment. Circulars Income Tax Mon, 16 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52596