Immediate and deferred rebates.

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..... ese companies should be allowed as deductions from their gross earnings before applying the percentage of 7-1/2% specified in sec.44B of the Act. 2. The question of allowing both immediate and deferred rebates has been examined by the Board in consultation with the Ministry of Law. Immediate rebate is allowed on the basic freight at the time of collecting the freight from the shippers. It is onl .....

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..... r the competitors of the lines in respect of the cargo. Thus the payment on account of deferred rebate could more appropriately be characterised as an expenditure incurred by the shipping companies for purposes of their business. Accordingly no deduction for the deferred rebate should be allowed. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - t .....

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