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Income Tax - Highlights / Catch Notes

Home Highlights July 2013 Year 2013 This

Accrued income - whether a sum which represented retention money ...

Income Tax

July 17, 2013

Accrued income - whether a sum which represented retention money for fulfillment of the contract by the assessee should be treated as accrued income – Held No - HC

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  1. Amount received after deducting retention money and revenue was recognized accordingly - TDS was deducted including retention money - Addition on the basis of TDS...

  2. Deemed Income / accrual of income - income on account of retention money - the right to receive the retention money is accrued only after the obligations under the...

  3. Taxation of retention money not accrued during the year - Accrual of income - as per AO addition has been rightly made during the course of assessment as well as in...

  4. Assessment of accrued interest on investment – when the amount of unsecured load is converting into share application money and shares have been allotted, no interest...

  5. Taxability pertaining to retention money - Whether income did accrue or not would depend on the fact whether the right to receive said amount had accrued or not - Merely...

  6. Interest on refund of TDS - The Government, there being no express statutory provision for payment of interest on the refund of excess amount/tax collected by the...

  7. Accrual of income - retention money - When the assessee had no right to receive the money by virtue of the contract between the parties and the assessee also had no...

  8. Telephone services - retention of part of deposit made - the retention of the portion of deposit towards capital expenditure incurred and not for provision of telephone...

  9. Taxability of retention money - the assessee should be allowed deduction in the year of retention or in that year in which it comes to know about the said deductions...

  10. Accrual of income towards retention money - the assessee had no right to claim any part of the retention money till the verification of satisfactory execution of the...

 

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