Home Highlights November 2013 Year 2013 This

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1. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

2. Taxability of amount on which TDS credit has been claimed - Merely because TDS has been deducted, advances cannot be treated as income - as the assessee has claimed TDS...

3. Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - prior to the financial year 2012-13, the amount of...

4. Assessment of income - receipt basis or accrual basis - income received in advance in the nature of interest income on discounting of bills against letter of credit - if...

5. Accrual of income - Money received under Marketing Assistance Programme [“MAP”] - It is also surprising that the AO chose to treat only the difference between the...

6. Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

7. Credit for TDS - Whether the Tax Deducted at Source (TDS) on mobilization advance, which is a capital receipt, should be credited in the year of deduction - Mobilization...

8. TDS u/s 194IA - payment for land advance - non-deduction of TDS in violation of Section 40(a)(ia) - the provisions of Section 40(a)(ia) are applicable only to the...

9. Accrual of income - taxability of advances received - Merely because an amount has been entered into in assessee’s book, is not conclusive proof that income has accrued - AT

10. Mall upkeep and promotional fees received by the assessee - amount of maintenance charges received were business receipts assessable under the head 'business income'.... - HC

11. Income from discontinued business - income of interest received on advances - in view of the provision of Sec. 176(3A) it is clear that the interest income on advances...

12. Accrual of income – claim of credit for the tax deducted (TDS) does not make the assessee “bound” to pay tax on the receipts, unless such receipts constitute income in...

13. Levy of service tax - negative debtors - advance payment received from their clients (and accounted under the head ‘debtors’ indicating negative) - The tribunal held...

14. Credit of TDS can be given only in the hands where income therefrom is subjected to tax. If accrual of income in respect of the receipts received dejure by joint venture...

15. Disallowance of advance billing - accrual of income on progressive billing - The amount due to the customers as shown by the assessee thus was nothing but receipt of...