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Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Service tax to be included as part of the trading receipts – ...

Income Tax

November 9, 2013

Service tax to be included as part of the trading receipts – Service tax receipt cannot be treated as a trading receipt. Hence, reimbursement of service tax cannot form part of total income of the assessee - AT

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  3. Even upon detection of on money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves - HC

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  7. Excise Duty Refund - Revenue receipt or capital receipt - the excise duty refund received is in the nature of capital receipt and is not exigible to the tax - HC

  8. Capital Receipt vs Revenue Receipt - Excise Duty refund is to be treated as ‘capital receipt’ in the hands of the assessee and not liable to be taxed - AT

  9. Taxability of Cash compensation received – capital receipt vs Revenue receipt - Capital receipt in principle is outside the scope of income chargeable to tax. .... - AT

  10. Consulting engineers also allowed to pay service tax on receipt basis, CBEC amends POT Rules, 2011

 

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