Home Highlights February 2014 Year 2014 This

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1. TDS on dividend declared to subscribers - Chit fund dividend to the subscribers does not partake the character of interest defined u/s 2(28A) and accordingly, the...

2. Disallowance of Exemption u/s 11 - Charitable purpose 2(15) - Subscription paid by a subscriber of a chit to a chit company acting as the foreman of the chit cannot be...

3. The payment of dividend to the subscribers of a chit towards dividend does not partake the character of interest and accordingly, the assessee is not liable to deduct...

4. Non deduction of TDS on distributed chit dividends to subscribers - the assessee is not liable to deduct TDS under Sec. 194A - AT

5. Deemed dividend u/s 2(22)(e) - payments made by the company towards advances to the assessee fulfils all the characteristics of 'dividend' as envisaged in S. 2(22)(e) - AT

6. Chit Fund - Income from chit dividend – dividend income received over and above what had been subscribed by the assessee liable to be assessed as income of the assessee - HC

7. Recovery of premium dues, interest, default interest, penal interest, interest overdue etc. - priority of charges - The tribunal analyzes the relevant clauses of the...

8. Enhancements in TDS module and Processing of 4th quarter of Salary TDS returns - instruction no. 28

9. Addition u/s 2(22)(e) - deemed dividend of income - the security premium reserve cannot be regarded as part of accumulated profits u/s 2(22)(e) and when such security...

10. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

11. Chit fund as not a money lending business - Tribunal treating moneys not paid by the prize chit winners as bad debts ? - relationship of creditor and debtor between the...

12. Interest paid on late payment of TDS - allowable deduction u/s 37(1) or not? - Interest on delayed payment of TDS cannot be allowed as deduction. - The interest...

13. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

14. Deduction u/s 80P - CIT(A) has allocated the whole of the interest expenditure over the interest on FDRs and to the extent of interest attributable to FDRs placed with...

15. Disallowance of interest paid to banks & others - When interest free funds and interest bearing funds are mixed together, they loose their respective identity and hence...