Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights December 2014 Year 2014 This

Expenses incurred for earning interest income on estimation ...

Income Tax

December 4, 2014

Expenses incurred for earning interest income on estimation basis - AO is directed to allow 1% of expenses on account of interest income and on service charges income - AT

View Source

 


 

You may also like:

  1. Interest earned on income-tax refund - AO directed to levy the tax on the interest of income-tax refund at 15% on gross basis.

  2. Interest expenses claim against the interest income received - It is the nature of the business and all the expenditure incurred in earning the income is allowable...

  3. Estimation of expenditure incurred in earning the exempt income -as the assesee’s explanation is not satisfactory, therefore, provisions contained in 14A are applicable...

  4. Income from other sources - Deduction of interest expenditure - direction of the CIT – A in restricting the deduction to the extent of income earned of term deposit -...

  5. Addition on account of gift and presents and general expenses - All the expenses as claimed are fully verifiable and supported by third party vouchers - AO cannot make...

  6. Disallowance of claim of interest expenses u/s. 57(iii) - The Assessing Officer (AO) had disallowed a portion of the interest expenses based on the difference between...

  7. Expenses, which were not incurred wholly and exclusively for the purposes of earning the income from other sources, cannot be allowed deduction u/s 57.

  8. Claim of deduction on business expenses incurred for earning remuneration from the firm - assessee a qualified Chartered Accountant was a partner in two firms -...

  9. Tribunal took the consistent view of disallowing 1% of the dividend income as expenses incurred for earning such dividend.

  10. Disallowance of travelling expenses - AO while disallowing the expenses has noted that the expenses were incurred on account of trip by cruise ship by director and his...

 

Quick Updates:Latest Updates