Amount paid as discounting charges is not an interest since it ...

Income Tax

July 15, 2011

Amount paid as discounting charges is not an interest since it is not in respect of any debt incurred or money borrowed – TDS is not required to be deducted.

View Source

← Previous Next →

Amount paid as discounting charges is not an interest since it ...

Income Tax

July 15, 2011

You may also like:

Allowability of development expenses incurred in respect of land sold - assessee failed to prove that the said charges was paid for removal of encroachments have been...

Deduction of Interest paid in respect of capital borrowed for the projects - no distinction can be made between the money borrowed for acquiring capital asset or revenue asset - HC

Disallowance of finance charges payable - Interest is paid whenever money is borrowed or some debt is incurred. Both elements are missing in these transactions. - AT

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

Share application money cannot be equated with share capital and interest paid on share application money pending its allotment is allowable as revenue expenditure

On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

Initiation of CIRP - the share application money does not fall under any of the clauses of Section 5(8) of the Code and it cannot be said to fall under the definition "a...

Valuation of money market and debt securities

Bad debts in respect of chit groups - Bad debts can be allowed to the extent of instalments defaulted by the prized subscribers and written off as bad debt - AT

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...

Quick Updates: