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Income Tax - Highlights / Catch Notes

Home Highlights May 2015 Year 2015 This

Restriction on deduction on Interest u/s 43B - Funding of the ...

Income Tax

May 20, 2015

Restriction on deduction on Interest u/s 43B - Funding of the interest amount by way of a term loan - whether amounts to actual payment as contemplated by Section 43B? - Held No - HC

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  1. Disallowance of interest payment converted into FITL (Funded Interest Term Loans) - the impugned ‘funded interest term loan’ is not a loan transaction but assessee’s...

  2. Allowability of employer's contribution to funds for the welfare of employees in terms of section 43B(b) of the Income Tax Act - Circular

  3. Scope of the term Due Date - Payments made to the Provident Fund Authority on account of employees’ contribution disallowed - AO was required to take note of Section 43B(b) - HC

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