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 September 2015 Year 2015 This

Accrual of income - it was received only as advance for ...

Income Tax

September 10, 2015

Accrual of income - it was received only as advance for performing projects in future. Advances received cannot be assessed in the year of receipt but has to be assessed in the year of performing contract - AT

View Source

 


 

You may also like:

  1. Accrual of income - taxability of advances received - Merely because an amount has been entered into in assessee’s book, is not conclusive proof that income has accrued - AT

  2. Interest on sticky advances – accrual of income - provision of interest on doubtful debts - the interest income relatable to NPA advances did not accrue to the assessee - AT

  3. Eligibility of relief u/s 89 r.w. Rule 21A of I.T. Rules - Amount to be spread over the years including future years - compensation received by the assessee as only...

  4. Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

  5. Accrual of income - Income from advance license benefit - income does not accrue in the year of export but in the year in which the imports are made - HC

  6. Accrual of incentives - Addition u/s 28(iii)(c) of the Act – Hypothetical income of the incentive on Advance License – Assessee has discontinued its manufacturing...

  7. Ad-hoc cargo and Deposit Account - levy of service tax on receipt of advance - service tax already deposited on accrual basis - stay granted. - AT

  8. Accrual of income - treating of advances received by the assessee from flat buyers as income of the assessee for AY 2006-07 - selection of Project Completion Method or...

  9. Valuation - inclusion of notional interest on advances received - they did not extend this cash discount to those dealers who are not making advance payment - additions...

  10. Accrual of interest - receivable or not actually received - unless and until an assessee shows that a loan or advance had become a non-performing asset, there can be no...

 

Quick Updates:Latest Updates