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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

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  1. Non-refundable portion of Advance Fee received for coaching - Income/ Revenue Recognition - only that part of the receipt is taxable in this year which accrued to the...

  2. 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

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

  4. 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...

  5. 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

  6. Mercantile system, Advance receipt of Fees, Service to be rendered in next year, Tax cannot be levied in the year of receipt, get support from AS 9 of ICAI, HC

  7. 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

  8. Income recognition - advances received from customers - the customers advances carried over year after year and it is the consolidated list of advances as on balance...

  9. De-recognized interest on accrual basis on Non-Performing assets (NPA) - interest income from NPAs should be recognised only on actual receipt. - AT

  10. Adjudication of Advance Bill of Entry - Commissioner can assessed the Advance Bill of Entry as prayed by the assesse in accordance with law - AT

 

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