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Income Tax - Highlights / Catch Notes

Home Highlights June 2017 Year 2017 This

Bank guarantee commission paid by the assessee is not in the ...

Income Tax

June 2, 2017

Bank guarantee commission paid by the assessee is not in the nature of interest expenditure warranting disallowance u/s 14A r.w.r 8D(2)(ii). - AT

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  1. Revenue or Capital expenditure - Bank guarantee for commission paid for securing timely repayment of the deferred credit facilities for buying machinery for its running...

  2. Assessment of the bank interest - Interest on fixed deposits in providing bank Guarantee under EPCG scheme is in the nature of capital receipt and to be set off against...

  3. Interest on FDR kept for bank guarantee to secure contract to be set off from Project expenses as capital in nature, not taxable as income from other sources

  4. Addition of expenses as penal in nature - forfeiture of the Bank Guarantee - it was related to the business activities of the assessee and was revenue in nature,...

  5. Nature of interest income - Appropriate taxable head of income - Because except its subsidiary, the assessee has not given Bank Guarantee to anybody else, which can...

  6. TDS u/s 194H - assessee is not required to deduct tax at source under section 194H of the Act in respect of bank guarantee commission/charges paid to banks.- AT

  7. TDS u/ s 195 - Assessee Company was not liable to deduct the tax at source on the bank guarantee commission paid to a foreign bank - AT

  8. Deduction u/s 37 - Guarantee commission paid to State Government – allowed as revenue expenditure - HC

  9. TDS u/s 194H - bank guarantee commission - whether the bank guarantee commission is not in the nature of commission paid to an agent but it is in the nature of bank...

  10. Interest of bank guarantee encashed earlier - the appellant will be entitled to interest @ 12% p.m., after three months from the date of receipt of the application - HC

 

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