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 October 2017 Year 2017 This

Taxability of retention money - the assessee should be allowed ...

Income Tax

October 13, 2017

Taxability of retention money - the assessee should be allowed deduction in the year of retention or in that year in which it comes to know about the said deductions nevertheless it is pertinent to say that retention has to be taxed as and when received by the assessee.

View Source

 


 

You may also like:

  1. Amount received after deducting retention money and revenue was recognized accordingly - TDS was deducted including retention money - Addition on the basis of TDS...

  2. Taxability of retention money - taxable in the year of receipt or on accrual basis - the retention money has to be brought to tax in the year in which the same has...

  3. Travel expenses claimed as a deduction from the technical know-how fees - claim prohibited by Section 115A(3) - specifically prohibited expenses cannot be allowed.

  4. Foreign exchange gain taxability - restatement of foreign currency loan - AO directed to grant deduction of notional exchange loss in the subsequent assessment years - AT

  5. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

  6. Assessee has withdrawn its claim of deduction under Section 80IB, which was accompanied by revised return – assessee again claimed deduction - deduction allowed - AT

  7. Deemed Income / accrual of income - income on account of retention money - the right to receive the retention money is accrued only after the obligations under the...

  8. Accrued income - whether a sum which represented retention money for fulfillment of the contract by the assessee should be treated as accrued income – Held No - HC

  9. Deduction u/s 80RR - playback singer - remuneration in foreign currency - deduction allowed where certificate in the name of assessee - deduction disallowed where...

  10. Deduction u/s 43B – CIT (A) correctly allowed the payment on account of cane cess and bonus paid during the year by the assessee out of pre-existing liabilities - AT

 

Quick Updates:Latest Updates