Taxability of amount on which TDS credit has been claimed - ...

Claiming TDS Credit on Advances: TDS Amount Considered Income for the Year Claimed, Not Automatically Classified as Income.

June 14, 2018

Case Laws Income Tax AT

Taxability of amount on which TDS credit has been claimed - Merely because TDS has been deducted, advances cannot be treated as income - as the assessee has claimed TDS on the advance, hence the TDS amount is deemed to be the income received during the year.

View Source

← Previous Next →

Taxability of amount on which TDS credit has been claimed - ...

Claiming TDS Credit on Advances: TDS Amount Considered Income for the Year Claimed, Not Automatically Classified as Income.

June 14, 2018

Case Laws Income Tax AT

You may also like:

Credit of TDS can be granted only when income corresponding to such TDS is assessed to tax in the same financial year. Assessee has the liberty to approach the Assessing...

Claiming TDS credit whereas interest income was not recognized following cash basis of accounting - TDS amount deserves to be treated as income - but tds credit cannot...

Short grant of TDS credit - CPC has denied the TDS credit on the ground that amount is not reflected in 26AS - when there such pressing circumstances and Revenue is...

The Appellate Tribunal addressed two issues regarding TDS credit. Firstly, the Tribunal emphasized that income and TDS must align in any assessment year when income is...

Allowance of Tax Deducted at Source (TDS) claimed by a "Kaccha Aaratiya" (commission agent) engaged in selling agricultural produce on behalf of farmers. The key points...

Credit of TDS - Deductor deducted the TDS in the subsequent year - Income was shown in the ITR for the earlier year - since the assessee has shown income, the assessee...

Tax deducted at source (TDS) credit was denied in the intimation u/s 143(1) to the assessee. The Commissioner of Income Tax (Appeals) upheld the Centralized Processing...

TDS on interest arising from Motor Accidents Claim - Validity of the order of the Motor Accidents Claims Tribunal issuing directions to refund by the Insurance Company...

Revenue recognition - Additions based on TDS statement 26AS - Assessee claimed a part of the amount as received in Advance while claiming the entire TDS credit in the...

Credit for TDS - Whether the Tax Deducted at Source (TDS) on mobilization advance, which is a capital receipt, should be credited in the year of deduction - Mobilization...

Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

HC upheld denial of TDS credit to appellant who filed NIL return while claiming TDS benefits. The income corresponding to claimed TDS was reported by ISPL, not the...

Credit of TDS denied - amount is reflecting in 26AS - AO without considering it passed order u/s 154 and not given credit of TDS as claimed though the said amount is...

Credit for withheld tax - Foreign Tax Credit - Both the parties below have recorded concurrent finding that the assessee company has not made any claim for credit...

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...

Quick Updates: