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Income Tax - Highlights / Catch Notes

Home Highlights December 2018 Year 2018 This

ITAT observed that, we are unable to accept the observations of ...

Income Tax

December 6, 2018

ITAT observed that, we are unable to accept the observations of the lower authorities, that the provisions of Sec. 43B would not be applicable as regards the employees contribution to provident fund, and the same would continue to be governed by Sec. 36(1)(va) r.w.s. 2(24)(x) of the Act.

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  1. Provisions of Sec. 194C and Sec. 194J were not applicable to the assessee as regards payment of liaisoning charges. - AT

  2. Disallowance u/s 43B – the assessee has retained the money from the suppliers on the pretext that it will make the payment to the Government - provision of section 43B...

  3. Payment of Market Fees - The argument that 'market fee' is also a tax and only nomenclature has been changed is also not liable to be accepted - Section 43B not applicable - HC

  4. Scope of the term Due Date - Payments made to the Provident Fund Authority on account of employees’ contribution disallowed - AO was required to take note of Section 43B(b) - HC

  5. MAT applicability - Provisions of sec.115JB are not applicable to the banking company - AT

  6. Book adjustments u/s 115JB - Insurance company - Minimum alternate tax (MAT) - these companies cannot be treated differently for the purpose of sec. 115JB - provisions...

  7. Provision for sick leave liability - based on the basis of notional figures - such notional liability cannot be allowed as deduction - section 43B(f) is not applicable.

  8. Allowance of expenses on actual payment – provisions of section 43B are applicable on non-payment of interest on the delayed payment of due service tax - AT

  9. Payment of interest to a cooperative bank which is not a scheduled bank - provisions of section 43B are not applicable - HC

  10. Stay petition before appellate authority - CBDT circular regarding stay of demand does not seem to bind the appellate authority, though it binds at the lower echelons.

 

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