Income recognition - No doubt, the Income-tax Act takes into ...

Income Tax

November 23, 2019

Income recognition - No doubt, the Income-tax Act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt; but the substance of the matter is the income, if income does not result at all, there cannot be a tax.” - income accrues when there is a corresponding liability on the other party.

View Source

← Previous Next →

Income recognition - No doubt, the Income-tax Act takes into ...

Income Tax

November 23, 2019

You may also like:

Point of Taxation (Second Amendment) Rules, 2016 - Notification

Liability to tax - Exemption from tax - if iron and steel are subjected to a single point levy of tax at the first point of sale, then there is no question of a second...

Allowable revenue expenditure - Uphaar Cinema fire case - compensation liability - nature lo liability - There is no doubt that the compensation so granted by way of...

Release of the goods and the conveyance - r It appears that the supplier has paid tax twice; first in point of time on 19.11.2021 and second in point of time 18.12.2021...

Penalty - non-payment of service tax – Appellants paid the Service Tax promptly as soon as it was pointed out before issue of show cause notice and taking registration...

Capital gains - treating information contained in ITS as related to transaction of sale of immovable property - Assessee had pointed out how the two transactions...

Liability of interest - If an assessee fails to file correct returns and furnish required documents, the interest of the revenue cannot compromised. An assessee/dealer...

Dishonor of Cheque - acquittal of the accused - if the accused is able to raise a probable defence which creates doubts about the existence of a legally enforceable debt...

Liability of Interest - point of taxation - point of time when liability to pay service tax on re-insurance services provided under the pool agreement arises - there was...

As per Rule 3, the assessee is entitled to take the credit of Service Tax paid when they have initially not paid but paid after being pointed out by Audit team - AT

Quick Updates: