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 September 2021 Year 2021 This

Deduction of Provision made towards long service benefit ...

Income Tax

September 1, 2021

Deduction of Provision made towards long service benefit liability - Crystalization and Accrual of expenses - scientific basis for creating a provision - when the employee leaves the assessee-company prior to completion of ten years, how the provision is reduced on year to year basis, is also not explained. Before us, no explanation was offered - Matter remanded back - AT

View Source

 


 

You may also like:

  1. Provision for post-retirement medical benefits to employees – post-retirement medical benefit is also a liability which gets attached to the company the moment, the...

  2. Accrual of income or loss - Provision for FCNR fluctuation loss - The liability has neither been ascertained nor crystallised as on the Balance Sheet date - deduction...

  3. Disallowance of provision towards rental expenses - This is purely on the basis of the estimate and was rightly treated as contingent in nature and not allowed as a...

  4. Export of Services Rules, 2005 – CBEC Clarifies the scope of the term “used outside India” and “accrual of benefit” for claiming benefit of export of services

  5. Weighted deduction for expenses incurred towards clinical trial expenses - Explanation to section 35(2AB) - The section allows the expenditure incurred towards clinical...

  6. Provision for leave salary encashment and gratuity was made by the assessee on the basis of actuarial valuation done by actuary and these are considered as ascertained...

  7. TDS u/s 195 - Taxability as royalty or FTS - the payment in question made was towards reimbursement or expenses and not reimbursement of service - HC

  8. Provision for future liabilities (expenses) - whether allowable - mercantile basis of accounting - held yes - HC

  9. Valuation of service tax - Commercial Coaching and Training Service - whether the deductions claimed by the Appellant firm towards reimbursement of expenses on account...

  10. Disallowance of prior period expenses - Addition towards ESI payment - provisions of Section 43B of the Act which provides that certain expenditure / payments which are...

 

Quick Updates:Latest Updates