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Income Tax - Highlights / Catch Notes

Home Highlights January 2013 Year 2013 This

Amount received after deducting retention money and revenue was ...

Income Tax

January 31, 2013

Amount received after deducting retention money and revenue was recognized accordingly - TDS was deducted including retention money - Addition on the basis of TDS certificate is incorrect - AT

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  1. 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...

  2. Levy of service tax - forfeiture of earnest money and retention of compensation / liquidation damage for not delivery of purchased goods by the other party - declared...

  3. Accrual of income towards retention money - the assessee had no right to claim any part of the retention money till the verification of satisfactory execution of the...

  4. 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

  5. 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...

  6. 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...

  7. Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

  8. Taxation of retention money not accrued during the year - Accrual of income - as per AO addition has been rightly made during the course of assessment as well as in...

  9. Amount paid as discounting charges is not an interest since it is not in respect of any debt incurred or money borrowed – TDS is not required to be deducted.

  10. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

 

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