Interest on sticky advances – accrual of income - provision of ...

Interest on Non-Performing Assets Not Considered Accrued Income for Tax Purposes, Clarifies Tax Provision on Doubtful Debts.

November 20, 2013

Case Laws Income Tax AT

Interest on sticky advances – accrual of income - provision of interest on doubtful debts - the interest income relatable to NPA advances did not accrue to the assessee - AT

View Source

← Previous Next →

Interest on sticky advances – accrual of income - provision of ...

Interest on Non-Performing Assets Not Considered Accrued Income for Tax Purposes, Clarifies Tax Provision on Doubtful Debts.

November 20, 2013

Case Laws Income Tax AT

You may also like:

The ITAT ruled that interest accrued on Non-Performing Assets (NPAs) cannot be added to taxable income when not credited to the Profit and Loss account. The Tribunal...

Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Accrued interest on non-performing assets(NPA) - merely because for accounting purpose, the assessee was to follow RBI guidelines it would not mean that the assessee was...

Income recognition - interest income on 'non-performing assets' - AS 9 - For AY 2004-05 it is to be seen is whether the assessee has got non-performing asset in terms of...

Interest accrued on non performing assets - Applicability of sec 43D - It serves no purpose that the assessee, which is a non-scheduled bank, should include the...

Depreciation on lease assets given to Konkan Railway Corporation Ltd - the transaction in question is finance lease and not operating lease. - no depreciation on asset...

Taxability of interest on non-performing assets (NPA) u/s 43D - Interest received during the year - when it accrued, was exempt but interest income was embedded in the...

De-recognized interest on accrual basis on Non-Performing assets (NPA) - interest income from NPAs should be recognised only on actual receipt. - AT

The key points of the legal judgment by ITAT Delhi are as follows: The case involved the taxability of interest income on FDRs purchased by Uttarakhand Forest...

Duty of AO to Guide the Assessee - Considering the specific facts on record that the assessee is non resident the amount which the ld. AO has taxed is earned and sourced...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Levying interest u/s 234C - Advance tax - Non-deduction of TDS by the payer - The interest income received by the assessee from IOCL was liable for deduction of tax at...

Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

Quick Updates: