Home Highlights February 2014 Year 2014 This

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1. TDS on dividend declared to subscribers - Chit fund dividend to the subscribers does not partake the character of interest defined u/s 2(28A) and accordingly, the...

2. Disallowance of Exemption u/s 11 - Charitable purpose 2(15) - Subscription paid by a subscriber of a chit to a chit company acting as the foreman of the chit cannot be...

3. The payment of dividend to the subscribers of a chit towards dividend does not partake the character of interest and accordingly, the assessee is not liable to deduct...

4. Non deduction of TDS on distributed chit dividends to subscribers - the assessee is not liable to deduct TDS under Sec. 194A - AT

5. Deemed dividend u/s 2(22)(e) - payments made by the company towards advances to the assessee fulfils all the characteristics of 'dividend' as envisaged in S. 2(22)(e) - AT

6. Liability to pay customs duty when confiscated goods are redeemed after payment of fine u/s 125 of the Customs Act, 1962 includes liability to pay interest on delayed...

7. Chit Fund - Income from chit dividend – dividend income received over and above what had been subscribed by the assessee liable to be assessed as income of the assessee - HC

8. Recovery of premium dues, interest, default interest, penal interest, interest overdue etc. - priority of charges - The tribunal analyzes the relevant clauses of the...

9. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

10. Interest granted u/s 28 of the Land Acquisition Act on enhanced compensation or compensation awarded by the reference court u/s 18, from the date of land possession till...

11. Enhancements in TDS module and Processing of 4th quarter of Salary TDS returns - instruction no. 28

12. Addition u/s 2(22)(e) - deemed dividend of income - the security premium reserve cannot be regarded as part of accumulated profits u/s 2(22)(e) and when such security...

13. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

14. Chit fund as not a money lending business - Tribunal treating moneys not paid by the prize chit winners as bad debts ? - relationship of creditor and debtor between the...

15. Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...