Home Highlights July 2016 Year 2016 This

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1. Proceedings u/s 201(1) - not deducting TDS on the year-end provision - Therefore there is a sufficient and reasonable cause for not deducting TDS on the year-end...

2. TDS u/s 40 (a)(ia) - TDS on interest to outgoing partner of the partnership firm - As per provisions of section 40(a)(ia) even if assessee debited expenditure, but same...

3. Tax deducted at source (TDS) credit was denied in the intimation u/s 143(1) to the assessee. The Commissioner of Income Tax (Appeals) upheld the Centralized Processing...

4. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

5. Allowance of Tax Deducted at Source (TDS) claimed by a "Kaccha Aaratiya" (commission agent) engaged in selling agricultural produce on behalf of farmers. The key points...

6. Credit of TDS - Deductor deducted the TDS in the subsequent year - Income was shown in the ITR for the earlier year - since the assessee has shown income, the assessee...

7. Rejection of Books of accounts - Method of accounting - Percentage completion method or project completion method - recognition/identification of income under the 1961...

8. Constitutionality and legality of Income Computation and Disclosure Standards (ICDS) II and Notification 87/2016, which mandate the use of the First In First Out (FIFO)...

9. Credit of TDS can be granted only when income corresponding to such TDS is assessed to tax in the same financial year. Assessee has the liberty to approach the Assessing...

10. The Appellate Tribunal addressed two issues regarding TDS credit. Firstly, the Tribunal emphasized that income and TDS must align in any assessment year when income is...

11. Credit for TDS - Income offered to tax on receipt basis - the assessee is eligible to claim credit for TDS in assessment year 2016-17, when such professional income has...

12. Accrual of income - Accounting as prescribed by accounting standard AS-7 - Completed Contract Method - for the subsequent years, it has changed from Project Completion...

13. TDS credit - there was no reflection of TDS amount in Form No. 26AS - It is, ergo, abundantly clear from the mandate of Rule 37BA (3) (i) that the benefit of TDS is to...

14. Credit for TDS - Whether the Tax Deducted at Source (TDS) on mobilization advance, which is a capital receipt, should be credited in the year of deduction - Mobilization...

15. Claim of deduction - lease equalization charge - After referring to the Guidance Note on Accounting for Leases, revised in the year 1995, Supreme Court held that method...