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 May 2012 Year 2012 This

Methodology of computation of the assessee's income from finance ...


Understanding Income Calculation from Finance Charges: EMI Bifurcation and Tax Implications in Accounting Systems.

May 5, 2012

Case Laws     Income Tax     HC

Methodology of computation of the assessee's income from finance charges. - System of accounting - accrual of income - bifurcation of the EMIs into principal and interest components - HC

View Source

 


 

You may also like:

  1. Difference in method of accounting adopted - EMI method to account the finance charges for the income tax purposes and SOD Method to arrive at balance sheet and profit...

  2. Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

  3. Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

  4. Categorization of income - Undisclosed income surrendered during survey - Charging of tax rate u/s. 115BBE - CIT(A) granted relief to the assessee by charging income at...

  5. Construction of residential complex - It appeared to Revenue that the appellant is also collecting one time Preferential Location Charges, Car Parking Charges, Club...

  6. Levy of Service Tax - Manpower Services - The total outflow of labour charges has been divided into two parts. One part pertains to the labour charges paid to...

  7. The High Court held that by virtue of the non-obstante clause in the Kerala General Sales Tax Act, 1963 (KGST Act), it creates a first charge on the property of the...

  8. 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...

  9. 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...

  10. Hire Purchase Finance charges - whether should be assessable to tax on sum of Digits basis as against Equated Monthly Instalments basis regularly followed by the...

  11. CESTAT partially allowed the appellant's appeal against service tax demands. The Tribunal remanded the technical inspection service tax calculation for recomputation,...

  12. Accrual of income - real income - since the basis, modality and the amount on which the capacity charges, deemed generation charges and capacity Index Incentives were to...

  13. Income Tax Act, 1961 as amended by Finance Act, 2016

  14. Finance Bill, 2014 - To Prescribe Basic Rates of Income Tax

  15. BUDGET PROPOSAL IN RELATION TO INCOME TAX VIDE FINANCE BILL 2012 - Article

 

Quick Updates:Latest Updates