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 November 2017 Year 2017 This

Preparation of the balance sheet in accordance with the ...


Taxpayers Can Use Consistent Accounting Method for Tax Returns Despite Statutory Balance Sheet Requirements.

November 27, 2017

Case Laws     Income Tax     HC

Preparation of the balance sheet in accordance with the statutory provision would not disentitle the assessee in submitting income tax return on the real taxable income in accordance with a method of account adopted by the assessee consistently and regularly. - HC

View Source

 


 

You may also like:

  1. Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

  2. 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...

  3. FORM GSTR-9A - Annual Return (For Composition Taxpayer) - Goods and Services Tax

  4. Section 16(4) of the CGST Act imposes a time limit for claiming input tax credit (ITC), restricting it to the due date of filing the return for September following the...

  5. Addition on account of lump-sum lease charges received - lease transaction does not give an absolute ownership or title as it can be cancelled and re-entered - assessee...

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

  7. The CBDT issued Notification No. 30/2025 amending Income-tax Rules, 1962, introducing new Rule 12AE governing income tax returns for persons subject to search or...

  8. The assessee was entitled to follow the 'project completion method' consistently for recognizing revenue, as it had not achieved the minimum threshold for applying the...

  9. The taxpayer filed an original return which was processed by the CPC. Subsequently, a revised return was filed u/s 139(5) with a self-assessment tax of Rs. 10,820/-....

  10. ITAT affirmed CIT(A)'s directive to grant TDS credit per Form 26AS despite taxpayer's initial failure to claim full credit in tax return due to software technical issues....

  11. The assessee failed to claim the Minimum Alternate Tax (MAT) credit in the original income tax return and did not file a revised return. The Assessing Officer (AO) did...

  12. Method of accounting for the purpose of service tax - there is no statutory provision under Finance Act 1994 to follow a specific method of accounting like Income-tax...

  13. Validity of manual revised returns filed - scheme of demerger approved - scheme of arrangement approved by NCLT required Petitioner and Hind Lamps to file revised...

  14. Time limit for furnishing the return in FORM GSTR-3B for the newly migrated taxpayers extended.

  15. Extension of last date for filing GST returns by taxpayers in Kerala, Mahe and Kodagu extended

 

Quick Updates:Latest Updates