TDS Liability payment made by the LIC to its development ...

Case Laws Income Tax

August 26, 2021

TDS Liability payment made by the LIC to its development officers? - Exempted Allowances u/s 10(14) - It appears that LIC devised a proforma for the development officer to fill up certifying the expenditure incurred by them for development of insurance business. A portion of the allowance thus granted was then treated as exempt under Section 10 (14) of the act. Way back on March 12th, 1997 the CBDT informed the Chairman LIC that such procedure was not in accordance with Section 10 (14) of the Act read with Rule 2 BB (i) of the IT Rules and that “unless an allowance is notified u/s 10 (14) (i) of the Act no portion of it can qualify for tax exemption.” - Liability confirmed - HC

View Source

← Previous Next →

TDS Liability payment made by the LIC to its development ...

Case Laws Income Tax

August 26, 2021

You may also like:

TDS u/s 192 - salary - conveyance allowance and additional conveyance allowance received by the DO of LIC was permissible deduction under Section 10(14)

TDS on Perquisites - Payment of conveyance allowance to Development Officers of LIC of India are salaried persons - LIC is not competent to determine the allowances...

Disallowance of traveling allowance as exempt u/s 10 (17) - also exemption u/s 10 (14) (i) being unspent amount of traveling allowance - AT

Penalty u/s 234E - delay in filling of TDS return - Contention of the AR that since the TDS statement pertains to the period i.e for the financial year 2013-14(1st...

CENVAT Credit - common input services for taxable as well as exempt goods - The demand of the duty amount calculated @ 5% or 10% of the exempted value cannot be made...

No TDS required to be deducted from the payment made to any corporation whose income is exempt under section 10(26BBB) since their income is anyway exempt - Circular

A member of Legislative Assembly (MLA) is eligible for claiming exemption 10(14) r.w.r 2BB against the transport allowance - However, postal allowance is not covered by...

CENVAT Credit - manufacture of dutiable as well as exempted products - The SCNs in these appeals were issued proposing to recover under Rule 14 of CCR an amount to...

Special allowance or benefit, not being in the nature of a perquisite - Exemption u/s 10(14) - Atleast the assessee should have filed a certificate from the LIC for...

Tax free payments - TDS liability born by the assessee - the TDS, as exigible on payments, is grossed up, and payment made accordingly - deduction on account of tax...

TDS u/s 192 - any allowance given by the company to its employees in the name of uniform allowance cannot be said to be exempt under Rule 2BB(1)(f) r.w.s 10(14)(i) of...

TDS u/s 192 - per-diem allowance paid to the employees - When the payment is made to meet the expenses incurred and when not taxable u/s 10(14) merely because the actual...

Liability to pay interest on delayed payment of VAT - The assessee was required to pay the tax payable in accordance with the provisions of Section 14 of the HVAT Act...

CENVAT Credit - exempt goods - On merits, it is a case that the appellant is manufacturing dutiable goods not exempted goods. Some clearances were exempted from payment...

TDS u/s 195 - use of logo - license fee payment without deducting TDS SUPIMA, USA - Agreement clearly shows that the payment is made by the assessee to use the Logo of...

Quick Updates: