On many occasions, the taxpayers remit employee’s contribution to the provident fund and ESI after the due date mentioned in the PF and ESI Act, but before filing the return of Income u/s 139(1). The auditor reports these details in the tax audit report (Form 3CD). However, the taxpayer may claim the deduction for […]
CIT V CALCUTTA EXPORT COMPANY 404 ITR 654 (SC) – ANALYSIS AND FINDINGS
Facts of the case The taxpayer had made payment towards export commission and deduct TDS on same. However, TDS was remitted on 1.8.2005. Since the TDS was deposited post 31.3.2005, the AO disallowed the commission applying the provisions of section 40(a)(ia). The CIT(A), ITAT and HC held in favour of the taxpayer. Revenue filed the […]
MEANING OF TERM INTEREST AS PER SECTION 2(28A) OF THE INCOME TAX ACT, 1961
Section 2(28A) of the Income Tax Act, 1961 defines the term ”interest” to mean interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred […]