Disallowance u/s 40
WebJan 23, 2024 · The AO therefore disallowed interest expense of Rs.80,49,49,266 u/s.40 (a) (ia) of the Act. 12. Before CIT (A) the Assessee submitted that once the depositors give … WebAug 29, 2015 · Therefore, the question of disallowance under section 40(a) ... This condition of deductibility has been stipulated u/s 40 notwithstanding anything to the …
Disallowance u/s 40
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WebJul 28, 2024 · Income Tax Appellate Tribunal (ITAT), Mumbai: Explaining the law on disallowance u/s.40(a)(ia), the Tribunal has said that if the payees have included the … Web26 U.S.C. United States Code, 2011 Edition Title 26 - INTERNAL REVENUE CODE Subtitle A ... No credit shall be allowed under this section for any taxable year in the disallowance period. (B) Disallowance period ... —Subsec. (a). Pub. L. 112–40, §241(b)(1), substituted “72.5 percent” for “65 percent (80 percent in the case of eligible ...
WebJul 29, 2024 · Supreme Court: Dealing with the question as to whether disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 is confined/limited to the amount “payable” and not to the amount “already paid”, the bench of AM Khanwilkar and Dinesh Maheshwari, JJ held that t h e expression “payable” is descriptive of the payments which attract the … WebRs.635,57,94,411/- u/s.37(1) and alternatively also stated that the same would be liable for disallowance u/s.40(a)(i) of the Act. 3.2. The ld. CIT(A) considering the fact that there was an amendment in Section 2(9) of the Insurance Act, 1938 w.e.f. 26/12/2014 held that the assessee shall be allowed deduction on payments made prior to
WebNov 7, 2013 · Metro & Metro vs. ACIT (ITAT Agra) Law on taxation of fees for technical services u/s 9 (1) (vii) & Article 12 and disallowance u/s 40 (a) (i) for failure to deduct TDS explained. The assessee paid Rs 52 lakhs towards “leather testing charges” to TUV Product Und Umwelt GmbH, a tax resident of Germany, without deduction of tax at source. WebA new section 40(a)(ib) has been inserted with effect from 1-6-201 ..... x x x x x Extracts x x x x x. Section 40(a)(ib) - Disallowance for non-payment of equalisation levy - Income Tax - Ready Reckoner - Income Tax. x x x x x Extracts x x x x x..... he due date for filing return specified in section 139(1).
WebJul 4, 2024 · ITO (supra) has held that disallowance u/s. 40(a)(ia) of the Act be restricted to 30% of the expenses paid as against 100% because amended provision is curative in …
WebAug 29, 2015 · Therefore, the question of disallowance under section 40(a) ... This condition of deductibility has been stipulated u/s 40 notwithstanding anything to the contrary in section 30 to 38 of the Act. Sec. 40 begins with non-obstante clause; therefore, it is an overriding effect t the provisions of sec. 30 to 38 of the I T Act. ... thealtening storeWebAug 9, 2024 · No TDS, Still No disallowance u/s 40(a)(ia) Tax Deduction at Source (TDS) is an onerous responsibility casted on the payer of income. Non compliance imposes multiple consequences for the deductor. More heavy is the consequences if the tax amount is deducted but not paid in the Government Treasury. Further, even if the tax is deducted … thealtening shopWebMar 26, 2024 · The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) in its ruling which was in favour of Vodafone Idea Ltd has held that there cannot be any disallowance under section 40 (a)(ia) of the Income Tax Act, 1961 on Sale of Prepaid Sim card/Recharge Vouchers to distributors. thealtening\u0027sWebDec 22, 2024 · Often, the issue arises as to whether disallowance u/s 40(a)(ia) for non deduction of tax at source can be made even when the expenditure is not debited to profit and loss account? Here was an interesting case before Calcutta HC as under: PCIT-4, Kolkata Vs Linde India limited (Calcutta High Court) thealtening sponsorshipWebJul 30, 2024 · (i) Disallowance u/s 40(a)(ia), 40A(3) etc are intended to enforce due compliance of the requirement of other provisions of the Act and to ensure proper collection of tax as also transparency in dealings. The interest of a bonafide assessee who had made the deduction as required and had paid the same to the revenue is safeguarded. the game baby handsWebApr 11, 2024 · As the TDS was not deducted u/s 195 of the Act, therefore, such payment was inadmissible u/s 40(a) of the Act, the ld. A.O made a total disallowance of Rs. 30,90,448/- on all the above payments and added to the total income of the assessee. Conclusion- Order of ld. CIT(A) suffers from lack of verification of facts and applicability … the game baby youWebThe Tribunal further pointed out that disallowance u/s 40(a)(i) can be made only where assessee has violated the provisions of Chapter-XVIIB. Once assessee has obtained a certificate from the AO in accordance with the requirement of section 195(2) of the Act, the assessee cannot be penalized by invoking the provisions of section 40(a)(i) of the ... thealtening tutorial