taxability
This query is : Resolved
11 January 2008
Under Micro,small and medium enterprises Developement Act,2006, a supplier is entitled to interest in case of delayed payment irrespective of agreement between supplier and customer.Whether such interest can be considered to have accrued as income liable to tax under income tax act, 1961, although no such interest is claimed or allowed or expected to be claimed or allowed.
15 January 2008
The interest income accrues only if the same is claimed and admitted.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITC availability for BOLERO-HILUX (HIGH AT, M1G) HLXX0
- Joint Account Closure
- 139(4) for ITR-5- audit
- TDS-Fixed assets
- Advice on How to calculate the peak balance needed for schedule FA in India for US checking account?
- Are reflected in 2B in GST portal
- Registartion of trust
- TDS can We Adjust 194C Amount to 194J
- NATURE OF PENALTY AND INTEREST UNDER TAXATION
- Reversal of unutilized ITC can be paid through ITC
- FORM SPL-02
- Complication in generating GSTR-2B
- Assesee supply services in RCM, above 2 crores turnover, is he applicable to file Gstr9
- DTAA Income
- Sale of liquidated company
- How to calculate tax as Income & Tax Calculator on e-Filing website is giving wrong results.
- Updation of UDIN for ROC forms AOC-4 and MGT-7
- Invoices not transmitted to ICEGATE because of non-authentication of Aadhaar
- Classification of unclassified authorised capital
- GST registration
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
