40(a)
This query is : Open
Guest
Guest
(Querist)
24 March 2009
Form 3CD specifically ask for reporting for disallowance u/s 40(a)....
Is interest on TDS/FBT/Income Tax gets covered u/s 40(a) and do we need to report the same?
Is interest on TDS/FBT/Income Tax gets covered u/s 40(a) and do we need to report the same?
24 March 2009
yes I think so
Omkar
Omkar
24 March 2009
YES I TOO THINKSO
24 March 2009
No.
They are disallowed u/s 37.
They are disallowed u/s 37.
24 March 2009
disallowances u/s 40(a)
a. Interest, royalty, fees for technical services payable to a non-resident or outside India [Sec.40(a)(i)]: b) Interest, commission or brokerage, etc. payable to a resident in India [Sec. 40(a)(ia)]: Any amount payable -
on which tax is deductible at source under Chapter XVIIB; and
such tax -
• has not been deducted; or
• after deduction, has not been paid before the expiry of the time prescribed u/s 200 (1)
c) Security transaction tax [Sec.40(a)(ib)]: Any sum paid on account of securities transaction tax.
d) Fringe benefit tax [Sec.40(a)(ic)]: Any sum paid on account of fringe benefit tax.
e) Income tax [Sec. 40(a)(ii)];
Even, income tax paid by the assessee on income of predecessor is not deductible.
Stress: Professional tax is allowed expenditure [Circular No. 16 & 18 dated 18/9/69]
f) Wealth-tax [Sec. 40(a)(iia)];
Any payment which is chargeable under the head "Salaries", if it is payable—
(i) outside India; or
(ii) to a non-resident,
and if the tax has not been paid in India thereon nor deducted therefrom [Sec. 40(a)(iii)]
g) Any payment to a provident fund or any other fund established for the benefit of employees of the assessee in respect of whom the assessee has not made effective arrangement to secure that tax shall be deducted at source from any payment made from the fund, which are taxable under the head ‘Salaries’ [Sec. 40(a)(iv)]; and
Any tax on non-monetary perquisite [which is exempt in
a. Interest, royalty, fees for technical services payable to a non-resident or outside India [Sec.40(a)(i)]: b) Interest, commission or brokerage, etc. payable to a resident in India [Sec. 40(a)(ia)]: Any amount payable -
on which tax is deductible at source under Chapter XVIIB; and
such tax -
• has not been deducted; or
• after deduction, has not been paid before the expiry of the time prescribed u/s 200 (1)
c) Security transaction tax [Sec.40(a)(ib)]: Any sum paid on account of securities transaction tax.
d) Fringe benefit tax [Sec.40(a)(ic)]: Any sum paid on account of fringe benefit tax.
e) Income tax [Sec. 40(a)(ii)];
Even, income tax paid by the assessee on income of predecessor is not deductible.
Stress: Professional tax is allowed expenditure [Circular No. 16 & 18 dated 18/9/69]
f) Wealth-tax [Sec. 40(a)(iia)];
Any payment which is chargeable under the head "Salaries", if it is payable—
(i) outside India; or
(ii) to a non-resident,
and if the tax has not been paid in India thereon nor deducted therefrom [Sec. 40(a)(iii)]
g) Any payment to a provident fund or any other fund established for the benefit of employees of the assessee in respect of whom the assessee has not made effective arrangement to secure that tax shall be deducted at source from any payment made from the fund, which are taxable under the head ‘Salaries’ [Sec. 40(a)(iv)]; and
Any tax on non-monetary perquisite [which is exempt in
25 March 2009
No. They are disallowed u/s 37.
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