Wednesday, October 21, 2020

Interest received in advance on discounting of bills against LC is taxable on accrual basis: Madras HC

INCOME TAX : Income received in advance in nature of interest income on discounting of bills against letter of credit is to be subjected to taxation on accrual basis and not on receipt basis as per mercantile system of accounting

from www.taxmann.com Latest Case Laws https://ift.tt/3obCSPf
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