Jun 08, · Section 14A of Income tax Act, and amendments to Rule 8D by Income Tax (14th Amendment) Rules, Requirement of calculating disallowance of interest expenditure not directly attributable to any income or receipt eliminated. According to the Assessing Officer in view of section 14A of the Act, the expenditure incurred for earning the dividend income was liable to be disallowed. He invoked Rule 8D of the Income Tax Rules, (for short the Rules) and made disallowance of Rs.2,01,90,/- as under: a) Amount of expenditure by way of interest Rs. 3,26,13,/-. Jun 17, · BACKGROUND. Section 14A of the Income Tax Act, ('the Act') was inserted vide Finance Act, with retrospective effect from This section provides for disallowance of expenditure incurred by an assessee in relation to earning of income which does not form part of total income of the assessee.
Rule 8d of income tax act 1961
Also, the usage of the term "includible" in the heading of section 14A of the ITA as well as the heading of Rule 8D of the Income Tax Rules, indicates that it is not necessary that exempt income should have been "included" in a particular year's income for disallowance to be triggered. Income-Tax Act, as amended by Finance Act Section 14A of the Income-tax Act read with Rule 8D of Income-tax Rules provides for disallowance of expenditure incurred in relation to ‘income which does not form part of the total income’. Before discussing further about issues involved, let us have a look at the provision and rule thereto. WHITE PAPER DISALLOWANCE UNDER SECTION 14A - EXPENDITURE IN RESPECT OF EXEMPT INCOME & RECENT AMENDMENT TO RULE 8D BACKGROUND Recently, the Central Board of Direct Taxes (CBDT) vide official gazette dated 2 June notified the amendment made to Rule 8D of the Income Tax Rules (IT Rules). Dec 08, · Complete Guide To The Law Of Disallowance U/s 14A And Rule 8D. Dr. K. Shivaram, Senior Advocate And Rahul Sarda, Advocate Section 14A And Rule 8D enjoy the dubious distinction of being amongst the most contentious provisions in the Income-tax Act, Section 14A of the Income-tax Act, (Act) provides for the formula in Rule 8D governing such quantification of expenditure on exempt. Finance Act amended the existing Rule 8D of the Income Tax Rules. Before coming. amendment made to Rule 8D of the Income Tax Rules (IT Rules). One of Tax Act (IT Act) read with Rule 8D of the IT Rules. As per. Section – 14A of Income Tax Act, , provides that no deduction shall be made in respect of expenditure incurred by the assessee in relation. SECTION 14A r.w. Rule 8D - A DETAILED ANALYSIS by. Ms. Aishwarya intention of the legislature from the inception of the Income Tax Act. However, to set the existing .. of Section 14A of the IncomeTax Act are constitutionally valid.
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Expenses incurred to earn dividend income (Sec 14A), time: 2:24
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