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Commentary
Amended upto 20TH March, 2018
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CHAPTER 1 EXPENDITURE IS ACTUALLY INCURRED BY THE ASSESSEE
1.1 SECTION 14A APPLIES TO 'EXPENDITURE'
1.2 'EXPENDITURE INCURRED' MEANS EXPENDITURE ACTUALLY INCURRED AND NOT NOTIONAL EXPENDITURE
CHAPTER 2 EXPENDITURE INCURRED IS IN RELATION TO TAX-FREE INCOME
2.1 EXPENDITURE INCURRED IN RELATION TO INCOME
2.2 EXPENDITURE ON HEALTH INSURANCE DEDUC-TIBLE UNDER SECTION 80D IS OUTSIDE THE PALE OF SECTION 14A
2.3 INCOME WHICH DOES NOT FORM PART OF THE TOTAL INCOME UNDER THE ACT
2.4 'EXEMPTION FROM PAYMENT OF INCOME-TAX' NOT THE SAME AS 'INCOME WHICH DOES NOT FORM PART OF TOTAL INCOME'
2.5 NO DISALLOWANCE OF CARRY FORWARD LOSSES OF A CO-OPERATIVE SOCIETY BY INVOKING SECTION 14A
2.6 APPLICABILITY OF SECTION 14A TO CASES WHERE DTAA APPLIES
CHAPTER 3 DISALLOWANCE U/S 14A TRIGGERED ONLY IF ASSESSEE CLAIMS DEDUCTION
3.1 NO CLAIM, NO DISALLOWANCE - SECTION 14A IS A DISALLOWANCE PROVISION, NOT A "DEEMED INCOME" PROVISION
3.2 DISALLOWANCE CANNOT EXCEED AMOUNT CLAIMED BY ASSESSEE
3.3 DISALLOWANCE CANNOT EXCEED THE AMOUNT OF EXEMPT INCOME
CHAPTER 4 WHETHER DISALLOWANCE U/S 14A CAN BE MADE IN RESPECT OF ASSESSEES COVERED BY PRESUMPTIVE TAX PROVISIONS OF SECTIONS 44AD, 44ADA AND 44AE
4.1 REQUIREMENTS OF SUB-SECTIONS (2) AND (3) OF SECTION 14A
4.2 'HAVING REGARD TO THE ACCOUNTS OF ASSESSEE'
CHAPTER 5 WHERE ASSESSEE VOLUNTARILY DISALLOWS SOME EXPENSES AS INCURRED IN RELATION TO EXEMPT INCOME
5.1 IF ASSESSEE HIMSELF DETERMINED EXPENDITURE INCURRED IN RELATION TO TAXABLE INCOME AND DISALLOWED THE SAME IN COMPUTING TOTAL INCOME
5.2 WHETHER SECTION 14A SHALL APPLY IF ASSES- SEE MAINTAINS SEPARATE ACCOUNTS WITH REGARD TO EXPENDITURE FOR EXEMPT INCOME
CHAPTER 6 WHERE ASSESSEE CLAIMS THAT NO EXPENSES WERE INCURRED IN RELATION TO EXEMPT INCOME
6.1 IF ASSESSEE DETERMINES EXPENDITURE INCURRED IN RELATION TO EXEMPT INCOME AS NIL
6.2 WHETHER SECTION 14A SHALL APPLY IF ASSES- SEE MAINTAINS SEPARATE ACCOUNTS WITH REGARD TO EXPENDITURE FOR EXEMPT INCOME
CHAPTER 7 METHOD TO BE ADOPTED FOR COMPUTING DISALLOWANCE BY AO IF HE IS NOT SATISFI ED BY ASSESSEE’S CLAIM
7.1 METHOD FOR DETERMINING AMOUNT OF EXPENDITURE TO BE DISALLOWED UNDER SECTION 14A - RULE 8D
7.2 CONSTITUTIONAL VALIDITY OF SUB-SECTION (2)/(3) & RULE 8D
7.3 WHEN METHOD PRESCRIBED UNDER RULE 8D(2) TO BE INVOKED BY AO FOR COMPUTING DISALLOWANCE
7.4 METHOD OF COMPUTING DISALLOWANCE UNDER NEW SUBSTITUTED RULE 8D(2) W.E.F. AY 2017-18
CHAPTER 8 APPLICABILITY OF SECTION 14A TO LONG-TERM CAPITAL GAINS FROM EQUITY UPTO Rs.1,00,000 UNDER NEW REGIME
8.1 NEW REGIME FOR LONG-TERM CAPITAL GAINS ON LISTED EQUITY SHARES, UNITS OF EQUITY-ORIENTED MUTUAL FUND W.E.F. AY 2019-20
8.2 WHETHER SECTION 14A APPLICABLE TO LTCG FROM EQUITY UNDER NEW REGIME APPLICABLE U/S 112A
CHAPTER 9 INVOCATION OF RULE 8D IN CASE OF TAX-FREE DIVIDEND
9.1 CAN DISALLOWANCE UNDER RULE 8D(2)(ii)/(iii) BE MADE IF ASSESSEE HAS SUFFICIENT INTEREST-FREE FUNDS TO INVEST
9.2 SECTION 14A & RULE 8D TO APPLY EVEN IF SHARES ARE HELD AS STOCK-IN-TRADE
9.3 APPLYING RULE 8D(ii) IN CASE OF SHARES HELD AS STOCK-IN-TRADE FROM WHICH TAX-FREE DIVIDEND RECEIVED
9.4 IF ASSESSEE CLAIMS NO EXPENDITURE INCURRED TO EARN DIVIDEND INCOME
9.5 IS SECTION 14A APPLICABLE IN RESPECT OF INVESTMENT IN SHARE APPLICATION MONEY
9.6 NO DISALLOWANCE WITH REGARD TO INVESTMENT IN FOREIGN SUBSIDIARIES
9.7 WHERE COMPANY INVESTS IN DOMESTIC SUBSI-DIARIES AND FOREIGN SUBSIDIARIES
9.8 NO DISALLOWANCE WHERE SHARES ACQUIRED BY WAY OF AMALGAMATION
9.10 INTEREST ON FUNDS BORROWED FOR INVESTMENT IN SHARES
9.11 DISALLOWANCE WHERE SOLE BUSINESS CARRIED ON IS THAT OF INVESTMENT COMPANY
CHAPTER 10 APPLICABILITY OF SECTION 14A IN CASE OF TAX-FREE INCOME FROM FIRM/LLP
10.1 WHETHER SECTION 14A APPLICABLE TO SHARE OF INCOME FROM FIRM AS FIRM HAS PAID TAX ON IT
10.2 SECTION 14A APPLICABLE TO TAX-FREE SHARE OF INCOME FROM FIRM
10.3 APPLICABILITY OF PROVISO TO SECTION 28(v) TO DISALLOWANCE UNDER SECTION 14A
CHAPTER 11 APPLICABILITY OF SECTION 14A IN CASE OF TAX-FREE INCOME TO SHAREHOLDER ON ACCOUNT OF BUYBACK OF SHARES BY LISTED COMPANY
11.1 TAX EXEMPTION TO SHAREHOLDERS IN RESPECT OF BUYBACK CONSIDERATION IN RESPECT OF UNLISTED SHARES
11.2 WHETHER SECTION 14A WILL APPLY IN RESPECT OF TAX-FREE BUYBACK CONSIDERATION
CHAPTER 12 APPLICABILITY OF SECTION 14A TO TAX-FREE INCOME OF BANKS FROM SLR INVESTMENTS
12.1 SECTION 14A NOT APPLICABLE TO TAX-FREE INCOME FROM BONDS HELD BY BANKS TO COMPLY WITH SLR
CHAPTER 13 APPLICABILITY OF SECTION 14A TO TAX-FREE INCOME OF INSURANCE BUSINESS
13.1 SECTION 14A NOT APPLICABLE TO INSURANCE BUSINESS
CHAPTER 14 APPLICABILITY OF SECTION 14A TO TAX-FREE CAPITAL GAINS
14.1 SECTION 14A APPLICABLE TO TAX-FREE CAPITAL GAINS
CHAPTER 15 APPLICABILITY OF SECTION 14A TO TAX-FREE DIVIDENDS FROM MUTUAL FUND UNITS
15.1 PROVISIONS APPLICABLE TO TRANSACTIONS IN UNITS OF MUTUAL FUNDS
15.2 SECTION 94(7) VIS A VIS SECTION 14A
CHAPTER 16 TREATMENT OF SECTION 14A EXPENDITURE UNDER MAT
16.1 CLAUSE (f) OF EXPLANATION 1 TO SECTION 115JB(2)
CHAPTER 17 REPORTING OF EXPENDITURE COVERED BY SECTION 14A IN FORM NO. 29B
17.1 MAT APPLICABLE TO COMPANIES
17.2 WHETHER SECTION 14A TO BE RESORTED TO FOR COMPUTING EXPENDITURE TO BE ADDED BACK TO NET PROFIT FOR MAT PURPOSES
17.3 REPORTING OF EXPENDITURE RELATABLE TO TAX-FREE INCOMES IN FORM NO. 29B