Interest U/s. 234B

  • Jan
  • 09

Statement u/s 132(4) being rebuttable presumption, can be retracted later on valid evidences

Citation of the Case: ACIT vs. Shri Johari Lal Sodhani (ITAT Jaipur), Income Tax Appeal No. 145 of 2013 & Cross appeal no. 09 of 2013, Date of Judgment: 07/09/2015 Brief of the Case ITAT Jaipur held In the case of ACIT vs. Shri Johari Lal Sodhani that the CIT (A) had given various reasons of retraction and also […]

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  • Dec
  • 20

Appeal can be filed against Levy of Interest u/s 234A,234B and 234C

The Hon’ble Punjab & Haryan High Court in the case of Shri Krishan Gopal HUF held that the levy of interest u/s 234A , B & C is part and parcel of the of assessment process and it is open to an assessee to dispute the levy in appeal provided he challenge the very levy rather than claiming any waiver or reduction.

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  • Oct
  • 16

Advance Tax Provisions, Payment Challan, e-payment Utility with Practical Examples

According to Section 208 of Income Tax Act, assessees are required to pay tax in advance in a previous year if their estimated tax liability for the year is likely to be Rs 10,000 or more. Advance tax is payable on the total income of an assessee that is chargeable to tax in an assessment year.

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  • Oct
  • 15

Prosecutions and Punishment under Income-Tax Act, 1961

In Addition to penalty for various defaults, the Income-tax Act,1961  also contains provisions for launching prosecution proceedings against the taxpayers for various offences. This Article explains about the various provisions relating to prosecution which can be launched under the Income-tax Act, 1961.

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  • Oct
  • 15

All about Income Tax Offences liable to prosecution

In addition to levy of penalty for various defaults by the taxpayer, the Income-tax Act,1961 also contains provisions for initiating prosecution for offences committed by the taxpayer. In this article you will know about offences in respect of which prosecutions can be launched under the Income-tax Law.

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  • Oct
  • 15

Power of Commissioner to Reduce or Waive Income Tax Penalty

Apart from enacting penalty provisions, the Income-tax Act also designed provisions empowering the Principal Commissioner of Income-tax or Commissioner of Income-tax to grant relief from penalty to taxpayers in genuine cases. Such power is granted under section 273A and section 273AA. In this part you can gain knowledge about the provisions of section 273A and section 273AA.

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  • Oct
  • 15

Penalties & Prosecutions Under Income tax Act, 1961

Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the law. There are three modes […]

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  • Oct
  • 11

Penalties under the Income-Tax Act, 1961

Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act.

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  • Oct
  • 08

All about Interest Payable U/s. 234A, 234B & 234C of I.T. Act,1961

Under the Income-tax Act, 1961 different interests is been levied for various kinds of delays/defaults. In this article we will discuss the Manner of computation of interest under as per Rule 119A of Income Tax Rules and provisions of section 234A, 234B and 234C dealing with interest levied for (i) delay in filing the return of income; (ii) non-payment or short payment of advance tax; and (iii) non-payment or short payment of individual instalment or instalments of advance tax (i.e., deferment of advance tax).

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  • Sep
  • 11

All about Advance Payment of Income Tax

Advance Payment due date is approaching fast as due date for September Quarter for Payment of advance tax is 15th September 2015, so I thought it appropriate to discuss provisions related to payment of advance tax and consequences of late payment, Short Payment or non payment of advance tax.

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