Interest U/s. 234B

  • Mar
  • 26

234ABC Interest Calculator & Brief with Examples

Download Interest Calculator U/s 234A, 234B, 234C of the Income Tax Act, 1961 – Date for Advance tax is nearing and all the Assessees and their Tax Consultant must be busy in calculating advance tax payable for the Month of March. In this article we are discussing Interest payable Under Section 234A, 234B, 234C of the I.T. Act for default in furnishing return of Income , default in payment of Advance tax and for deferment of Advance tax .

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  • Mar
  • 05

Interest U/s. 234B in case of re-assessment and Income Tax Settlement

Budget 2015 Interest for defaults in payment of advance tax in case of re-assessment and where additional income is disclosed before the Settlement Commission under section 245C The existing provisions contained in clause (3) of section 234B of the Income-tax Act provides that where the total income is increased on reassessment under section 147 or […]

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  • Feb
  • 04

Interest liability U/s. 234B – Non-payment of advance tax & non deduction of tds

This Court finds that no interest is leviable on the respondent assessees under Section 234B, even though they filed returns declaring NIL income at the stage of reassessment. The payers were obliged to determine whether the assessees were liable to tax under Section 195(1), and to what extent, by taking recourse to the mechanism provided in Section 195(2) of the Act.

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  • Jan
  • 13

Date of Cheque presentation or Clearing for Calculation of Interest U/s 234?

Issue- Whether interest under Section 234C of the Act is to be calculated based on date of clearing of the cheque or date of presentation of the cheque. Held- It is not the case of the department that the cheque issued by the assessee was dishonourned. Once the cheque issued by the assessee is encashed, […]

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  • Jun
  • 08

Interest Us/ 234B & 234C payable on failure to pay advance tax in respect of tax payable u/s 115JA/115JB

Section 115JB, with which we are concerned, is a self-contained code pertaining to MAT, which imposed liability for payment of advance tax on MAT companies and, therefore, where such companies defaulted in payment of advance tax in respect of tax payable under Section 115JB, it was liable to pay interest under Sections 234B and 234C […]

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  • May
  • 31

E filing not enabled and Burden of Interest u/s 234 B

In the Income Tax Website e filing is enabled for ITR – 1, ITR – 2, & ITR – 4S only and for all other categories it is yet to be done.If an assessee has failed to pay 90% of Income Tax payable as Advance Tax within the due dates and if he prefers to file the return now by paying the tax due as Self Assessment Tax

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  • May
  • 11

Advance Tax and penalties on defaulting to pay it

Payment of advance tax is governed by sec. 207,208,209,210 and 211 of the Income Tax Act 1961. f the Income Tax Liability of any assessee is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year.

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  • Mar
  • 15

Advance Tax Provisions, Payment Challan & e-payment Utility

According to the Income Tax Act, assessees are required to pay tax in advance in a previous year if their 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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  • Mar
  • 12

Interest on Tax Payable u/s 234A, 234B, 234C

In case of individuals, if he does not deposit the tax at the right time or does not provide for FORM 16 to current employer after change of his company, he will be liable for interest on tax payable. This is also known as default in furnishing the income. These penalties are slapped under the following sections of 234A, 234B and 234C.

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  • Dec
  • 09

How to Calculate Interest U/s. 234A, 234B, 234C

CONSEQUENCES OF SUBMISSION OF RETURN AFTER DUE DATE- If a return is submitted after the due date, the following consequences will be applicable: 1. The assessee will be liable for penal interest under section 234A. 2. A penalty of Rs 5,000 may be imposed under section 271F if belated return is submitted after the end of the assessment year. 3. If the return of loss is submitted after the due date, a few losses cannot be carried forward. 4. If the return is submitted belated, deductions allowable under certain sections will not be available.

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