Interest U/s. 234B

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

Income Tax - 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 yea...

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Advance Tax Provisions, Payment Challan, e-payment Utility & Examples

Income Tax - 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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Prosecutions and Punishment under Income-Tax Act, 1961

Income Tax - 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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All about Income Tax Offences liable to prosecution

Income Tax - 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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Power of Commissioner to Reduce or Waive Income Tax Penalty

Income Tax - 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 provisio...

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Belated Release of ITRs and burden of Interest U/s. 234 B

Income Tax - At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance minister due to complicated nature of Return Forms. It was further informed by the CBDT that department will release new simplified ITR forms with return filing utility by 3rd week of June 2015....

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

ACIT vs. Shri Johari Lal Sodhani (ITAT Jaipur), Income Tax - 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 has considered the evidence for not honouring the statement made under section 132(4). The ld counsel of the revenue had not controverted the findings given by CIT (A)....

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

Principal Commissioner of Income Tax, Faridabad vs. Shri Krishan Gopal (HUF) [Punjab & Haryana HC] - 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...

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No interest u/s 234B during Block Assessment

In the Case of ACIT v Akhil Jain, ITAT Delhi held that no interest will be levied u/s 234B during the Block Assessment by the virtue of Section 158BF....

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Interest u/s 234B is automatic even if assessment order does not contain any direction for payment- SC

In the case of Bhagat Construction Co Private Limited vs CIT Hon;ble Supreme Court has held that Interest u/s 234B of Income Tax Act, 1961 is automatic even if assessment order does not contain any direction for payment subject to computation of same in Form I.T.N.S 150...

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Section 234B interest not applicable under Block Assessment

ACIT Vs. Sh. Akhil Jain (ITAT Delhi) - No interest under the provisions of section 234A, 234B or 234C or penalty under the provisions of clause (c) of sub-section (1) of Section 271 or section 271A or section 271B shall be levied or imposed upon the assessee in respect of the undisclosed income determined in the block assessments...

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Recent Posts in "Interest U/s. 234B"

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 yea...

Read More
Posted Under: Income Tax | ,

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

ACIT vs. Shri Johari Lal Sodhani (ITAT Jaipur), Income Tax

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 has considered the evidence for not honouring the statement made under section 132(4). The ld counsel of the revenue had not controverted the findings given by CIT (A)....

Read More

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

Principal Commissioner of Income Tax, Faridabad vs. Shri Krishan Gopal (HUF) [Punjab & Haryana HC]

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....

Read More

Advance Tax Provisions, Payment Challan, e-payment Utility & 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....

Read More
Posted Under: Income Tax |

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....

Read More
Posted Under: Income Tax | ,

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. ...

Read More
Posted Under: Income Tax | ,

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 provisio...

Read More
Posted Under: Income Tax | ,

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...

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Posted Under: Income Tax | ,

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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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; ...

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