Interest U/s. 234B

  • 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
  • 13

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
  • 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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  • Dec
  • 01

In case of Part Payment Income tax paid shall first be adjusted towards interest payable

Interest payable under Section 234B and 234C become part of the demand notice issued under Section 156 and it is on this amount, i.e., the tax payable plus interest payable under Sections 234B and 234C that interest under Section 220(2) is calculated from the date mentioned in the notice of demand till the date of […]

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  • Nov
  • 14

HC Partly Reverses Law On Foreign Companies Interest Liability U/s. 234B

The argument that the Indian parties should have discharged their TDS obligations u/s 195 despite the presumed request of the assessee is one of convenience or despair and not acceptable because in a practical view of the matter, the Indian payers could not have resisted the assessee’s request given future business prospects and the need to keep the assessee in good humour;

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  • Nov
  • 02

Waiver of Interest u/s 234B for confusion in Circular & amendment to s.54EC

Where a return of income could not be filed by the assessee due to unavoidable circumstances, and assessee proved to have a bona fide belief , coupled with the voluntary payment of tax liability, the Chief Commissioner was not justified in declining the benefit of a waiver of interest to assessee under section 234B.

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  • Oct
  • 04

Sec. 234D – Applies to A.Y. commencing before 01.06.2003 if Assessment is not completed on that date

Provisions of section 234D of the Income Tax Act, 1961 shall also apply to an assessment year commencing before the 1st day of June, 2003 if the proceedings in respect of such assessment year is completed after the said date.

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  • Apr
  • 10

No advance tax & Interest Payable on Commission treated as salary by AO

It is the contention of the assessee that since the income earned by him from M/s Vijaya Diagnostic Centre Pvt. Limited has been treated as salary, the assessee is not obliged under the Act to pay advance-tax as provided u/s 208 of the Act. The assessee has also contended that as per the provisions of section 192 of the Act in case of payment of salary the entire tax payable has to be deducted by the employer at the time of payment of salary.

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