Interest U/s. 234B

Penalties and Prosecutions Under Income tax Act, 1961

Income Tax - 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...

Read More

Prosecutions and Punishment under Income-Tax Act, 1961

Income Tax - Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

Read More

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

Income Tax - As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....

Read More

All about Income Tax Offences liable to prosecution

Income Tax - Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law. For provisions relating to punishment c...

Read More

Power of Commissioner to Reduce or Waive Income Tax Penalty

Income Tax - In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

Read More

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....

Read More

Non-Chargeability of Interest U/s. 234C leviable on Cash was Seized after the Expiry of Previous Year

Nitin Kumar Vs ACIT (ITAT Kolkata) - With regard to interest u/s 234C of the Act , it is levied for deferment of payment of advance tax for the period of 01.04.2010 to 31.03.2011. In the instant case, since, the cash was seized after the expiry of the previous year i.e. after 31.03.2011, the assessee cannot claim non-chargeability of i...

Read More

Computation of interest U/s. 234B when Assessment order was subjected to revision U/s. 263

S. Vijayalakshmi Vs ITO (ITAT Chennai) - Where original assessment order was subjected to revision under section 263, interest under section 234B would be charged till completion of assessment under section 143(3) read with section 263....

Read More

Interest U/s. 244 allowed on Refund of excess interest charged U/s. 234B

Asstt. CIT Vs Development Board (ITAT Ahmedabad) - ACIT Vs Development Board (ITAT Ahmedabad) The central question involved in the present appeal is whether the expression ‘in any other case’ occurring in section 244A(1)(b) of the Act would include interest on an amount of refund resulted from reversal of excess interest charged under s.234B of ...

Read More

Charging of interest U/s. 234B(1) in regular assessment not necessary for charging interest U/s. 234B(3)

The Commissioner of Income-tax Vs M/s. Baby Marine Exports (Kerala High Court) - CIT Vs M/s. Baby Marine Exports (Kerala High Court) If the regular assessment was upheld finally and there was a reassessment and re-computation of total income, the assessee would have been liable to pay advance tax to that extent also, on which, an interest would be levied under Section 234B(3). I...

Read More

Interest u/s 234B / 234C payable on failure to pay advance tax on AMT/MAT

M/s GIE Jewels Vs. Income Tax officer (ITAT Jaipur) - A bench comprising Vijay Pal Rao (JM) and Vikram Singh Yadav (AM) of Income Tax Appellate Tribunal (ITAT) recently declared that Interest u/s 234B of the Income Tax Act can be levied on ground of non-payment of advance tax in respect of Alternative Minimum Tax. ...

Read More
Sorry No Post Found

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

Non-Chargeability of Interest U/s. 234C leviable on Cash was Seized after the Expiry of Previous Year

Nitin Kumar Vs ACIT (ITAT Kolkata)

With regard to interest u/s 234C of the Act , it is levied for deferment of payment of advance tax for the period of 01.04.2010 to 31.03.2011. In the instant case, since, the cash was seized after the expiry of the previous year i.e. after 31.03.2011, the assessee cannot claim non-chargeability of interest u/s 234C on that account. Hence,...

Read More

Computation of interest U/s. 234B when Assessment order was subjected to revision U/s. 263

S. Vijayalakshmi Vs ITO (ITAT Chennai)

Where original assessment order was subjected to revision under section 263, interest under section 234B would be charged till completion of assessment under section 143(3) read with section 263....

Read More

Penalties and 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...

Read More
Posted Under: Income Tax |

Prosecutions and Punishment under Income-Tax Act, 1961

Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

Read More
Posted Under: Income Tax |

Interest U/s. 244 allowed on Refund of excess interest charged U/s. 234B

Asstt. CIT Vs Development Board (ITAT Ahmedabad)

ACIT Vs Development Board (ITAT Ahmedabad) The central question involved in the present appeal is whether the expression ‘in any other case’ occurring in section 244A(1)(b) of the Act would include interest on an amount of refund resulted from reversal of excess interest charged under s.234B of the Act. As per Income Tax computation f...

Read More

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

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....

Read More
Posted Under: Income Tax | ,

All about Income Tax Offences liable to prosecution

Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law. For provisions relating to punishment c...

Read More
Posted Under: Income Tax | ,

Power of Commissioner to Reduce or Waive Income Tax Penalty

In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

Read More
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....

Read More
Posted Under: Income Tax | ,

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

Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. In this part, you can gain knowledge about the 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 ...

Read More
Page 1 of 812345...Last »

Browse All Categories

CA, CS, CMA (3,748)
Company Law (3,881)
Custom Duty (6,952)
DGFT (3,686)
Excise Duty (4,144)
Fema / RBI (3,478)
Finance (3,669)
Income Tax (27,495)
SEBI (2,899)
Service Tax (3,370)

Search Posts by Date

July 2018
M T W T F S S
« Jun    
 1
2345678
9101112131415
16171819202122
23242526272829
3031