Section 234B

Budget 2023 clarifies Section 234B interest while filing Updated Return

Income Tax - Interest payable under section 234B shall be computed on an amount equal to the assessed tax as reduced by the amount of advance tax, the credit for which has been claimed in the earlier return, if any....

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Interest Under Section 234A, 234B & 234C of Income Tax Act, 1961

Income Tax - Every Indian citizen is responsible for paying income tax and filing tax returns. It’s a healthy habit to keep, and it also helps in the recovery of TDS payments. Your taxes provide the government with a significant source of cash, which it invests in critical public programs and services. Advance tax means Income tax should [&helli...

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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...

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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....

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Advance Tax Provisions, 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....

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Request to CBDT to permit delayed filing of Form 10IC

Income Tax - Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section 119(2)(b) of the Income Tax Act, 1961...

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AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

Income Tax - All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition; (ii) Issue notice to the opposite parties as to why writ in the nature of certiorari shall not be issued quashing/striking down “Clarification 1” given in Circular dated 09.09.2021 in respect of Section 2...

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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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Claim of exempted allowance via rectification of order u/s 143(1)(a) not permissible

Shilpa Prabhakar Kulkarni Vs DCIT Centralized Processing Centre (ITAT Mumbai) - ITAT Mumbai held that as no claim of the amount of exempted allowance was made in the return of income, the same cannot be rectified as there was no mistake apparent from record in order passed u/s 143(1)(a) of the Income Tax Act....

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Assessee being a local authority is not chargeable to Income tax

Cane Development Council Titawi Vs ITO (ITAT Delhi) - ITAT Delhi held that the assessee (M/s. Cane Development Council Titawi) being a local authority are not chargeable to tax in terms of section 10(20) of the Income Tax Act....

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New property cost for exemption u/s 54 has to be as per collaboration agreement & sale deed

Ramesh Chandna Vs ACIT (ITAT Delhi) - ITAT Delhi held that cost of new property for the purpose of exemption under section 54 has to be assumed to be value of interests and share in the new construction, as per the collaboration agreement and the sale deed terms....

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Without remote link between activities of other projects with PE, Force of Attraction Rule not apply

Lahmeyer International GmbH Vs DDIT (ITAT Delhi) - ITAT Delhi held that the Force of Attraction Rule doesn’t apply unless there is even a remote link between the activities of other projects is established with the PE....

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Additions on the basis of incriminating material obtained during survey is justified

DCIT Vs Neeraj Agrawal (ITAT Allahabad) - ITAT Allahabad held that additions made based on the incriminating material (being excess stock) found during survey conducted u/s 133A of the Income Tax Act is justifiable....

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Recent Posts in "Section 234B"

Claim of exempted allowance via rectification of order u/s 143(1)(a) not permissible

Shilpa Prabhakar Kulkarni Vs DCIT Centralized Processing Centre (ITAT Mumbai)

ITAT Mumbai held that as no claim of the amount of exempted allowance was made in the return of income, the same cannot be rectified as there was no mistake apparent from record in order passed u/s 143(1)(a) of the Income Tax Act....

Read More

Assessee being a local authority is not chargeable to Income tax

Cane Development Council Titawi Vs ITO (ITAT Delhi)

ITAT Delhi held that the assessee (M/s. Cane Development Council Titawi) being a local authority are not chargeable to tax in terms of section 10(20) of the Income Tax Act....

Read More

New property cost for exemption u/s 54 has to be as per collaboration agreement & sale deed

Ramesh Chandna Vs ACIT (ITAT Delhi)

ITAT Delhi held that cost of new property for the purpose of exemption under section 54 has to be assumed to be value of interests and share in the new construction, as per the collaboration agreement and the sale deed terms....

Read More

Without remote link between activities of other projects with PE, Force of Attraction Rule not apply

Lahmeyer International GmbH Vs DDIT (ITAT Delhi)

ITAT Delhi held that the Force of Attraction Rule doesn’t apply unless there is even a remote link between the activities of other projects is established with the PE....

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Additions on the basis of incriminating material obtained during survey is justified

DCIT Vs Neeraj Agrawal (ITAT Allahabad)

ITAT Allahabad held that additions made based on the incriminating material (being excess stock) found during survey conducted u/s 133A of the Income Tax Act is justifiable....

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Assessee can claim TDS credit of Interest income of deceased wife reflected in return

Prem Mukundan Vs ITO (ITAT Cochin)

ITAT Cochin held that as assessee dutifully declared interest income of deceased wife’s deposit in his return, assessee is duly eligible to get credit of his deceased wife’s TDS....

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Prosecution in absence of willful admits to evade any tax, penalty or interest is unsustainable

Suman Paper & Boards Ltd. Vs JCIT (Gujarat High Court)

Gujarat High Court held that as per provisions of section 276-C prosecution can be launched only if there is willful admits to evade any tax, penalty or interest chargeable or imposable under the Income Tax Act. Prosecution in absence of willful admits is unsustainable...

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Ex-parte appellate order without providing opportunity under faceless scheme is unjustified

Umrao Singh Smarak Samiti Vs ITO-CPC (ITAT Allahabad)

ITAT Allahabad held that passing an ex-parte appellate order without providing any opportunity even in case of faceless assessment proceedings unjustified as adherence to Principles of natural justice is one of the most important pillar of the effective judicial delivery system....

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Interest u/s 234A & 234B leviable only till date of self-assessment tax & not beyond

Dhirendra Narbheram Sheth Vs ITO (ITAT Rajkot)

ITAT Rajkot held that interest under section 234A and 234B can be levied only up to the date of self-assessment tax paid and not for period beyond that date....

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No Section 234B & 234C Interest, if entire income was subject to TDS

Umaxe Projects Pvt. Ltd Vs ACIT (ITAT Delhi)

ITAT held that Interest under section 234B and 234C not chargeable, if entire income of the assessee was subjected to TDS....

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