Interest U/s. 234B

Calculation of interest under section 234A, 234B and 234C

Income Tax - Income Tax Act, 1961 requires Income tax returns to be filed on time; advance tax to be paid correctly and within the prescribed time limit under the act. In case the assessee fails to comply with the provisions of the Act, interest shall be chargeable under Sections 234A, 234B and 234C....

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Failure to pay advance tax attracts interest

Income Tax - Advance tax, as the name suggests, is nothing but taxes paid in advance on the estimated annual income. Advance tax, along with tax deducted at source (TDS) and self-assessment tax, constitute the three means by which income taxes are collected by the government....

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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. ...

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

Income Tax - Discipline in Income tax return is very important. Failing which, you will be liable to file additional penalties on the amount due. However, there are plenty of issues that can result in failure of tax deposits. These issues can be related to individuals or companies. For companies, it can occur due to failure to deposit advance tax or p...

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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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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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Interest U/s. 234B cannot be levied on payee for failure of payer to deduct TDS

DCIT Vs Reuters Transaction Services Ltd. (ITAT Mumbai) - Reuters case: When a duty is cast on the payer to deduct tax at source, on failure of the payer to do so, no interest can be imposed on the payee under Section 234B of the Act...

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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...

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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....

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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 ...

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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...

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

Calculation of interest under section 234A, 234B and 234C

Income Tax Act, 1961 requires Income tax returns to be filed on time; advance tax to be paid correctly and within the prescribed time limit under the act. In case the assessee fails to comply with the provisions of the Act, interest shall be chargeable under Sections 234A, 234B and 234C....

Read More
Posted Under: Income Tax |

Interest U/s. 234B cannot be levied on payee for failure of payer to deduct TDS

DCIT Vs Reuters Transaction Services Ltd. (ITAT Mumbai)

Reuters case: When a duty is cast on the payer to deduct tax at source, on failure of the payer to do so, no interest can be imposed on the payee under Section 234B of the Act...

Read More

Failure to pay advance tax attracts interest

Advance tax, as the name suggests, is nothing but taxes paid in advance on the estimated annual income. Advance tax, along with tax deducted at source (TDS) and self-assessment tax, constitute the three means by which income taxes are collected by the government....

Read More
Posted Under: Income Tax | ,

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. ...

Read More
Posted Under: Income Tax | ,

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

Discipline in Income tax return is very important. Failing which, you will be liable to file additional penalties on the amount due. However, there are plenty of issues that can result in failure of tax deposits. These issues can be related to individuals or companies. For companies, it can occur due to failure to deposit advance tax or p...

Read More
Posted Under: Income Tax |

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,...

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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....

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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...

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