Section 234B

Validity of Late Fees / Interest U/s. 234A,B,C,F by CPC Bengaluru

Income Tax - Whether Late fee on tds statement U/s 234E or interest U/s 201(1A) or late fee on income tax return U/s 234F or interest U/s 234A, 2134B, 234C be levied by TDS-CPC, Ghaziabad/Income Tax CPC Bengaluru?...

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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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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....

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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 Income of non-resident liable to TDS

Dimension Data Asia Pacific Pte. Ltd. Vs DCIT (ITAT Mumbai) - Dimension Data Asia Pacific Pte. Ltd. Vs DCIT (ITAT Mumbai) Assessee deriving income from multiple sources can adopt provisions of I.T Act for one source & DTAA for other The Tribunal held that in case of multiple sources of income, an assessee is entitled to adopt the provisions of the Act for...

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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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Recent Posts in "Section 234B"

Validity of Late Fees / Interest U/s. 234A,B,C,F by CPC Bengaluru

Whether Late fee on tds statement U/s 234E or interest U/s 201(1A) or late fee on income tax return U/s 234F or interest U/s 234A, 2134B, 234C be levied by TDS-CPC, Ghaziabad/Income Tax CPC Bengaluru?...

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Posted Under: Income Tax |

Excel Utility to check Interest u/s. 234A, 234B and 234C

Please find attached herewith an Excel Utility to check the Interest u/s. 234A, 234B and 234C of Income Tax Act, 1961.  It's a utility in which you need to enter very few details in just 2 minutes and you will get instantly a detailed report with descriptions as to how the interest under above mentioned sections are calculated.  Hence,...

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Posted Under: Income Tax |

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 |

Advance Tax Provisions, 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 | ,

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....

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...

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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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Posted Under: Income Tax | ,

All about Interest Payable U/s. 234A, 234B & 234C

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...

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Posted Under: Income Tax | ,

Interest U/s. 234B cannot be levied on Income of non-resident liable to TDS

Dimension Data Asia Pacific Pte. Ltd. Vs DCIT (ITAT Mumbai)

Dimension Data Asia Pacific Pte. Ltd. Vs DCIT (ITAT Mumbai) Assessee deriving income from multiple sources can adopt provisions of I.T Act for one source & DTAA for other The Tribunal held that in case of multiple sources of income, an assessee is entitled to adopt the provisions of the Act for one source while applying […]...

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