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Section 234B

Latest Articles


From Side Hustle to Tax Puzzle: A Freelancer’s Guide to Taxes

CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...

June 8, 2024 1314 Views 3 comments Print

Implications of amendment in Section 43B to taxpayers and SMEs

Income Tax : Understand the impact of the Section 43B amendment on taxpayers and SMEs in India. Learn about deductions, compliance, and implica...

February 6, 2024 1584 Views 0 comment Print

Inform your current employer about the previous employment and salary

Income Tax : Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interes...

January 9, 2024 2124 Views 0 comment Print

Pay 3rd Instalment Advance Tax for AY 2024-25 by 15th Dec: Guidelines & Example

Income Tax : Understand how to pay your 3rd instalment of Advance Tax for the Assessment Year 2024-25 before the deadline on 15th December. Det...

December 8, 2023 6192 Views 0 comment Print

Levy of Interest u/s 234B: Tenability in Excess Refund Cases

Income Tax : This article examines the tenability of levy of interest u/s 234B in cases of excess refund claimed by taxpayers under the Income ...

July 26, 2023 1503 Views 0 comment Print


Latest News


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 ...

February 4, 2022 9603 Views 1 comment Print

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...

January 13, 2022 4449 Views 1 comment Print

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 mini...

June 4, 2015 2799 Views 0 comment Print


Latest Judiciary


ITAT Upholds Section 56(2) Addition for Property Purchase Without Consideration

Income Tax : Read the detailed analysis of Indira Ramaiah Vs ITO case by ITAT Bangalore. ITAT upheld the addition of gift for undisclosed inves...

July 18, 2024 513 Views 0 comment Print

ITAT Can Holistically Evaluate Disclosures and Make Additions to Taxpayers’ Declared Income

Income Tax : Income Tax Settlement Commission (ITSC) had authority to make additions to the declared income of taxpayers as ITSC's role was not...

July 16, 2024 180 Views 0 comment Print

Finalized Assessment Cannot Be Reopened for Property Deed Re-registration

Income Tax : Once an assessment has been finalized for a particular year, reassessment cannot be justified merely due to subsequent procedural ...

July 16, 2024 450 Views 0 comment Print

ITAT upholds enhancement by CIT(A) as addition were based on facts & not mere suspicion

Income Tax : ITAT noted that CIT(A)'s decision was reasoned, considering discrepancies in repayment timelines and absence of proper documentati...

July 14, 2024 435 Views 0 comment Print

ITAT deletes addition for alleged bogus long-term capital gains

Income Tax : Explore the detailed ITAT Mumbai order analysis of Yogesh P. Thakkar vs DCIT, focusing on disputed long-term capital gains and com...

July 12, 2024 726 Views 0 comment Print


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

March 30, 2023 1320 Views 0 comment Print

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.

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

March 6, 2023 5673 Views 0 comment Print

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.

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

March 5, 2023 4254 Views 0 comment Print

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

Interest u/s 234B(2A) payable only on balance additional tax payable after excluding prepaid tax

February 23, 2023 1743 Views 0 comment Print

Gujarat High Court held that interest under section 234B(2A) of the Income Tax Act is payable only on the balance additional tax payable after allowing credit of prepaid tax.

Budget 2023 clarifies Section 234B interest while filing Updated Return

February 5, 2023 3627 Views 0 comment Print

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.

Section 234C interest not applies to shortfall in advance tax payment on windfall gain/unexpected income

September 27, 2022 3672 Views 0 comment Print

Hamilton Industries Pvt. Ltd. Vs ITO (ITAT Mumbai) Whether Commissioner of Income Tax (A) erred in conferring the interest of Rs.12,31,304/- under section 234C of the Income tax Act, 1961 without appreciating that the book profit includes capital gain income which arose in 4h quarter therefore the liability to pay advance tax arise only on […]

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

August 23, 2022 4575 Views 1 comment Print

Understanding Section 234A, 234B & 234C of the Income Tax Act, 1961. Learn about advance tax payments and the importance of timely tax filing.

Income Tax Interest Waiver Application – Law applicable on application date to be applied

August 5, 2022 7227 Views 0 comment Print

HC held that In the present case, the appellant had the right to apply for waiver of the interest charged under Section 234A or Section 234B, or Section 234C

Prosecutions and Punishment under Income Tax Act, 1961

June 11, 2022 47499 Views 7 comments Print

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.

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

June 8, 2022 192828 Views 14 comments Print

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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