Section 234B - Page 2

Section 234B & 234C Interest not leviable on additional income taxable due to unanticipated event

Colt Technology Services (1) Pvt. Ltd. Vs DCIT (ITAT Delhi)

Interest under section 234B and 234C is not leviable since it was not possible for the appellant to anticipate the events that were to take place in the next financial year and pay advance tax on the basis of those anticipated events....

Read More

ITAT upholds DRP’s Order deleting Section 234B Interest payable by Taxpayer

DCIT Vs Microsoft Regional Sales Corporation (ITAT Delhi)

We have carefully perused the orders of the authorities below. We find that the interest levied u/s 234B of the Act was deleted by the DRP relying upon the decision of the Hon'ble Jurisdictional High Court of Delhi in the case of GE Packaged Power 373 ITR 65 in which the Hon'ble High Court followed the decision in the case of Agence Franc...

Read More

Request to CBDT to permit delayed filing of Form 10IC

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...

Read More
Posted Under: Income Tax | ,

Provisions for filing of updated Income Tax return in Budget 2022

Provisions for filing of updated return Section 139 of the Act is related to the provisions for filing of Income Tax Return by taxpayers. 2. Sub-section (1) of section 139 of the Act casts responsibility on the taxpayer to furnish a return within a definite time period or up to a particular date, that is, […]...

Read More
Posted Under: Income Tax |

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

Read More
Posted Under: Income Tax |

Due Date Extension Case- Extension denied, HC directs UOI to attend technical glitches on Portal – Penalty interest Issues considerable at Assessment Stage

Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court)

Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court)  HC refuses to Extend Due date of Filing The Tax Audit Report Mr. Poddar, the learned counsel made a request that the deadline of 15.01.2022 for the purpose of filing the audit report may be extended to 15.02.2022. We are not inclined to go […]...

Read More

Waiver of Section 234B & 234C interest for delay in deposit of Advance/SA tax

Waiver of interest u/s 234B and 234C of Income Tax Act on delay in deposit of advance tax/self-assessment (SA) tax on MEIS/RODTEP for the A.Y. 2021-22 1. CHAPTER 3 OF FOREIGN TRADE POLICY,2015-20 Exports of notified goods/products with ITC[HS] code, shall be rewarded under MEIS. Appendix 3B lists the rate(s) of rewards on various notified...

Read More
Posted Under: Income Tax |

Advance Tax & Interest Under Section 234A/B/C

Advance tax means income tax should be paid in advance instead of lump sum payment at year end. Taxpayer need to pay Advance Tax in 4 installments in which he has to pay 15% of advance tax by 15th June, 45% of advance tax by 15th September, 75% of advance tax by 15th December and […]...

Read More
Posted Under: Income Tax |

SC ruling on interest chargeability under section 234B

DIT Vs Mitsubishi Corporation (Supreme Court of India)

Director of Income Tax Vs Mitsubishi Corporation (Supreme Court of India) 1. In the judgment delivered by the Supreme court today on chargeability of interest u/s 234B it is held that prior to the financial year 2012-13, the amount of income-tax which is deductible or collectible at source can be reduced by the assessee while […]...

Read More

Section 234B Interest for default in payment of advance tax

The present article covers interest provisions as prescribed under section 234B of the Income Tax Act. Notably, section 234B is applicable when the taxpayer defaults in payment of advance tax. Advance tax vis-à-vis interest payable thereon- In terms of section 208, the taxpayer is liable to pay advance tax during the financial year in wh...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (6,188)
Company Law (8,667)
Corporate Law (11,009)
Custom Duty (9,610)
DGFT (4,896)
Excise Duty (4,945)
Fema / RBI (5,356)
Finance (5,770)
Income Tax (43,294)
SEBI (4,670)
Service Tax (4,107)