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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


Charging of interest U/s. 234B(1) in regular assessment not necessary for charging interest U/s. 234B(3)

April 8, 2018 3558 Views 0 comment Print

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). It is been held that […]

Interest Payable U/s. 234A, 234B & 234C Calculator for FY 2017-18 (AY 2018-19

February 17, 2018 26847 Views 0 comment Print

Excel Calculator for Interest Payable Under Section 234A, 234B and 234 C Calculator for FY 2017-18 (AY 2018-19)

Interest U/s. 234B / 234C cannot be levied for period prior to date of survey on Income declared during Survey

January 2, 2018 3411 Views 0 comment Print

Emem Freight Forwarders Vs Dy. CIT (ITAT Mumbai)  Section 210 of the Act requires the assessee to pay advance tax at his own or in pursuance of the order of the assessing officer on or before each of the due dates specified under section 211 of the Act. In the instant case, the assessment year […]

In absence of liability to pay advance tax, Interest U/s. 234B not applicable

December 19, 2017 1842 Views 0 comment Print

While dismissing the appeal filed by the revenue, the Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that interest under section 234B is not leviable in respect of payments to the non-resident assessee being subject to tax deduction at source under Section 195 of the Income Tax Act 1961.

Interest u/s 234B / 234C payable on failure to pay advance tax on AMT/MAT

December 8, 2017 10485 Views 0 comment Print

A bench comprising Vijay Pal Rao (JM) and Vikram Singh Yadav (AM) of Income Tax Appellate Tribunal (ITAT) recently declared that Interest u/s 234B of the Income Tax Act can be levied on ground of non-payment of advance tax in respect of Alternative Minimum Tax.

Seized cash must be adjusted towards advance tax liability on request from Assessee

October 24, 2017 4737 Views 0 comment Print

Circular No. 20/2017 makes clear the intention of the Department not to contest those cases where the assessees had been given the benefit of adjustment of seized cash against the advance tax liability. There cannot be a situation where for those Assessees who have continued to remain in default of payment of advance tax the benefit […]

Interest u/s 234A/ 234B cannot be levied in absence of any mention in Assessment Order

October 20, 2017 4707 Views 2 comments Print

In the absence of any specific mention of the Assessing Officer in the assessment order for charging of interest u/s 234A and 234B, no interest would be recovered from the assessee merely by way of a demand notice.

Computation of interest U/s. 234B when Assessment order was subjected to revision U/s. 263

October 11, 2017 19122 Views 0 comment Print

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.

Proposed Income Tax Rule 39A takes us 30 year back: CTC

September 26, 2017 7443 Views 7 comments Print

The financial information sought for in form 39A is an invasion of privacy. A lot of financial information is price sensitive for a listed entity and filing of such information would cause governance issues. The assessee would be providing information which has neither released to a Stock Exchange nor is in public domain and there is no guarantee that this information which is filed and lying in a folder will not be accessed in a price sensitive manner.

Nil Book Profit – Section 234B & 234C Interest not applies

June 14, 2017 996 Views 0 comment Print

When its book profit was nil on the last date of the financial year then the assessee had no liability to pay advance tax and therefore, interest u/s 234B and section 234C of the Act will not be charged

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