Section 234A

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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All about 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. For provisions relating to punishment c...

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Power of Commissioner to Reduce or Waive Income Tax Penalty

Income Tax - 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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Penalties under the Income-Tax Act, 1961

Income Tax - 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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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 234A not leviable on extended period of Return FIling

M/s. Nidhi Packers Pvt. Ltd. Vs ITO (ITAT Kolkata) - M/s. Nidhi Packers Pvt. Ltd. Vs ITO (ITAT Kolkata) Learned counsel for the assessee has contended that the due date of filing of return of income for the year under consideration was extended by the CBDT by a period of 15 days and since the return originally filed by the assessee was within such ext...

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Interest U/s. 234A cannot be levied on Assessment considering return filed U/s. 139(1)

G. Narasiman Vs. ITO (ITAT Chennai) - G. Narasiman Vs. ITO (ITAT Chennai) Belated return filed under section 139(4) could not be revised under section 139(5). Therefore, revised return filed by assessee was invalid and to frame assessment by considering such return as return filed under section 139(1) was in conflict with charging inter...

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

M/s GIE Jewels Vs. Income Tax officer (ITAT Jaipur) - 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. ...

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Appeal can be filed against Levy of Interest u/s 234A,234B and 234C

Principal Commissioner of Income Tax, Faridabad Vs Shri Krishan Gopal (HUF) (Punjab & Haryana High Court) - The Hon'ble Punjab & Haryan High Court in the case of Shri Krishan Gopal HUF held that the levy of interest u/s 234A , B & C is part and parcel of the of assessment process and it is open to an assessee to dispute the levy in appeal provided he challenge the very levy rather than claiming any waiver...

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If Assessee paid tax u/s. 140A, interest u/s. 234A to be demanded only on short tax payment

Bharatbhai B. Shah Vs Income Tax Officer & 2 (Gujarat High Court) - In the present case, the assessee deposited a sum of Rs.10 lacs under section 140A of the Act. In addition thereto, the assessee had also suffered tax deduction at source to the tune of Rs. 25,533/-. Eventually, the Assessing Officer, assessed the tax liability of the assessee at total of Rs. 15,08,...

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No Section 234A Interest on SA tax paid before due date of filing ROI

Circular No. 2/2015-Income Tax - (10/02/2015) - CIRCULAR NO. 2/2015 The Board has decided that no interest under section 234A of the Act is chargeable on the amount of self-assessment tax paid by the assessee before the due date of filing of return of income....

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Recent Posts in "Section 234A"

Interest u/s 234A not leviable on extended period of Return FIling

M/s. Nidhi Packers Pvt. Ltd. Vs ITO (ITAT Kolkata)

M/s. Nidhi Packers Pvt. Ltd. Vs ITO (ITAT Kolkata) Learned counsel for the assessee has contended that the due date of filing of return of income for the year under consideration was extended by the CBDT by a period of 15 days and since the return originally filed by the assessee was within such extended […]...

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....

Read More
Posted Under: Income Tax |

All about 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. For provisions relating to punishment c...

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...

Read More
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....

Read More
Posted Under: Income Tax | ,

All about Interest Payable U/s. 234A, 234B & 234C of I.T. Act,1961

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; (ii) non-payment or short payment of advance tax; and (iii) non-payment ...

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Interest U/s. 234A cannot be levied on Assessment considering return filed U/s. 139(1)

G. Narasiman Vs. ITO (ITAT Chennai)

G. Narasiman Vs. ITO (ITAT Chennai) Belated return filed under section 139(4) could not be revised under section 139(5). Therefore, revised return filed by assessee was invalid and to frame assessment by considering such return as return filed under section 139(1) was in conflict with charging interest under section 234A for delay in fili...

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

M/s GIE Jewels Vs. Income Tax officer (ITAT Jaipur)

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. ...

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

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 g...

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Posted Under: Income Tax |
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