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Income Tax - Interest u/s 234A – Excited about extension of IT return for FY 2019-20 ( AY 2020-21 ) to 30th Nov’2020 ? Who wasn’t HAPPY when the due date to file the Income Tax Return got extended to 30th November 2020 vide Notification No. 35/2020 [F. NO. 370142/23/2020-TPL] dated 24th June 2020 But, did you know […]...
Read MoreIncome Tax - Section 234A Interest for AY 2020-21: Taxpayer’s hopes are normal as usual but results are opposite as expected In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements due to the outbreak of Novel Corona Virus (COVID-19), the Government has issued Notification dated 24th June 2020 und...
Read MoreIncome Tax - Interest Calculation of Under Section 234A, 234B And 234C of Income Tax Act, Along With Provision And Example Applicability:- Every Assessee is required to pay advance tax whose income tax liability is ₹10000 or more. Exception:- Resident senior citizen has not income under head of Profit & Gain from business and profession, is not ...
Read MoreIncome Tax - In this article we will discuss pivotal calculation of interest u/s 234A for delay in furnishing or non-furnishing return of income u/s 139(1) of Income Tax Act, 1961...
Read MoreIncome Tax - PRACTICAL DIFFICULTIES IN CASE OF ASSESSEES LIABLE TO PAY SELF ASSESSMENT TAX OF Rs. 1 LAKH OR MORE FOR THE YEAR ENDED 31.03.2020. As per he CBDT’s Press Release dated 24.06.2020 if the Self Assessment Tax payable is more than Rs. 1 Lakh the whole of the tax is to be paid by the specified […]...
Read MoreIncome Tax - Representation for relaxation from levy of interest u/s. 234A on payment of self-assessment tax for A.Y. 2020-21 within extended due date of 30 November 2020...
Read MoreIncome Tax - The Government is planning to specify a certain category of taxpayers to pay their entire tax liability for FY 2019-20 in advance, which means such persons shall be required to pay tax even before they got to know their full income and the TDS applicable to it. The new rules shall apply to the taxpayers, whose self -assessment tax [&h...
Read MoreIncome 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....
Read MoreOrion Property Management Services Ltd. Vs. ITO (ITAT Bangalore) - Orion Property Management Services Ltd. Vs. ITO (ITAT Bangalore) The issue under consideration is whether CIT(A) is correct in making addition of Sponsorship and Promotional income by reducing it from marketing cost? In the instant case, the marketing income has been considered under the head market...
Read MoreShreeji Corporation Vs JCIT (ITAT Ahmedabad) - The issue under consideration is whether remuneration paid to a partner acting in a representative capacity as karta of HUF is allowed u/s 40(b)?...
Read MoreRajesh Kumar Adukia Vs DCIT (ITAT Ranchi) - Whether A.O. is right in dismissing the claim of the assessee u/s. 54F of the Act on the ground that residential flat was not constructed after the date of transfer and they were constructed alongwith saleable flats?...
Read MoreLalji Khimjibhai Patel Vs ACIT (ITAT Rajkot) - The issue under consideration is whether the assessee is correct in stating that cognizance taken under section 153A of the Act is illegal at the end of the A.O.?...
Read MoreAshok S Vakharia HUF Vs ITO (ITAT Mumbai) - The issue under consideration is whether the CIT(A) is correct in confirming addition u/s 69C of the Act on account of unexplained purchases made during the year, calculated on the basis of peak credit?...
Read MoreCircular 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....
Read MoreOrion Property Management Services Ltd. Vs. ITO (ITAT Bangalore) -
Shreeji Corporation Vs JCIT (ITAT Ahmedabad) -
Rajesh Kumar Adukia Vs DCIT (ITAT Ranchi) -
Lalji Khimjibhai Patel Vs ACIT (ITAT Rajkot) -
Ashok S Vakharia HUF Vs ITO (ITAT Mumbai) -
