Section 234A

Section 234A Interest despite IT return due date extension

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 […]...

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Section 234A Interest for AY 2020-21: Taxpayer’s hopes are normal as usual but results are opposite as expected

Income 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...

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Interest Calculation Under Section 234A, 234B and 234C

Income 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 ...

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Pivotal Calculation of Interest u/s 234A of Income Tax Act, 1961

Income 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...

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Section 234A Interest for extended period if Self-Assessment Tax exceeds ₹ 1 Lakh

Income 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 […]...

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Representation for relaxation from levy of Section 234A interest

Income 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...

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All you need to know about TDS Rules before filling your IT returns!

Income 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...

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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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No Addition for Showing Net Impact of Marketing Income under head Marketing Cost in P&L A/c

Orion 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...

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Remuneration to Partners as Representative of HUF Allowed u/s 40(b)

Shreeji 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)?...

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Section 54F exemption on gain from House Constructed on own land

Rajesh 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?...

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Section 132(4) statement & notings found during search sufficient to invoke section 153A jurisdiction

Lalji 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.?...

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Bogus Purchase: Addition on peal credit basis for Low Margin & Low Vat Rate Items unjustified

Ashok 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?...

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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"

No Addition for Showing Net Impact of Marketing Income under head Marketing Cost in P&L A/c

Orion 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 marketing cost and net of expenses is debited ...

Read More

Remuneration to Partners as Representative of HUF Allowed u/s 40(b)

Shreeji 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 More

Representation for relaxation from levy of Section 234A interest

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 More
Posted Under: Income Tax | ,

Section 54F exemption on gain from House Constructed on own land

Rajesh 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 More

Section 234A Interest despite IT return due date extension

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 More
Posted Under: Income Tax |

Section 132(4) statement & notings found during search sufficient to invoke section 153A jurisdiction

Lalji 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 More

All you need to know about TDS Rules before filling your IT returns!

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 More
Posted Under: Income Tax |

Section 234A Interest for AY 2020-21: Taxpayer’s hopes are normal as usual but results are opposite as expected

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 More
Posted Under: Income Tax |

Bogus Purchase: Addition on peal credit basis for Low Margin & Low Vat Rate Items unjustified

Ashok 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 More

Interest Calculation Under Section 234A, 234B and 234C

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 More
Posted Under: Income Tax |

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