Section 234A

Section 234A Interest- Non Audit Cases, where net tax liability exceeds Rs. 1 Lakhs- AY 2021-22

Income Tax - Levy of Interest of Sec 234A of Income Tax, Individual- Non Audit Cases, where net tax liability is more than 1 Lakhs- AY 2021-22 In the recent intimation of Sec 143(1) of Income Tax Act 1961, CPC is leving interest under Sec 234A till the filing of return, however the assessee has paid all the […]...

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Provisions for filing of updated Income Tax return in Budget 2022

Income Tax - 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, […]...

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

Income Tax - 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 […]...

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Due Date for tax return filing u/s 139 & for payment of SA- Tax u/s 140A- Taxpayer Pushed to the Wall !

Income Tax - Due Date for tax return filing u/s 139 & for payment of SA- Tax u/s 140A- Taxpayer Pushed to the Wall ! Preamble Attention is drawn to the write-ups displayed @ Solution to Problems of New Income Tax Portal (04 Aug) Income Tax Return, Tax Audit due date & Other dates extended (20 May) https://taxguru.in/income-tax/interest-section...

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Interest payable under section 234A of Income Tax Act

Income Tax - As we know, an income tax return is to be furnished within the prescribed time limit. In case of failure, the taxpayer will be liable to pay interest for delay in filing of an income tax return. Accordingly, such interest is payable as provisions of section 234A of the Income Tax Act, 1961. Recently, while […]...

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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; (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...

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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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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 ...

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ITAT dismisses revenue appeal due to Monetary Limit & Assessee Appeal for non attendance

DCIT Vs Zorawar Vanaspati Ltd. (ITAT Delhi) - DCIT Vs Zorawar Vanaspati Ltd. (ITAT Delhi) The issue under consideration is whether the cross objection filed by the revenue regarding levying penalty u/s 234A and 234B of the Act on returned income is justified in law? ITAT states that as far as Revenue’s appeal is concerned, an undisputed fact ...

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No section 36(1)(iii) disallowance unless Direct Nexus between Borrowed Funds & Capital Withdrawals

Lypsa Diamonds Vs ITO (ITAT Mumbai) - The issue under consideration is whether disallowance u/s 36(1)(iii) made by AO forming an opinion that interest bearing funds were withdrawn from the firm being capital withdrawn by the partners and interest free advances is justified in law?...

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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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Income Tax Return, Tax Audit due date & Other dates extended

Circular No. 9 of 2021 - Income Tax - (20/05/2021) - The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021; 10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-...

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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"

Section 234A Interest- Non Audit Cases, where net tax liability exceeds Rs. 1 Lakhs- AY 2021-22

Levy of Interest of Sec 234A of Income Tax, Individual- Non Audit Cases, where net tax liability is more than 1 Lakhs- AY 2021-22 In the recent intimation of Sec 143(1) of Income Tax Act 1961, CPC is leving interest under Sec 234A till the filing of return, however the assessee has paid all the […]...

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 […]...

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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 |

Due Date for tax return filing u/s 139 & for payment of SA- Tax u/s 140A- Taxpayer Pushed to the Wall !

Due Date for tax return filing u/s 139 & for payment of SA- Tax u/s 140A- Taxpayer Pushed to the Wall ! Preamble Attention is drawn to the write-ups displayed @ Solution to Problems of New Income Tax Portal (04 Aug) Income Tax Return, Tax Audit due date & Other dates extended (20 May) https://taxguru.in/income-tax/interest-section...

Read More
Posted Under: Income Tax |

Interest payable under section 234A of Income Tax Act

As we know, an income tax return is to be furnished within the prescribed time limit. In case of failure, the taxpayer will be liable to pay interest for delay in filing of an income tax return. Accordingly, such interest is payable as provisions of section 234A of the Income Tax Act, 1961. Recently, while […]...

Read More
Posted Under: Income Tax |

Interest under section 234A For A.Y. 2021-22

Any assessee who has tax payable and don’t file his/her Income Tax Return within the due date specified u/s 139(1) is liable to pay interest u/s 234A. Meaning of Due Date U/s 139(1) Non Audit Cases : 31st July Audit Cases : 31st Oct, Due to Covid 19 CBDT on 20th May 2021 extended the […]...

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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....

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Posted Under: Income Tax |

Penalties under 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....

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Posted Under: Income Tax | ,

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