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Section 234A

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Last date to file Income Tax Return is 31st December 2023

Income Tax : Discover importance of filing a late income tax return, consequences of missing deadline, and a step-by-step guide for online fili...

December 29, 2023 2487 Views 1 comment Print

Penalties and Prosecutions Under Income tax Act, 1961

Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...

July 25, 2023 480897 Views 4 comments Print

Interest Under Section 234A, 234B & 234C of Income Tax Act, 1961

Income Tax : Understanding Section 234A, 234B & 234C of the Income Tax Act, 1961. Learn about advance tax payments and the importance of timely...

August 23, 2022 4308 Views 1 comment Print

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...

June 11, 2022 46713 Views 7 comments Print

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 prosecu...

June 8, 2022 56981 Views 4 comments Print

Latest News

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 4419 Views 1 comment Print

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 d...

September 8, 2020 15753 Views 0 comment Print

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 advanc...

July 30, 2020 1473 Views 0 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 2766 Views 0 comment Print

Latest Judiciary

Section 44BB does not override provisions related to PE or DTAA benefits

Income Tax : Read the detailed analysis of Computer Modelling Group Ltd. vs. ACIT (ITAT Delhi) regarding interest leviable from the assessee fo...

May 9, 2024 234 Views 0 comment Print

CCI cannot demand interest without following prescribed procedure: Delhi HC

Corporate Law : Delhi High Court sets aside CCI's order, ruling that penal interest can't be imposed without following proper procedure. Detailed ...

May 9, 2024 333 Views 0 comment Print

Non-payment of tax before first appeal filing not fatal if appellant fulfills tax obligation later

Income Tax : in terms of section 249(4)(a) of the Act, stipulation as to payment of tax ante filing of first appeal is only directory and not m...

May 5, 2024 432 Views 0 comment Print

STCL Taxable at 15% Can be set-ff against STCG Taxable at 30%: ITAT Mumbai

Income Tax : Explore the detailed analysis of JS Capital LLC Vs ACIT (ITAT Mumbai) regarding the offsetting of Short Term Capital Loss (STCL) a...

May 5, 2024 648 Views 0 comment Print

Conditions for Section 153A Reassessment notice Issuance after 6 Years

Income Tax : Discover the conditions for issuance of a reassessment notice u/s 153A beyond six years & explore the detailed analysis of ACIT Vs...

April 28, 2024 648 Views 0 comment Print

Latest Notifications

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

Income Tax : 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 s...

May 20, 2021 162054 Views 24 comments Print

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

Income Tax : CIRCULAR NO. 2/2015 The Board has decided that no interest under section 234A of the Act is chargeable on the amount of self-asses...

February 10, 2015 20420 Views 0 comment Print

Ambiguity in Application of Section 234A of Income Tax Act, 1961

March 29, 2015 7706 Views 0 comment Print

Interest under section 234A of the Income-tax Act, 1961 (hereinafter the Act) is charged in case of default in furnishing return of income by an assessee. The interest is charged at the specified rate on the amount of tax payable on the total income, as reduced by the amount of advance tax, TDS/TCS, any relief of tax allowed under section 90 and section 90A, any deduction allowed under section 91 and any tax credit allowed in accordance with the provisions of section 115JAA and section 115JD of the Act.

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

February 10, 2015 20420 Views 0 comment Print

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.

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

March 1, 2013 25738 Views 0 comment Print

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. 15,08,474/-. Thus the assessee had short-paid tax to the tune of Rs. 4,82,941/-. To our mind, however, when we look at the ratio of the decision of the Delhi High Court in the case of Dr. Prannoy Roy (supra), such distinction would not be material. What was held by the Delhi High Court was that charging of interest from an assessee for late filing of return though the tax was already paid, would render the provision penal in nature, which the statute did not provide. If we apply the same ratio in the present case, the only modification we need to adopt is that the assessee must be held to be liable to pay interest under section 234A of the Act on the difference of amount between the tax assessed and the amount which he had paid before the due date to which even the assessee has not raised any serious objection.

How to disclose on interest payable under sections 234B/ 234C of Income-tax Act

December 2, 2010 25281 Views 2 comments Print

Part II of Schedule VI to the Companies Act, 1956, requires the profit and loss account to be drawn in a manner to disclose the result of the working of the company during the period, and it should disclose every material feature in respect of non-re

If Assessee already paid tax then interest can not be recovered further u/s. 234A, 234B or 234C

December 20, 2009 2837 Views 0 comment Print

In the instant case, the deductee has already discharged tax liability with interest payable under Section 201(1)(a) of the Act. As such no further interest can be claimed by the revenue from the respondents either under Section 234A or 234B or 234C of the Act. The view taken by the Tribunal for the reasons stated cannot be faulted.

Sec 234A Interest cannot be levied on delayed ROI if SA tax is paid before due date

September 17, 2008 15960 Views 0 comment Print

Since the tax due had already been paid which was not less than the tax payable on the returned income which was accepted, the question of levy of interest Under Section 234A does not arise.

Ranchi Club Ltd. is still good law in respect of levy of Interest U/s. 234A /234B/ 234C

February 3, 2005 2900 Views 0 comment Print

The Patna High Court in the case of Ranchi Club Ltd. Vs. C.I.T. [1996] 217 ITR 72 (Pat.), rendered a very significant judgement that interest under Section 234A and 234B is to be levied on the income declared in the return of income and not on the assessed income. This judgement was passed on 13.11.1995. Thereafter, on 2.7.1996, another very significant judgement was rendered in the case of Ranchi Club Ltd. & Others Vs. C.I.T. [1996] 222 ITR 44 (Pat.)

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