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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 2493 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 481425 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 4311 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 46800 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 57008 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

IT Support Payments Not FTS under Article 12 of India-Netherlands DTAA

Income Tax : In a landmark ruling, ITAT Mumbai provides relief to Shell IT, asserting that payments for IT support aren't considered FTS under ...

May 18, 2024 231 Views 0 comment Print

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 363 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 441 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 657 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 162072 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

Allowability of Interest Cost of amount utilized for Investment in Shares

March 30, 2024 393 Views 0 comment Print

JPR Investments vs ACIT (ITAT Mumbai): Interest cost can’t be claimed as business expenditure for shares investment, directs recompute of STCG.

ITAT Quashes Assessment Order for Lack of Property Valuation Report

March 28, 2024 711 Views 0 comment Print

Read the detailed analysis of the ITAT Hyderabad order quashing the assessment for A.Y. 2009-10 due to absence of property valuation report. Learn about the case of Khairunnisa Vs ITO.

Expense excluded from export turnover to be excluded from total turnover for deduction u/s 10A: ITAT Mumbai

March 26, 2024 171 Views 0 comment Print

ITAT Mumbai held that the expenses excluded from the export turnover have to be excluded from the total turnover as well while computing deduction u/s 10A of the Income Tax Act.

ITAT Allows Indexed Cost of Construction for Penthouse Regularized on Sale Date

March 24, 2024 627 Views 0 comment Print

Read the detailed analysis of ITAT Bangalore’s decision in Jayanti Vasishta vs ITO allowing indexed cost of construction for a penthouse regularized on the sale date.

Physical rendition of service in India required as virtual service PE not considered under India-Singapore DTAA: ITAT Delhi

March 19, 2024 264 Views 0 comment Print

ITAT Delhi held that there is no provision regarding establishment of virtual service PE under India-Singapore DTAA and hence physical rendition of service in India is required under India-Singapore DTAA as per present service PE.

No Section 80IC deduction if Audit was not completed on or before filing ITR

March 18, 2024 321 Views 0 comment Print

Securico Electronics vs. ACIT: ITAT Delhi disallows Rs.33,97,998 80IC deduction due to late Form 10CCB filing. Full text analysis & conclusion.

Addition u/s. 68 unsustainable as AO failed to conduct independent enquiry to verify genuineness of transaction: ITAT Kolkata

March 18, 2024 597 Views 0 comment Print

In Brightstar Vincom Pvt Ltd Vs ITO, Kolkata ITAT emphasizes independent inquiry by AO before adding under section 68 of IT Act.

Addition u/s 68 deleted as genuineness and creditworthiness of lender proved: ITAT Delhi

March 18, 2024 447 Views 0 comment Print

ITAT Delhi’s order on Trident Towers Pvt. Ltd vs ACIT addresses the deletion of addition under section 68 of the Income Tax Act, citing submission of requisite documents.

ITAT upholds Reassessment of Company for land acquired by it before incorporation through Directors

March 18, 2024 210 Views 0 comment Print

Indore ITAT clarifies that a firm can’t deny land ownership if bought through directors. Read the detailed analysis of Bagora Developers Pvt. Ltd. Vs ACIT case.

Political party required to furnish return within due date u/s 139 for claiming exemption u/s. 13A: ITAT Delhi

March 11, 2024 378 Views 1 comment Print

ITAT Delhi held that in order to claim exemption under Section 13A of the Income Tax Act by the political party it is necessary to furnish return of income by the ‘due date’ as per Section 139 of the Income Tax Act.

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