Income Tax : Discover the risks and penalties of submitting fake rent receipts to claim HRA exemptions and learn how to comply with tax regulat...
Income Tax : Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potent...
Income Tax : All about interest under sections 234A, 234B, 234C, and 234D of the Income Tax Act, including when it is charged, rates, and calcu...
Income Tax : Missed the ITR filing deadline? Learn the penalties, interest charges, and restrictions. Understand the consequences and how to fi...
CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
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...
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...
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...
Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : In the recent ruling HC of Telangana have held that assessee is eligible to claim capital gain after observing that the possession...
Income Tax : ITAT Delhi held that advertisement and distribution revenue earned by Discovery Asia Inc. is taxable as per Mutual Agreement Resol...
Income Tax : ITAT Ahmedabad affirms CIT(A)’s deletion of ₹12.92 crore tax addition under Section 40A(3), relying on past gross profit rates...
Income Tax : ITAT Ahmedabad held that services do not qualify as Fee for Technical Services [FTS] under India-Netherlands tax treaty since depa...
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...
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...
The issue under consideration is whether the request of the petitioner for waiver of interest under Section 234A, Section 234B and Section 234C of the Income Tax Act, 1961 is granted by HC or not?
Payment of advance tax is governed by sec. 207,208,209,210 and 211 of the Income Tax Act 1961. f the Income Tax Liability of any assessee is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year.
Download Interest Calculator U/s 234A, 234B, 234C of the Income Tax Act, 1961 – Date for Advance tax is nearing and all the Assessees and their Tax Consultant must be busy in calculating advance tax payable for the Month of March. In this article we are discussing Interest payable Under Section 234A, 234B, 234C of the I.T. Act for default in furnishing return of Income , default in payment of Advance tax and for deferment of Advance tax .
Bajrang Lal Naredi Vs ITO (ITAT Ranchi) In the instant appeal, the applicability of Section 56(2)(vii)(b) of the Act as amended by Finance Act, 2013 and applicable to AY 2014-15 in question. On a perusal of pre-amended provisions of Section 56(2)(vii)(b) of the Act, we gather that where an individual or HUF receives from any […]
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)?
INTEREST PAYABLE & RECEIVABLE BY THE TAXPAYER Do you know? The Income-tax Act requires that Income tax returns be filed in time, Advance tax and regular tax are paid correctly within the time prescribed. In case the assessee fails to do so, interest is chargeable under various provisions and there is no tax benefit on […]
Please find attached herewith an Excel Utility to check the Interest u/s. 234A, 234B and 234C of Income Tax Act, 1961. It’s a utility in which you need to enter very few details in just 2 minutes and you will get instantly a detailed report with descriptions as to how the interest under above mentioned sections are calculated. Hence, in 2 minutes, the calculation can be done which otherwise would have consumed your plenty of time.
Tushin T. Mehta Vs CCIT (Madras High Court) The writ petitioner’s father late Mr. Tushaar Mehta voluntarily filed his return of income for the assessment year 1996-97 on 28.03.1997 admitting the total income of Rs.11,06,129/-. The assessee had claimed long term capital gains of Rs.3,26,813/- on sale of property made during that year. The property […]
Whether Late fee on tds statement U/s 234E or interest U/s 201(1A) or late fee on income tax return U/s 234F or interest U/s 234A, 2134B, 234C be levied by TDS-CPC, Ghaziabad/Income Tax CPC Bengaluru?
Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) As far as prayer no.1 of the petitioner-association for issuance of a mandamus to the respondents to extend the “Due Date” of filing of Income Tax Return of Tax Audit Cases from 15.10.2018 to at least up to 31.10.2018 or such other date is concerned, […]
