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...
In the case of Association Of Tax Practitioners & Hindu Economic Forum Vs. UOI filed with Kerala High Court it was argued that once an assessee is allowed to submit returns upto 15.10.2018, the department cannot demand interest under section 234A for the extended period. Hon’ble high court posted these writ petitions for further consideration on 11.10.2018.
Nitin Kumar Vs ACIT (ITAT Kolkata) Interest under section 234A is charged for delay in filing of the return from the prescribed due date. The cash was seized from the possession of the assessee before due date of filing of return under section 139(1) in the relevant assessment year when such seizure took place. Thus, […]
Income Tax Act, 1961 requires Income tax returns to be filed on time; advance tax to be paid correctly and within the prescribed time limit under the act. In case the assessee fails to comply with the provisions of the Act, interest shall be chargeable under Sections 234A, 234B and 234C.
CONSEQUENCES OF SUBMISSION OF RETURN AFTER DUE DATE- If a return is submitted after the due date, the following consequences will be applicable: 1. The assessee will be liable for penal interest under section 234A.
M/s. Nidhi Packers Pvt. Ltd. Vs ITO (ITAT Kolkata) Learned counsel for the assessee has contended that the due date of filing of return of income for the year under consideration was extended by the CBDT by a period of 15 days and since the return originally filed by the assessee was within such extended […]
A bench comprising Vijay Pal Rao (JM) and Vikram Singh Yadav (AM) of Income Tax Appellate Tribunal (ITAT) recently declared that Interest u/s 234B of the Income Tax Act can be levied on ground of non-payment of advance tax in respect of Alternative Minimum Tax.
G. Narasiman Vs. ITO (ITAT Chennai) Belated return filed under section 139(4) could not be revised under section 139(5). Therefore, revised return filed by assessee was invalid and to frame assessment by considering such return as return filed under section 139(1) was in conflict with charging interest under section 234A for delay in filing of […]
The financial information sought for in form 39A is an invasion of privacy. A lot of financial information is price sensitive for a listed entity and filing of such information would cause governance issues. The assessee would be providing information which has neither released to a Stock Exchange nor is in public domain and there is no guarantee that this information which is filed and lying in a folder will not be accessed in a price sensitive manner.
SUGGESTIONS FOR UNION BUDGET 2016-17 – FOR AMENDING SECTION 140A & 234A OF INCOME TAX ACT FOR REMOVAL OF HURDLES IN EASY EXTENSION OF DUE DATES OF FILING OF INCOME TAX RETURNS AND TAX AUDITS
The Hon’ble Punjab & Haryan High Court in the case of Shri Krishan Gopal HUF held that the levy of interest u/s 234A , B & C is part and parcel of the of assessment process and it is open to an assessee to dispute the levy in appeal provided he challenge the very levy rather than claiming any waiver
