Section 234A - Page 6

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

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...

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

Bharatbhai B. Shah Vs Income Tax Officer & 2 (Gujarat High Court)

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 ...

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

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...

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

CIT Vs Emilio Ruiz Berdejo (Bombay High Court)

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....

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

CIT Vs Pranoy Roy (Supreme Court of India)

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....

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

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 v...

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June 2021