Section 234C

Advance Tax due Dates & Rate of interest on late payment

Income Tax - ADVANCE TAX As per section 208 of the Income Tax Act 1961 a person shall be liable to pay advance tax  if Tax Liability exceeds Rs. 10,000 after deducting the amount of TDS,TCS. Every Assesses shall estimate his Income and Tax Liability for any previous year and Income Tax so estimated shall be paid in […]...

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Interest Calculation Under Section 234A, 234B and 234C

Income Tax - Interest Calculation of Under Section 234A, 234B And 234C of Income Tax Act, Along With Provision And Example Applicability:- Every Assessee is required to pay advance tax whose income tax liability is ₹10000 or more. Exception:- Resident senior citizen has not income under head of Profit & Gain from business and profession, is not ...

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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 the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

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Advance Tax Provisions, Challan, e-payment Utility & Examples

Income Tax - As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....

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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 prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....

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Provide relief from Section 234C interest to New Business

Income Tax - Recommendation For Amendment To Section 234C To Provide Relief Where A New Business Is Started During The Financial Year Section 234C provides that no interest for deferment of advance tax shall be levied in cases where the shortfall in payment of tax is on account of under-estimate or failure to estimate capital gains or casual […...

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Remuneration to Partners as Representative of HUF Allowed u/s 40(b)

Shreeji Corporation Vs JCIT (ITAT Ahmedabad) - 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)?...

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Section 54F exemption on gain from House Constructed on own land

Rajesh Kumar Adukia Vs DCIT (ITAT Ranchi) - Whether A.O. is right in dismissing the claim of the assessee u/s. 54F of the Act on the ground that residential flat was not constructed after the date of transfer and they were constructed alongwith saleable flats?...

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Section 132(4) statement & notings found during search sufficient to invoke section 153A jurisdiction

Lalji Khimjibhai Patel Vs ACIT (ITAT Rajkot) - The issue under consideration is whether the assessee is correct in stating that cognizance taken under section 153A of the Act is illegal at the end of the A.O.?...

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Bogus Purchase: Addition on peal credit basis for Low Margin & Low Vat Rate Items unjustified

Ashok S Vakharia HUF Vs ITO (ITAT Mumbai) - The issue under consideration is whether the CIT(A) is correct in confirming addition u/s 69C of the Act on account of unexplained purchases made during the year, calculated on the basis of peak credit?...

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Section 234B & 234C Interest on Book Profit Not Justified

PCIT Vs Mangalore Refnery & Petrochemicals Ltd. (Bombay High Court) - The issue under consideration is whether the charge of interest under sections 234B and 234C on the book profit was not justified?...

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Recent Posts in "Section 234C"

Remuneration to Partners as Representative of HUF Allowed u/s 40(b)

Shreeji Corporation Vs JCIT (ITAT Ahmedabad)

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)?...

Read More

Advance Tax due Dates & Rate of interest on late payment

ADVANCE TAX As per section 208 of the Income Tax Act 1961 a person shall be liable to pay advance tax  if Tax Liability exceeds Rs. 10,000 after deducting the amount of TDS,TCS. Every Assesses shall estimate his Income and Tax Liability for any previous year and Income Tax so estimated shall be paid in […]...

Read More
Posted Under: Income Tax |

Section 54F exemption on gain from House Constructed on own land

Rajesh Kumar Adukia Vs DCIT (ITAT Ranchi)

Whether A.O. is right in dismissing the claim of the assessee u/s. 54F of the Act on the ground that residential flat was not constructed after the date of transfer and they were constructed alongwith saleable flats?...

Read More

Section 132(4) statement & notings found during search sufficient to invoke section 153A jurisdiction

Lalji Khimjibhai Patel Vs ACIT (ITAT Rajkot)

The issue under consideration is whether the assessee is correct in stating that cognizance taken under section 153A of the Act is illegal at the end of the A.O.?...

Read More

Bogus Purchase: Addition on peal credit basis for Low Margin & Low Vat Rate Items unjustified

Ashok S Vakharia HUF Vs ITO (ITAT Mumbai)

The issue under consideration is whether the CIT(A) is correct in confirming addition u/s 69C of the Act on account of unexplained purchases made during the year, calculated on the basis of peak credit?...

Read More

Interest Calculation Under Section 234A, 234B and 234C

Interest Calculation of Under Section 234A, 234B And 234C of Income Tax Act, Along With Provision And Example Applicability:- Every Assessee is required to pay advance tax whose income tax liability is ₹10000 or more. Exception:- Resident senior citizen has not income under head of Profit & Gain from business and profession, is not ...

Read More
Posted Under: Income Tax |

Section 234B & 234C Interest on Book Profit Not Justified

PCIT Vs Mangalore Refnery & Petrochemicals Ltd. (Bombay High Court)

The issue under consideration is whether the charge of interest under sections 234B and 234C on the book profit was not justified?...

Read More

Prosecutions and Punishment under Income Tax Act, 1961

Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

Read More
Posted Under: Income Tax |

Advance Tax Provisions, Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....

Read More
Posted Under: Income Tax | ,

Income Tax Offences liable to prosecution

Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....

Read More
Posted Under: Income Tax | ,

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