Section 234C

Extension of due dates of ITR, Tax Audit, Transfer Pricing Audit for AY 2021-22

Income Tax - Extension of due dates of Income Tax Returns for Tax Audit, Transfer Pricing and Return of Income for the Assessment Year 2021-22 for Auditable Assessee Extension of time lines for filing of Income-tax returns (Auditable Assessee for the Assessment Year 2021-22) and various reports of audit including Tax Audit/ Transfer Pricing Audit for ...

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Waiver of Section 234B & 234C interest for delay in deposit of Advance/SA tax

Income Tax - Waiver of interest u/s 234B and 234C of Income Tax Act on delay in deposit of advance tax/self-assessment (SA) tax on MEIS/RODTEP for the A.Y. 2021-22 1. CHAPTER 3 OF FOREIGN TRADE POLICY,2015-20 Exports of notified goods/products with ITC[HS] code, shall be rewarded under MEIS. Appendix 3B lists the rate(s) of rewards on various notified...

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Advance Tax & Interest Under Section 234A/B/C

Income Tax - Advance tax means income tax should be paid in advance instead of lump sum payment at year end. Taxpayer need to pay Advance Tax in 4 installments in which he has to pay 15% of advance tax by 15th June, 45% of advance tax by 15th September, 75% of advance tax by 15th December and […]...

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Interest under section 234C of the Income Tax Act

Income Tax - Provisions of section 208 make payment of advance tax mandatory for the taxpayer liable to pay a tax of INR 10,000 or more. Additionally, the income tax law also mandates the taxpayer to pay the advance tax in specified proportion (instalments). In case the taxpayer misses to pay the advance tax in specified proportion, he […]...

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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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Request to CBDT to permit delayed filing of Form 10IC

Income Tax - Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section 119(2)(b) of the Income Tax Act, 1961...

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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; (ii) Issue notice to the opposite parties as to why writ in the nature of certiorari shall not be issued quashing/striking down “Clarification 1” given in Circular dated 09.09.2021 in respect of Section 2...

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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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Section 234B & 234C Interest not leviable on additional income taxable due to unanticipated event

Colt Technology Services (1) Pvt. Ltd. Vs DCIT (ITAT Delhi) - Interest under section 234B and 234C is not leviable since it was not possible for the appellant to anticipate the events that were to take place in the next financial year and pay advance tax on the basis of those anticipated events....

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Mistake in section 234C interest calculation: ITAT directs AO to check

ABB Limited Vs Additional CIT (ITAT Bangalore) - ABB Limited Vs Additional CIT (ITAT Bangalore) Learned AR has given a table, wherein it is claimed that excess payment of advance tax for the 1st and the last quarter has been ignored while calculating interest u/s 234C of the I.T. Act. ITAT directs A.O. to examine the correctness of the claim of th...

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Due Date Extension Case- Extension denied, HC directs UOI to attend technical glitches on Portal – Penalty interest Issues considerable at Assessment Stage

Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court) - Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court)  HC refuses to Extend Due date of Filing The Tax Audit Report Mr. Poddar, the learned counsel made a request that the deadline of 15.01.2022 for the purpose of filing the audit report may be extended to 15.02.2022. We ...

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Section 234C Interest leviable on defaults in advance tax payment on returned Income & not on assessed income

Sumitomo Corporation Vs DCIT (ITAT Delhi) - Interest was payable under Section 234C on default in payment of advance tax installment on returned income, and not on assessed income....

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No section 36(1)(iii) disallowance unless Direct Nexus between Borrowed Funds & Capital Withdrawals

Lypsa Diamonds Vs ITO (ITAT Mumbai) - The issue under consideration is whether disallowance u/s 36(1)(iii) made by AO forming an opinion that interest bearing funds were withdrawn from the firm being capital withdrawn by the partners and interest free advances is justified in law?...

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Recent Posts in "Section 234C"

Section 234B & 234C Interest not leviable on additional income taxable due to unanticipated event

Colt Technology Services (1) Pvt. Ltd. Vs DCIT (ITAT Delhi)

Interest under section 234B and 234C is not leviable since it was not possible for the appellant to anticipate the events that were to take place in the next financial year and pay advance tax on the basis of those anticipated events....

Read More

Mistake in section 234C interest calculation: ITAT directs AO to check

ABB Limited Vs Additional CIT (ITAT Bangalore)

ABB Limited Vs Additional CIT (ITAT Bangalore) Learned AR has given a table, wherein it is claimed that excess payment of advance tax for the 1st and the last quarter has been ignored while calculating interest u/s 234C of the I.T. Act. ITAT directs A.O. to examine the correctness of the claim of the assessee […]...

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Request to CBDT to permit delayed filing of Form 10IC

Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section 119(2)(b) of the Income Tax Act, 1961...

Read More
Posted Under: Income Tax | ,

AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition; (ii) Issue notice to the opposite parties as to why writ in the nature of certiorari shall not be issued quashing/striking down “Clarification 1” given in Circular dated 09.09.2021 in respect of Section 2...

Read More
Posted Under: Income Tax |

Extension of due dates of ITR, Tax Audit, Transfer Pricing Audit for AY 2021-22

Extension of due dates of Income Tax Returns for Tax Audit, Transfer Pricing and Return of Income for the Assessment Year 2021-22 for Auditable Assessee Extension of time lines for filing of Income-tax returns (Auditable Assessee for the Assessment Year 2021-22) and various reports of audit including Tax Audit/ Transfer Pricing Audit for ...

Read More
Posted Under: Income Tax |

Due Date Extension Case- Extension denied, HC directs UOI to attend technical glitches on Portal – Penalty interest Issues considerable at Assessment Stage

Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court)

Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court)  HC refuses to Extend Due date of Filing The Tax Audit Report Mr. Poddar, the learned counsel made a request that the deadline of 15.01.2022 for the purpose of filing the audit report may be extended to 15.02.2022. We are not inclined to go […]...

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Waiver of Section 234B & 234C interest for delay in deposit of Advance/SA tax

Waiver of interest u/s 234B and 234C of Income Tax Act on delay in deposit of advance tax/self-assessment (SA) tax on MEIS/RODTEP for the A.Y. 2021-22 1. CHAPTER 3 OF FOREIGN TRADE POLICY,2015-20 Exports of notified goods/products with ITC[HS] code, shall be rewarded under MEIS. Appendix 3B lists the rate(s) of rewards on various notified...

Read More
Posted Under: Income Tax |

Advance Tax & Interest Under Section 234A/B/C

Advance tax means income tax should be paid in advance instead of lump sum payment at year end. Taxpayer need to pay Advance Tax in 4 installments in which he has to pay 15% of advance tax by 15th June, 45% of advance tax by 15th September, 75% of advance tax by 15th December and […]...

Read More
Posted Under: Income Tax |

Interest under section 234C of the Income Tax Act

Provisions of section 208 make payment of advance tax mandatory for the taxpayer liable to pay a tax of INR 10,000 or more. Additionally, the income tax law also mandates the taxpayer to pay the advance tax in specified proportion (instalments). In case the taxpayer misses to pay the advance tax in specified proportion, he […]...

Read More
Posted Under: Income Tax |

Section 234C Interest leviable on defaults in advance tax payment on returned Income & not on assessed income

Sumitomo Corporation Vs DCIT (ITAT Delhi)

Interest was payable under Section 234C on default in payment of advance tax installment on returned income, and not on assessed income....

Read More

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