Section 234C
Penalties and Prosecutions Under Income tax Act, 1961
Income Tax - Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...
Read MoreProsecutions 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....
Read MoreAdvance Tax Provisions, Payment 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....
Read MoreAll about 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. For provisions relating to punishment c...
Read MorePower of Commissioner to Reduce or Waive Income Tax Penalty
Income Tax - In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...
Read MoreProvide 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 […...
Read MoreNon-Chargeability of Interest U/s. 234C leviable on Cash was Seized after the Expiry of Previous Year
Nitin Kumar Vs ACIT (ITAT Kolkata) - With regard to interest u/s 234C of the Act , it is levied for deferment of payment of advance tax for the period of 01.04.2010 to 31.03.2011. In the instant case, since, the cash was seized after the expiry of the previous year i.e. after 31.03.2011, the assessee cannot claim non-chargeability of i...
Read MoreInterest u/s 234B / 234C payable on failure to pay advance tax on AMT/MAT
M/s GIE Jewels Vs. Income Tax officer (ITAT Jaipur) - 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. ...
Read MoreInterest U/s. 234B / 234C cannot be levied for period prior to date of survey on Income declared during Survey
Emem Freight Forwarders Vs Dy. CIT (ITAT Mumbai) - Emem Freight Forwarders Vs Dy. CIT (ITAT Mumbai) Section 210 of the Act requires the assessee to pay advance tax at his own or in pursuance of the order of the assessing officer on or before each of the due dates specified under section 211 of the Act. In the instant case, the assessment year [&he...
Read MoreSeized cash must be adjusted towards advance tax liability on request from Assessee
Latika Datt Abbott, Charu Datt Bhatia Vs DIT & Ors. (Delhi High Court) - Circular No. 20/2017 makes clear the intention of the Department not to contest those cases where the assessees had been given the benefit of adjustment of seized cash against the advance tax liability. There cannot be a situation where for those Assessees who have continued to remain in default of...
Read MoreInterest u/s 234A/ 234B cannot be levied in absence of any mention in Assessment Order
Income Tax Officer Vs. M/s. Heritage Project (ITAT Amritsar) - In the absence of any specific mention of the Assessing Officer in the assessment order for charging of interest u/s 234A and 234B, no interest would be recovered from the assessee merely by way of a demand notice....
Read MoreRecent Posts in "Section 234C"
Non-Chargeability of Interest U/s. 234C leviable on Cash was Seized after the Expiry of Previous Year
Nitin Kumar Vs ACIT (ITAT Kolkata) -
Penalties and Prosecutions Under Income tax Act, 1961
Prosecutions and Punishment under Income-Tax Act, 1961
Advance Tax Provisions, Payment Challan, e-payment Utility & Examples
All about Income Tax Offences liable to prosecution
Power of Commissioner to Reduce or Waive Income Tax Penalty
Penalties under the Income-Tax Act, 1961
All about Interest Payable U/s. 234A, 234B & 234C of I.T. Act,1961
Interest Payable U/s. 234A, 234B & 234C Calculator for FY 2017-18 (AY 2018-19
Interest u/s 234B / 234C payable on failure to pay advance tax on AMT/MAT
M/s GIE Jewels Vs. Income Tax officer (ITAT Jaipur) -
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