2 Section 234C

Section 234C

Interest Under Section 234A, 234B & 234C of Income Tax Act, 1961

Income Tax - Every Indian citizen is responsible for paying income tax and filing tax returns. It’s a healthy habit to keep, and it also helps in the recovery of TDS payments. Your taxes provide the government with a significant source of cash, which it invests in critical public programs and services. Advance tax means Income tax should [&helli...

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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...

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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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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 234C: PMS performance fees cannot be estimated for advance tax calculation

ASK Investment Managers Limited Vs DCIT (ITAT Mumbai) - PMS performance fees cannot be estimated before hand for the purpose of calculation of advance tax payable during the year because of uncertainty about the equity market since the performance fees can be ascertained by the assessee only on the last day of the year based on the stock market position ...

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Section 234C interest not applies to shortfall in advance tax payment on windfall gain/unexpected income

Hamilton Industries Pvt. Ltd. Vs ITO (ITAT Mumbai) - Hamilton Industries Pvt. Ltd. Vs ITO (ITAT Mumbai) Whether Commissioner of Income Tax (A) erred in conferring the interest of Rs.12,31,304/- under section 234C of the Income tax Act, 1961 without appreciating that the book profit includes capital gain income which arose in 4h quarter therefore the l...

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Income Tax Interest Waiver Application – Law applicable on application date to be applied

Chief Commissioner of Income Tax Vs Van Oord ACZ Marine Contractors BV (Madras High Court) - HC held that In the present case, the appellant had the right to apply for waiver of the interest charged under Section 234A or Section 234B, or Section 234C...

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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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Recent Posts in "Section 234C"

Section 234C: PMS performance fees cannot be estimated for advance tax calculation

ASK Investment Managers Limited Vs DCIT (ITAT Mumbai)

PMS performance fees cannot be estimated before hand for the purpose of calculation of advance tax payable during the year because of uncertainty about the equity market since the performance fees can be ascertained by the assessee only on the last day of the year based on the stock market position as at the end of that day. I...

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Section 234C interest not applies to shortfall in advance tax payment on windfall gain/unexpected income

Hamilton Industries Pvt. Ltd. Vs ITO (ITAT Mumbai)

Hamilton Industries Pvt. Ltd. Vs ITO (ITAT Mumbai) Whether Commissioner of Income Tax (A) erred in conferring the interest of Rs.12,31,304/- under section 234C of the Income tax Act, 1961 without appreciating that the book profit includes capital gain income which arose in 4h quarter therefore the liability to pay advance tax arise only o...

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Interest Under Section 234A, 234B & 234C of Income Tax Act, 1961

Every Indian citizen is responsible for paying income tax and filing tax returns. It’s a healthy habit to keep, and it also helps in the recovery of TDS payments. Your taxes provide the government with a significant source of cash, which it invests in critical public programs and services. Advance tax means Income tax should [&helli...

Read More
Posted Under: Income Tax |

Income Tax Interest Waiver Application – Law applicable on application date to be applied

Chief Commissioner of Income Tax Vs Van Oord ACZ Marine Contractors BV (Madras High Court)

HC held that In the present case, the appellant had the right to apply for waiver of the interest charged under Section 234A or Section 234B, or Section 234C...

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Penalties and Prosecutions Under Income tax Act, 1961

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 More
Posted Under: Income Tax |

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 | ,

Power of Commissioner to Reduce or Waive Income Tax Penalty

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...

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Posted Under: Income Tax | ,

Penalties under Income-Tax Act, 1961

Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....

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Posted Under: Income Tax | ,

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