Section 234C

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....

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 […]...

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...

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...

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 ...

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 […]...

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...

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 […]...

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 […]...

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