Home Highlights July 2014 Year 2014 This

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1. Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

2. Liability for payment of advance tax - Amalgamation of company - whether the Company is obliged under the Act to pay advance tax between 1-04-2016 and 20-03-2017 for the...

3. Transitional credit - Unutilized amount of Advanced VAT paid - The court found that if the amount of advance tax paid under the VAT regime remained unutilized, it should...

4. Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

5. The Appellate Tribunal dismissed the appeal u/s 249(4)(b) due to non-payment of advance tax. The assessee did not respond to the notice u/s 142(1) to clarify tax payment....

6. Liability to pay tax under the U.P. Motor Vehicles Taxation Act, 1997 - the requirement under law is to first pay the tax in advance as provided under Section 9 and...

7. Scope of Advance Ruling application - Input Tax Credit - When the applicant is sure as is evident in the application that tax has not been paid in cash or has been paid...

8. Estimated addition @ 25% of the advance booking receipt on shops/flats by the AO u/s 68 - Since the project could not be further carried out due to legal bar the...

9. Adjustment of excess service tax paid in advance - the intention of paying advance should be made clear immediately after the payment - it can be seen that the said...

10. Maintainability of appeal before CIT(A) u/s 249 (4)(b) - failure to pay advance tax - Once the assessee alleged that his income is not taxable during the provisions of...

11. Assessee in default - TDS u/s 194A - interest paid/credited to its customers - Interest other than interest on securities - In order to treat a person as assessee in...

12. Eligibility to make adjustment of excess service tax paid against future service tax liability - Claim of Excess service tax paid due to issuance of revised invoice -...

13. Denial of credit of advance tax paid by assessee - filing of application before CBDT u/s 119(2)(b) for condonation of delay in claiming the advance tax credit - AO erred...

14. Interest u/s 234B and 234C charged for default in payment of advance tax - assessee has submitted certificate from the Punjab National Bank that the cheques issued by...

15. The Policy Circular No. 01/2024 issued by the Directorate General of Foreign Trade provides clarification on the discharge of export obligations of Advance Authorisation...