Home Highlights January 2015 Year 2015 This

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1. 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...

2. Interest payable u/s 234B for the purpose of adjustment against the tax paid u/s 140A has to be computed with respect to assessed tax determined on the basis of total...

3. Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

4. Liability to pay interest on delayed payment of VAT - The assessee was required to pay the tax payable in accordance with the provisions of Section 14 of the HVAT Act...

5. Interest Liability u/s 234B - settlement of case u/s 245D(4) - Levy of interest on tax on additional income offered without providing the set off of the prepaid taxes...

6. Interest u/s 234B – Tax liability due to retrospective amendment - failure to pay advance tax - no interest liability under section 234B - HC

7. Computation of interest u/s 234B - there is definite increase of tax liability from the regular assessment at the time of re-assessment - Tax paid u/s 140A was already...

8. Waiver of interest u/s 234B - interest in defaults in payment of advance tax - The phrase ‘or otherwise’ used in Section 234B(2) would encompass situations of...

9. Assessee, whose income tax is liable to be deducted at source, is not liable to pay advance tax under Section 208 of the Act and consequently, he is not liable to pay...

10. Interest demand u/s 220(2A) - petitioner had delayed in paying the interest under Sections 234A, 234B and 234C - Earlier, the application for waiver of interest was...

11. Levy of service tax - works contract - demand based on TDS form 26AS - The liability to pay a service tax is not upon a presumption nor can it be based upon a state of...

12. Liability to pay interest u/s 234B - In the light of legal position as it existed for the relevant Assessment Years prior to insertion of proviso to Section 209(1) of...

13. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

14. Interest levied by Revenue u/s 234A and 234B - adjustment of cash seized with the tax-liability determined on assessment - the assessee cannot blame Revenue for its own...

15. SVLDRS - Levy of interest for part payment - If the respondents are allowed to levy interest for the entire tax liability, when the portion of the tax is paid, then the...