Home Highlights December 2018 Year 2018 This

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1. Amendment of section 234C - levy of interest - It is proposed to make consequential amendments in sub-section (1) of section 234C, in view of the amendments made in...

2. 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...

3. Levy of interest under Section 215 - Deputy Commissioner of Income Tax, Bombay, by order dated 20/03/1989 in the exercise of power under Rule 40 of Income Tax Rules,...

4. Interest paid on late payment of TDS - allowable deduction u/s 37(1) or not? - Interest on delayed payment of TDS cannot be allowed as deduction. - The interest...

5. Interest payable by assessee on short payment of advance tax - The bona-fides of the assessee in estimating his income and paying the advance tax accordingly are...

6. 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...

7. The submission that, non-payment of advance tax was on account of circumstances beyond the control of the assessee and for a reasonable cause, would not warrant deletion...

8. TP adjustment - notional interest - short term advances made by the assessee to its associated enterprises - The assessee being unable to establish with evidence the...

9. Disallowance of interest u/s 36(1)(iii) - The AO had disallowed the interest claimed by the assessee on advances made to its Director, citing a lack of nexus between the...

10. Disallowance of proportionate interest u/s 36 (1) (iii) - when assessee had sufficient funds, why should it depend on borrowed funds. In any case, if at a given point of...

11. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

12. Withdrawing the excess tax credit for advance tax and self-assessment tax - Rectification u/s 154 - The assessee has to furnish details of different payments of tax by...

13. Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - prior to the financial year 2012-13, the amount of...

14. Interest-free advance to subsidiary company - Nexus has been established by the assessee and when there is no interest burden on the assessee by virtue of the loan...

15. Disallowance of amount of interest on the amount advanced as interest-free advance & loans - Assessee on one hand is advancing interest free loans and advances to his...