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Income Tax - Highlights / Catch Notes

Home Highlights May 2013 Year 2013 This

Interest under Section 244A denied - MAT credit under Section ...

Income Tax

May 1, 2013

Interest under Section 244A denied - MAT credit under Section 115JA - MAT credit admissible in terms of section 115JAA has to be set off against the assessed tax payable, before calculating interest under Sections 234A, 234B and 234C. - HC

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  1. MAT Credit admissible in terms of Section 115JAA has to be set off against the tax payable (assessed tax) before calculating interest under Sections 234A, 234B and 234C

  2. Assessment u/s 115JA - MAT - Levy of interest u/s 234B and 234C on retrospective levy of tax - Interest cannot be levied with retrospective effect - HC

  3. MAT - Interest u/s 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB.

  4. MAT - Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB.

  5. MAT - Rectification of mistake - Deduction of prior period items from book profit - section 115JA - HC

  6. Interest under section 244A of the Act on MAT credits - assessee is entitled to be allowed interest under section 244A of the Act on refundable taxes after giving credit...

  7. MAT computation - the assessee's lease equalisation charges have to be added to its book profits under section 115JA - AT

  8. Addition of provision made for doubtful debts while computing book profit u/s 115JA - Minimum alternate tax (MAT) - Said amount is to be added to the book profit - HC

  9. MAT - Deduction u/s 80HHE to be worked out on the basis of adjusted book profit u/s 115JA - SC

  10. Eligibility for interest on refund out of MAT credit - The assessee became entitled to refund consequent upon the deduction given on MAT credit and the TDS - HC

 

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