Assessment u/s 115JA - MAT - Levy of interest u/s 234B and 234C ...

Income Tax

July 8, 2013

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

View Source

← Previous Next →

Assessment u/s 115JA - MAT - Levy of interest u/s 234B and 234C ...

Income Tax

July 8, 2013

You may also like:

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.

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.

Assessee was liable to pay interest u/s 234B and 234C of the Act in respect of tax determined on the basis of Section 115JA - HC

Income computed under Section 115J for the period prior to enforcement of Section 115JA and Section 115JB would not attract interest u/s 234B and 234C - HC

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

Mat credit – MAT credit should be given before charging interest under Sections 234B and 234C of the Act - HC

SC allows setoff of MAT credit with tax liability before calculating interest u/s 234A, 234B & 234C

Interest under section 234B - defaults in payment of advance tax - exclusion of interest u/s 234C included in the self assessment tax - AT

Levy of interest u/s 234B and u/s 234C - MAT - Book Adjustments - Section 115J/115JA - assessee cannot seek to escape the mandatory levy being fastened on it under the...

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

Quick Updates: