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Income Tax - Highlights / Catch Notes

Home Highlights May 2015 Year 2015 This

Interest u/s 234B - amendment to section 115JB - The liability ...

Income Tax

May 27, 2015

Interest u/s 234B - amendment to section 115JB - The liability to tax although credited retrospectively could not entail the punishment of payment of interest with retrospective effect. - HC

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

  2. Tax liability due to MAT u/s 115JB is subject to advance tax and in case of failure to deposit advance tax, interest u/s 234B is payable - SC

  3. Interest liability u/s 234B and C on retrospective amendment under section 115 JB - Since the clause (i) was not on statute book during the relevant assessment year, the...

  4. 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.

  5. 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.

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

  7. 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

  8. Once they have admitted their liability of service tax, although the liability of service tax was not leviable, the same should be paid along with interest - AT

  9. Charging of interest u/s 234B for non payment of advance tax - assessment framed u/s 147 - additions made towards unexplained - Liability of interest confirmed.

  10. Charging interest u/s 234B - MAT credit - Here it is a clear-cut case of computational error. Anybody, either the AO or the assessee, would have computed the tax...

 

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