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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Interest u/s 234B and 234C - In the scheme of demerger, it was ...

Income Tax

November 23, 2015

Interest u/s 234B and 234C - In the scheme of demerger, it was not possible for the assessee to estimate the income and pay the advance tax as the scheme was approved after the close of the financial year. - No interest - AT

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  1. Reduction or waiver of interest charged under section 234A/234B/234C - Scope and Power

  2. 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

  3. Refusal to waive interest u/s 234A, 234B and 234C - disallowance for want of deduction of tax at source u/s 40(a)(ia) - interest cannot be waived - HC

  4. 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

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

  6. Interest u/s 234A, 234B and 234C - non maintenance of proper books of accounts - rejection of claim for waiver of interest cannot be said to be illegal - HC

  7. 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

  8. 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.

  9. 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.

  10. 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

 

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