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Income Tax - Highlights / Catch Notes

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Levy of interest u/s. 234B and 234C - MAT - after 07.1.2011 ...

Income Tax

March 28, 2016

Levy of interest u/s. 234B and 234C - MAT - after 07.1.2011 position became very clear that the assessees to be taxed u/s. 115 JB would also have to pay advance tax - interest should be levied for the default of March installment only and not for the earlier three installments. - AT

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  1. 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.

  2. 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.

  3. 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

  4. 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...

  5. 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

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

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

  8. Leave encashment - whether not an ascertained liability and thus liable to be added to the “book profit” under explanation 1 to Section 115 JB - MAT - Held no - HC

  9. 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

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

 

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