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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Interest under section 244A of the Act on MAT credits - assessee ...

Income Tax

April 30, 2016

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 of brought forward MAT credit - AT

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  1. 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

  2. Interest on refunds u/s 244A - unpaid portion representing tax as well as interest - The assessee is entitled for interest on unpaid interest.

  3. Payment of interest on refund u/s 244A - refund of excess tax deposited u/s 195(2) - assessee is entitled to get interest from the date of payment of such tax - SC

  4. Payment of interest u/s 244A on the amount of refund payable to the assessee - CIT(A) concluded that the claim of ‘interest’ by the respondent for the refund amounts to...

  5. Interest due to part refund - Interest on Interest - claim of interest u/s 244A allowed following the principle prescribed u/s 140A(1) - HC

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

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

  8. Interest under Section 244A on refund - benefit of MAT credit under Section 115JAA - the MAT credit that is available should be allowed to set off and thereafter the...

  9. Interest u/s.244A - whether assessee is entitled for additional interest - Provisions of section 244A (1A) would apply only prospectively w.e.f 01.06.2016 and hence...

  10. Carry forward and set off of MAT credit - MAT credit available to the assessee prior to demerger, even though, the same is arised on account of SEZ units, the credit for...

 

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