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Income Tax - Highlights / Catch Notes

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Interest u/s 234A and 234B - monies lying in post office ...

Income Tax

May 12, 2016

Interest u/s 234A and 234B - monies lying in post office deposits which were the subject matter of attachment u/s 281B of the Act should be construed as taxes paid by the assessee and accordingly interest u/s 234A and 234B has to be reworked accordingly - AT

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

  2. 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

  3. 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

  4. 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

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

  6. 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

  7. Levying the interest u/s 234A and 234B up to the date of the assessment order u/s 147 - the interest under section 234A and 234B of the Act can be levied in the given...

  8. Waiver of interest u/s 234A, 234B and 234C - marginal delay in filing the returns - The petitioner sought relief based on the timing of filing returns after receiving...

  9. Interest levied by Revenue u/s 234A and 234B - adjustment of cash seized with the tax-liability determined on assessment - the assessee cannot blame Revenue for its own...

  10. Interest u/s 234B is not chargeable since ECB interest received by the assessee from the borrowers was subject to tax deduction at source u/s 195 - AT

 

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