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Income Tax - Highlights / Catch Notes

Home Highlights April 2017 Year 2017 This

Interest was payable u/s 234B - if the assessee is not able to ...

Income Tax

April 7, 2017

Interest was payable u/s 234B - if the assessee is not able to forecast / anticipate the event for accrual of income during the previous year, no Interest can be demanded u/s 234B - AT

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  1. Interest payable u/s 234B for the purpose of adjustment against the tax paid u/s 140A has to be computed with respect to assessed tax determined on the basis of total...

  2. 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.

  3. 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.

  4. It is a misinterpretation the Revenue is obliged to pay interest on interest in the event of its failure to refund the interest payable within the statutory period

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

  8. 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...

  9. Interest charged u/s 234B - Deposit of amount pursuant to search and seizure proceedings - Provisions of section 132B of the Act governs the manner of utilisation of...

  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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