Computation of Interest u/s 234B and 234C - MAT credit - along ...

Interest Calculation Excludes MAT Credit u/ss 234B and 234C of Income Tax Act for Assessed Tax.

March 12, 2018

Case Laws Income Tax AT

Computation of Interest u/s 234B and 234C - MAT credit - along with tax deducted or collected at source, MAT credit u/s 115JAA also to be excluded while calculating assessed tax. - AT

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Computation of Interest u/s 234B and 234C - MAT credit - along ...

Interest Calculation Excludes MAT Credit u/ss 234B and 234C of Income Tax Act for Assessed Tax.

March 12, 2018

Case Laws Income Tax AT

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The ITAT held that where the assessee entered into a unilateral Advance Pricing Agreement (APA) with the Central Board of Direct Taxes (CBDT) and complied with its...

The Income Tax Settlement Commission passed an order charging interest u/ss 234A, 234B, and 234C of the Income Tax Act. The petitioners challenged the order's...

The case pertains to the levy of interest u/s 234C for failure on the part of the payer to deduct tax deducted at source (TDS) u/ss 196D and 194LD. The key points are:...

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

Levying interest u/s 234C - Advance tax - Non-deduction of TDS by the payer - The interest income received by the assessee from IOCL was liable for deduction of tax at...

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

Charging interest u/s 234B - MAT credit - Here it is a clear-cut case of computational error. Anybody, either the AO or the assessee, would have computed the tax...

Levy of interest under section 234C - It is pertinent to note that provisions of section 234C of the Act refers to the term “returned income” in comparison to the...

The appeal was made regarding the incorrect charge of interest u/s 234B of the Act in an order passed u/ss 254, 143(3), and 153A. The issue was whether the assessee...

Tax liability towards Interest on Income Tax Refund - The argument of the assessee is that since interest paid u/ss.234B, 234C &. 234D is not allowable as a deduction...

The assessee failed to claim the Minimum Alternate Tax (MAT) credit in the original income tax return and did not file a revised return. The Assessing Officer (AO) did...

Levy of interest under section 234C - Nil return or assessed tax - it is pertinent to note that section 234C refers to the term ‘returned income’ in comparison to...

The Income Tax Appellate Tribunal (ITAT) ruled that when an assessee promptly computed and paid advance tax u/ss 234A, 234B, and 234C of the Income Tax Act, and an...

Rectification u/s 154 - Chargeability of interest u/s 234B and 234C - income returned u/s 115JB - The return was assessed under section 143(3) of the Act, and no...

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

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