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Income Tax - Highlights / Catch Notes

Home Highlights August 2018 Year 2018 This

Levy of interest u/s 234B - when a duty is cast on the payer to ...

Income Tax

August 21, 2018

Levy of interest u/s 234B - when a duty is cast on the payer to deduct tax at source, on failure of the payer to do so, no interest can be imposed on the payee under Section 234B of the Act.

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

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  6. 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

  7. 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

  8. 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

  9. 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.

  10. 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.

 

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