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Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

MAT - Interest u/s 234B and 234C shall be payable on failure to ...

Income Tax

October 30, 2018

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.

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  1. 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.

  2. 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

  3. 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

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

  5. 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

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

  7. Assessee was liable to pay interest u/s 234B and 234C of the Act in respect of tax determined on the basis of Section 115JA - HC

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

  9. Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB. - HC

  10. Interest under section 234B - defaults in payment of advance tax - exclusion of interest u/s 234C included in the self assessment tax - AT

 

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