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Income Tax - Highlights / Catch Notes

Home Highlights February 2020 Year 2020 This

Levy interest u/s 234B - addition made in Book Profit under MAT ...

Income Tax

February 13, 2020

Levy interest u/s 234B - addition made in Book Profit under MAT - No interest can be levied u/s 234B of the Act, for shortfall in payment of advance tax on the basis of retrospective amendment to law.

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  2. Charging of interest u/s 234B for non payment of advance tax - assessment framed u/s 147 - additions made towards unexplained - Liability of interest confirmed.

  3. 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

  4. Addition of provision made for doubtful debts while computing book profit u/s 115JA - Minimum alternate tax (MAT) - Said amount is to be added to the book profit - HC

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

  10. MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

 

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