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Income Tax - Highlights / Catch Notes

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Charging interest u/s 234B - MAT credit - Here it is a clear-cut ...

Income Tax

July 7, 2020

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 liability of the assessee at that particular time would have correctly claimed MAT credit available to the assessee and charged interest u/s 234B of the income tax act. - Interest liability sustained.

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

  2. 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

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

  4. 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

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

  7. 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.

  8. Interest u/s 234B and 234C charged for default in payment of advance tax - assessee has submitted certificate from the Punjab National Bank that the cheques issued by...

  9. Reduction or waiver of interest charged under section 234A/234B/234C - Scope and Power

  10. Eligibility for interest on refund out of MAT credit - The assessee became entitled to refund consequent upon the deduction given on MAT credit and the TDS - HC

 

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