Clarification regarding advance tax while filing Updated Return ...

Retrospective Amendment to Section 140B(4): Interest Calculation on Assessed Tax Minus Advance Tax from April 2022.

February 4, 2023

Notes Income Tax

Clarification regarding advance tax while filing Updated Return - a retrospective amendment has been proposed in section 140B(4) that interest payable under section 234B shall be computed on an amount equal to the assessed tax as reduced by the amount of advance tax, the credit for which has been claimed in the earlier return, if any. to take effect from 1.04.2022.

View Source

← Previous Next →

Clarification regarding advance tax while filing Updated Return ...

Retrospective Amendment to Section 140B(4): Interest Calculation on Assessed Tax Minus Advance Tax from April 2022.

February 4, 2023

Notes Income Tax

You may also like:

The Appellate Tribunal dismissed the appeal u/s 249(4)(b) due to non-payment of advance tax. The assessee did not respond to the notice u/s 142(1) to clarify tax payment....

Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

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...

Charging interest u/s. 234B(3) / (4) - The section 234B(4) states that if there is any increase or decrease in the income, correspondingly interest shall be increased or...

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:...

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

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

The High Court held that the interest on a money award is to be calculated at three times the RBI-notified rates with monthly compounding, fluctuating along with RBI...

Appeal before CIT(A) - Non deposit of admitted tax/advance tax as provided u/s 249(4) - Payment of tax is mandatory but the requirement of paying such tax before filing...

Disallowance of proportionate interest u/s 36 (1) (iii) - when assessee had sufficient funds, why should it depend on borrowed funds. In any case, if at a given point of...

Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

The assessee failed to demonstrate that the financial assistance availed on interest was utilized for business purposes without diversion. Where an assessee has...

Exemption u/s 11 - cancelling registration granted u/s 12AA/12AB of the Act by invoking the provisions of section 12AB(4)(ii) of the Act with retrospective effect - no...

Assessment of turnover of the applicant as per Section 4(3) of the VAT - levy of tax on turnover of sale has to be done in the manner provided in Section 4(3) of the Act...

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...

Quick Updates: