Home Highlights May 2017 Year 2017 This

You may also like:

1. The Income Tax Settlement Commission passed an order charging interest u/ss 234A, 234B, and 234C of the Income Tax Act. The petitioners challenged the order's...

2. Rectification u/s 154 - Chargeability of interest u/s 234B and 234C - income returned u/s 115JB - The return was assessed under section 143(3) of the Act, and no...

3. Levy of interest under section 234C - It is pertinent to note that provisions of section 234C of the Act refers to the term “returned income” in comparison to the...

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

5. 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...

6. Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

7. Prior period expenses adjustment against the prior period income - once the prior period income is held to be taxable, the prior period expenditure also should be...

8. Computation of interest u/s 234C - i it is pertinent to note that section 234C refers to the term “returned income” in comparison to section 234B which refers to the...

9. Income Tax Settlement Commission order - Waiver of interest - the Settlement Commission cannot re-open its concluded proceedings by invoking Section 154 of the Act so as...

10. Settlement Commission lacks power to rectify order u/s 245F(1) by levying interest u/ss 234A, 234B, and 234C prior to 01.06.2011. Rectification order on 21.03.2003 was...

11. Levy of interest under section 234C - Nil return or assessed tax - it is pertinent to note that section 234C refers to the term ‘returned income’ in comparison to...

12. 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...

13. Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

14. 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:...

15. 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...