Taxability of Interest on refund u/s 244A(1) - interest on ...

Interest on Refund u/s 244A(1) is Taxable When Granted, Even if Adjusted Against Prior Tax Liabilities.

March 16, 2020

Case Laws Income Tax AT

Taxability of Interest on refund u/s 244A(1) - interest on refund whenever it is granted, it is assessable in that year itself and if it is adjusted with any prior tax liability of earlier years and such interest is in turn paid to the Government Account that also is payment of interest to the assessee, in such case, there is no need for any intimation separately. - AT

View Source

← Previous Next →

Taxability of Interest on refund u/s 244A(1) - interest on ...

Interest on Refund u/s 244A(1) is Taxable When Granted, Even if Adjusted Against Prior Tax Liabilities.

March 16, 2020

Case Laws Income Tax AT

You may also like:

Non-granting interest u/s 244A on excess self-assessment tax from January 2017 to October 2017 was denied, citing the refund was less than 10% of the tax determined in...

When calculating interest u/s 244A(1), if a refund is granted earlier, it should be adjusted against the interest component first, and the remaining amount, if any,...

The Income Tax Appellate Tribunal held that the refund granted to the assessee should be first adjusted against the correct amount of interest due, and the remaining...

The assessee claimed additional interest u/s 244A(1A) for the delayed refund. The AO incorrectly adjusted the refund against the tax component instead of first adjusting...

TDS done by the Ld. AO on the interest granted u/s. 244A(1) - taxability of interest on refund in terms of Article 12(3)(a) of the India- Italy DTAA - the interest in...

Computation of refund and interest thereon under section 244A - The present case is not a case where interest on interest due was claimed by the assessee. The issue...

Interest on refund - AO was not justified in withdrawing the interest under section 244A(1) because the seized cash was adjusted against the existing liability and...

Non granting interest u/s 244A - AO is hereby directed to pay interest on the refund eligible in accordance with the proviso to Section 244A(1)(a) with regard to the...

Grant of interest u/s 244A(1)(a) on the refund admissible to appellant - ITAT refused to grant interest on the ground that the refund arising on regular assessment after...

Computation of the interest on refund u/s 244A - the judicial proprietary demands that order of the Tribunal of earlier years must be followed and therefore we direct...

Calculation of interest u/s 244A - when a refund of tax has to be reduced by refund already granted it is only the tax element which has to be adjusted and not the...

Calculation of interest u/s 244A - when a refund of tax has to be reduced by refund already granted it is only the tax element which has to be adjusted and not the...

Interest u/s 244A on self assessment tax payment - AO directed to re-compute the amount of interest u/s. 244A by first adjusting the amount of refund already granted...

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...

Taxability of Interest received u/s 244A - held that:- interest on refund under section 244A(1) granted to the assessee in the proceedings under section 143(1)(a) would...

Quick Updates: