Tax liability towards Interest on Income Tax Refund - The ...

Interest on Tax Refunds Taxable Despite Non-Deductibility of Interest Paid u/ss 234B, 234C, 234D.

June 8, 2020

Case Laws Income Tax AT

Tax liability towards Interest on Income Tax Refund - The argument of the assessee is that since interest paid u/ss.234B, 234C &. 234D is not allowable as a deduction from taxable income, interest received should also not be taxed as income. - This argument is not acceptable.

View Source

← Previous Next →

Tax liability towards Interest on Income Tax Refund - The ...

Interest on Tax Refunds Taxable Despite Non-Deductibility of Interest Paid u/ss 234B, 234C, 234D.

June 8, 2020

Case Laws Income Tax AT

You may also like:

The appeal was made regarding the incorrect charge of interest u/s 234B of the Act in an order passed u/ss 254, 143(3), and 153A. The issue was whether the assessee...

Interest on Delayed Refund of Input Tax Credit - Proviso to Section 56 specified increased interest rates for refunds arising from orders of adjudicating or appellate...

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...

Computation of interest u/s 234B - there is definite increase of tax liability from the regular assessment at the time of re-assessment - Tax paid u/s 140A was already...

Interest Liability u/s 234B - settlement of case u/s 245D(4) - Levy of interest on tax on additional income offered without providing the set off of the prepaid taxes...

Computation of interest u/s 234B of the Income Tax Act. Section 234B(2)(i) provides for adjustment of interest computed u/s 234B(1) by reducing the amount of interest...

Liability to pay interest u/s 234B - In the light of legal position as it existed for the relevant Assessment Years prior to insertion of proviso to Section 209(1) of...

Electronic refund of service tax paid on taxable services used for exports of goods - Trade Notice

This Court directed the respondents to process the petitioner's refund claims and grant a refund of the excess tax amount collected from the petitioner and deposited by...

Interest payable u/s 234B for the purpose of adjustment against the tax paid u/s 140A has to be computed with respect to assessed tax determined on the basis of total...

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...

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

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:...

Non-payment of tax for Assessment Years 2005-06 and 2006-07 - Liability to pay interest u/s 234B. Prior to the insertion of proviso to Section 209(1), if the payer...

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...

Quick Updates: