WebApr 17, 2024 · The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the amount of interest under section 234C of the Income Tax Act, 1961 shall be calculated on the basis of the “returned income” and not on the “assessed income”. The Assessing Officer made a reference to the Transfer Pricing Officer for determination of arm’s length ... WebDec 30, 2024 · Section 234C of the Income Tax Act, 1961 contains various provisions that are applicable in case of delay in the payment of advance tax by a taxpayer. The tax …
Section 234C: Interest Under Section 234C of Income Tax Act
WebDec 5, 2024 · Section 234C of the Income Tax Act, 1961 offers tax provisions that are applicable in case the taxpayer fails to make advance tax payment. The Income Tax … WebJan 9, 2024 · There are 3 types of interests which are charged on the taxpayer under the following circumstances: Section 234A: Delay in Filing of Tax Return. Section234B: Delay in the Payment of Advance Tax. Section 234C: Deferred Payment of Advance Tax. It is the first part of a three-part series on section 234 where we shall discuss section 234A in detail. incompatibility\u0027s ef
Section 234C: Interest on Deferred Payment of Advance Tax
WebAug 3, 2024 · pay interest under section 234C because he has paid minimum of 36% of advance tax payable by 15th September. He has paid Rs. 19,000 till 15th September and 36% of 45,500 amounts to Rs. 16,380. Hence, no interest shall be levied in case of deferment of second installment. December. WebSep 19, 2024 · Section 234C provides for levy of interest for default in payment of instalment (s) of advance tax ie. In case of taxpayers (other than those who opted for presumptive taxation scheme under section 44AD or section 44ADA ), interest shall be levied- If advance tax paid on or before 15th June is less than 12% of advance tax payable WebJan 20, 2024 · the advance tax paid by the assessee on the current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent on the amount of the shortfall from the tax due on the returned income. inchin fremont