Answers On Topic: advance tax
What is legal position whether interest U/sec. 234 A and 234 B is Tobe charged on income returned by the assessee or income assessed by the AO. Whether decision of Smt Tejkumari v CIT 114 Taxman 404 is still binding ? Pl guide
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Assessee firm has filed a declaration under IDS where in they have disclosed for AY 2015-16: Rs. 9,82,24,010/- as Business Income and For AY 2016-17: Rs. 1,15,04,953/- as Business Income. In the said declaration the assessee firm claimed the credit for the Advance Tax ,self assessment tax paid prior to date of IDS 2016 and TDS for both the assessment year However CIT has denied the credit for the said payment on the ground that it is not permissible to give credit of advance tax and self assessment tax in IDS. On the basis of this information the AO issued…
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Whether Interest u/s 234A will be liable where entire tax has been paid before due date but 234E had to be paid when filing the return after due date and hence there was a shortfall to the extent of 234E. Also kindly enlighten whether 234A will be applicable on the shortfall only.
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CREDIT FOR ADVANCE TAX WAS TAKEN FOR THE INCOME DECLARED UNDER THE INCOME DECLARATION SCHEME FORM WAS SUBMITTED ONLINE- CPC CREDIT WAS ALLOWED TO FORMS FILED PHYSICALLY BUT CPC HAS NOT TAKEN ANY ACTION NOW 148 NOTICE IS ISSUED BY ITO WHAT COULD BE REMEDY
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Changing of Interest U/sec 234 A and 234 B