Interest Payable By / To Assessee under Income Tax Act

 

Table of Contents

o    [Section 234A(3)]- Interest for defaults in furnishing the return of income required by a Notice U/s 148

o    Interest payable U/s 234B on Assessed Tax till the date of determination of Total Income under Section 143(1)

o    1.     [Section 244A (1)]- Interest Payable on Refund of Income Tax

§  (1) [Section 244A(1)(a)]- Where the Refund is arising out of excess payment of Advance Tax, TDS or TCS

§  (2)    [Section 244A(1)(aa)]- Where the Refund is out of any tax paid U/s 140A

§  (3)    [Section 244A(1)(b)]- Where the Refund is Due to any Other Case

o    2. [Section 244A(1A)]- Additional 3% interest on Refund in certain case, where the Refund arises as a result of giving effect to order of Appeal / Revision

o    3. [Section 244(1B)]- Where the Refund becomes due to the Deductor in respect of any amount paid to the credit of the Central Government under Chapter XVII-B

o    4.     [Section 244A(2)]- No interest for the period of delay in Refund if such delay is attributable to the Assessee

o    5. [Section 244A(3)]- Increase or Reduction of the Interest on Refund

 

Related Posts:

·         Deductions from Gross Total Income for computing Taxable Income 1.   [Section 80CCC]- Deduction in respect of Contribution to certain Pension Fund Essential Conditions for Claiming Deduction under this Section…

·         “Income from House Property” [Section 22 to 27] The annual value of property consisting of any buildings or lands appurtenant thereto of which  the assessee is the owner…

·         [Rule 12]- Form and Manner of Furnishing Return of Income As per rule 12(1), The return of income required to be furnished under section 139(I) or 139(3) or 139(4A) or…

·         [Section 194A]- Interest other than Interest on Securities Interest other than Interest on Securities includes payments made in respect of: (i)         Inter-corporate deposits / loans, (ii)       …

·         Income Tax Rates for Assessment Year 2021-22 1.   In case of Individual (A) For an individual (man or woman), resident in India who is of the age…

·         [Section 193]- TDS from Interest on Securities Under Section 2(28B), Interest on Securities means.— (i)         interest on any security of the Central Government or a State…

·         GST Return under GST Act. A GST Return is a summarised statement furnished by the tax payer to the tax administrators containing details of specified…

·         [Section 2(24)] - ‘Income’ Under Income Tax Act.– Concept & Definition The word 'Income' covers receipts in the shape of money or  money's worth which arise with certain regularity or expected…

·         Limitation / Compliance by Assessee , Assessing Authority, etc. Under Income Tax Act, 1961 1.   Advance Tax Advance Tax  All assessees other than covered under section  44AD or 44ADA Section Nature of Compliance by…

·         Investment Planning for Tax Savings 1.   Investment in Sukanya Samriddhi Yojana (SSY) The Sukanya Samriddhi Yojana interest rate for January to March 2020 (Q4, FY…

 

You may also like…

Revision by the Principal Commissioner or Commissioner under Income Tax Act.

Appeals & RevisionsDirect Taxes Ready ReckonerTax Management

Table of Contents 1.   [Section 263]- Revision of orders prejudicial to Revenue:Time limit for passing the revision order under section 263:No time limit in the…

 

[Section 285BA]-Obligation to Furnish Statement of Financial Transaction or Reportable Account

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management

Section 285BA requires the furnishing of statement on account of the following:  (A)       Statement of financial transactions  (B)        Statement of reportable account  Table…

 

Service of Notice under the Income-tax Act [Sections 282 to 284]

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management

Table of Contents 1.   [Section 282(1)]- Mode of Service of Notice or summon or requisition or order or any other communication under the Income Tax…

 

[Section 281B]- Provisional attachment of Property to protect revenue in certain cases

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management

Table of Contents (1) [Section 281B(1)]- Provisional attachment of any properly belonging to the assessee:(2)  [Section 281B(2)]- Period of validity of the attachment order:(3) [Section…

 

Restriction on Cash Transactions [Section 269ST and 271DA]

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management

In India, the quantum of domestic black money is huge which adversely affects the revenue of the Government creating a resource crunch for its various…

 

[Section 269T]- Mode of repayment of certain Loans or Deposits and Specified Advance Received

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management

(a)        No branch of a banking company or a co-operative bank, and (b)        No other company or co-operative society, and (c)        No…

 

[Section 269SS]- Mode of taking or accepting certain Loans, Deposits and Specified Sum

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management

No person shall take or accept from ant’ other person (herein referred to as the depositor),— (i)         any loan or (ii)        deposit or…

 

Appeals to Appellate Tribunal [Section 253(1) and (2)]

Appeals & RevisionsDirect Taxes Ready ReckonerTax Management

Table of Contents (A) [Section 253(1)]- Orders against which Appeal may be filed by the assessee:(B) [Section 253(2)]- Principal Commissioner or Commissioner may also direct…

 

First Appeal Filed by the Assessee

Appeals & RevisionsDirect Taxes Ready ReckonerTax Management

The first appeal against the order of Assessing Officer shall lie to the Commissioner (Appeals) and it can be filed by the assessee only. Table…

 

[Section 273A]- Power to Reduce or Waive Penalty

Direct Taxes Ready ReckonerPenaltiesTax Management

Table of Contents (A) [Section 273A(1)]- Power to Reduce or Waive Penalty imposed or imposable for default under Section 270 or Section 271(1)(c)Principal commissioner /…