Advance tax
This query is : Resolved
19 July 2012
Whether non payment of Advance tax attract any penalty under the Income Tax Act, If yes please mention the section mention the case laws. please
19 July 2012
Interest under sections 234B and 234C for Short payment and deferrment of Advance Tax......
Penalty can be levied for non-payment of advance tax - E.K. Varghese v. ITO [1974] 96 ITR 577 (Ker.); Swastik Engg. Works v. CIT [1973] 87 ITR 116 (Guj.); Rameshwar Pershad v. CIT [1974] 95 ITR 605 (Punj. & Har.); Smt. Kusum Kumari v. Union of India [1972] 85 ITR 19 (All.); Prakash Cotton Mills (P.) Ltd. v. CIT [1979] 120 ITR 497 (Bom.); CIT v. Sreerama & Co. [1975] 101 ITR 531 (AP).
Penalty can be levied for non-payment of advance tax - E.K. Varghese v. ITO [1974] 96 ITR 577 (Ker.); Swastik Engg. Works v. CIT [1973] 87 ITR 116 (Guj.); Rameshwar Pershad v. CIT [1974] 95 ITR 605 (Punj. & Har.); Smt. Kusum Kumari v. Union of India [1972] 85 ITR 19 (All.); Prakash Cotton Mills (P.) Ltd. v. CIT [1979] 120 ITR 497 (Bom.); CIT v. Sreerama & Co. [1975] 101 ITR 531 (AP).
19 July 2012
NON payment of advance tax leads to interest payable u/s 234B(default in payment of advance tax) and 234C (deferrment in payment of advance tax). No penalty can be levied for non payment of advance tax and there is no such provision for levying penlaty for default in payment of advance tax in the incometax ACt.
19 July 2012
YES AGREE WITH ANAND
19 July 2012
thank you singhalji
19 July 2012
yes under sec 234(b) and 234(c) for short payment of advance tax
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