Section 234H of the Income Tax Act, 1961 imposes a fee for failure to intimate/link one’s Aadhaar number with PAN as required under Section 139AA. Here are the key provisions: When Does the Fee Apply? If taxpayer fails to intimate/link Aadhaar with PAN by the due date Applies when Aadhaar is mandatory for filing ITR […]
[Section 234H]: Fee for Default in Intimation of Aadhaar Number Read More »
Section 220(2) of the Income Tax Act, 1961, imposes interest @ 1% per month on unpaid tax demands if the assessee fails to pay within 30 days of receiving the notice. 1. Key Provisions of Section 220(2) When Does Interest Apply? Tax demand raised(regular assessment, reassessment, penalty, etc.). Assessee fails to paywithin 30 days of the demand notice. Interest Rate & Calculation 1%
[Section 220(2)]: Interest for Late Payment of Demand of Tax, Interest, Penalty, Etc. Read More »
Section 201(1A) of the Income Tax Act, 1961, imposes interest on a deductor (employer, company, etc.) who either: Fails to deduct TDS(Tax Deducted at Source), or Deducts TDS but fails to deposit itwith the government on time. 🔹 Key Provisions of Section 201(1A) When Does Interest Apply? DEFAULT INTEREST RATE PERIOD OF CALCULATION Failure to deduct TDS 1% per month From the
[Section 201(1A)]: Interest for Failure to Deduct or Pay Tax at Source Read More »
Section 244A of the Income Tax Act, 1961, governs the interest paid by the Income Tax Department to taxpayers when refunds are delayed. This ensures taxpayers are compensated for the government’s use of their money. 🔹 Key Provisions of Section 244A When is Interest Payable? Interest is paid if: ✅ Refund arises due to excess tax paid (TDS, advance tax, self-assessment
[Section 244A]: Interest Payable to Assessee on Tax Refunds Read More »
The Income Tax Act, 1961, allows for the waiver or reduction of interest in certain cases, primarily under Section 220(2A). Below is a detailed breakdown of the rules, eligibility, and process for seeking relief from interest penalties. 🔹 Key Provisions for Interest Waiver 1. Applicable Sections Section 220(2):Imposes 1% monthly interest on unpaid tax demands after 30 days of notice.
Waiver of Interest Under Income Tax Act: Key Provisions & Conditions Read More »
Under the Income Tax Act, 1961, the right to claim a refund depends on who has paid the excess tax and under what circumstances. Here’s a breakdown of who can claim a refund: 1. The Assessee (Taxpayer) Themselves Primary claimant: The person who paid the tax (e.g., through TDS, advance tax, or self-assessment) and is entitled to
Who Should Claim Refund Under the Income Tax Act? Read More »
Under Section 237 of the Income Tax Act, 1961, the following persons are entitled to claim a refund of excess tax paid: 1. Primary Claimant: The Taxpayer (Assessee) Any individual, company, or entity who has paid tax in excessof their actual liability for a given assessment year is entitled to a refund. This includes excess payments through:
Who Is Entitled to Refund? [Section 237] Read More »
Yes, under Section 238 of the Income Tax Act, 1961, a person other than the assessee can claim a refund in specific scenarios. Here’s a detailed breakdown: Who Can Claim a Refund Under Section 238? Person Whose Income was Taxed in Another’s Hands (Clubbing Provisions) If income is clubbedunder someone else’s total income (e.g., spouse’s income under Section 64, minor’s
[Section 238]: Can A Person Other Than the Assessee Claim Refund? Read More »
Under Section 239 of the Income Tax Act, 1961, and related provisions, here are the key details regarding the form for claiming a refund and the time limits for such claims: 1. Form for Claiming Refund Normal Cases (Filed with ITR): If the refund arises from a filed income tax return (ITR), no separate formis required. The refund is processed automatically
Under Section 240 of the Income Tax Act, 1961, refunds arising from appellate or other proceedings are granted automatically without requiring a separate claim from the taxpayer. Here’s a detailed breakdown: 1. Key Provisions of Section 240 Automatic Refund: If any amount becomes refundable due to an appeal, revision, rectification, or other proceedings(e.g., orders under Sections 154, 263, or
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