Janakpuri

New Delhi, DL 110011

taxpundit@taxpundit.org

Support Email

November 2022

Section 206C Tax Collected at Source

Guide on Tax Collected at Source TCS under Section 206C of the Income Tax Act, 1961

As per Section 206C of the Income Tax Act, 1961 the seller collects tax from the buyer on behalf of the government at the time of the sale. This tax is applicable to only some of the goods mentioned in the table under Section 206C. Applicability and Rates (i) Sale of certain goods Under section 206C(1), …

Guide on Tax Collected at Source TCS under Section 206C of the Income Tax Act, 1961 Read More »

Interest on deferment of advance Tax

Section 234C – How to Calculate Interest payable for deferment of advance tax?

In case an assessee, other than an assessee who declares profits and gains in accordance with the provisions of section 44AD(1) or section 44ADA(1), who is liable to pay advance tax under section 208 has failed to pay such tax or the advance tax paid by such assessee on its current income on or before …

Section 234C – How to Calculate Interest payable for deferment of advance tax? Read More »

Section 234-B

How to calculate Interest under Section 234B of Income Tax Act, 1961?

Introduction (1) Interest under section 234B is attracted for non-payment of advance tax or payment of advance tax of an amount less than 90% of assessed tax. (2) The interest liability would be 1% per month or part of the month from 1st April following the financial year upto the date of determination of income …

How to calculate Interest under Section 234B of Income Tax Act, 1961? Read More »

Practical guide on Section 234B

Advance Tax : Practical Guide on Section 207 to Section 219

Tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219, in respect of an assessee’s current income i.e. the total income of the assessee which would be chargeable to tax for the assessment year immediately following that financial year [Section 207]. Provision in the Income Tax Act, …

Advance Tax : Practical Guide on Section 207 to Section 219 Read More »

Scroll to Top