No Interest u/s 234B can be levied on the assessee-payee on the ground of non-payment of Advance Tax: ITAT
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that no interest under section 234B can be levied on the assessee-payee on the ground of...
![No disallowance of Interest on Borrowed Capital for Business purposes: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/12/disallowance-Interest-Borrowed-Capital-Business-purposes-ITAT-Taxscan.jpg "No disallowance of Interest on Borrowed Capital for Business purposes: ITAT [Read Order]")
![Karnataka High Court deletes Interest accrued on Non-Performing Assets from Computation of Taxable Income [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/11/Karnataka-High-Court-Interest-on-Non-Performing-Assets-Taxable-Income-Taxscan.jpg "Karnataka High Court deletes Interest accrued on Non-Performing Assets from Computation of Taxable Income [Read Judgment]")
![Delhi Govt. notifies Interest to be paid on net GST with effect from Sep 1, 2020 [Read Notification]](https://www.taxscan.in/wp-content/uploads/2020/11/Delhi-Govt-Interest-net-GST-Taxscan.jpg "Delhi Govt. notifies Interest to be paid on net GST with effect from Sep 1, 2020 [Read Notification]")
If Refund doesn’t include Interest due payable on the amount refunded, the revenue would be liable to pay Interest on shortfall: Karnataka HC grants relief to Syndicate Bank
The Karnataka High Court while dismissing the plea of the revenue held that the revenue is liable to pay interest on the amount of interest on refund. The assessee, Syndicate Bank is a...
Interest on Bank Deposits is also eligible to be included in profits of 100% EOU for claiming Deduction: Madras HC [Read Judgment]
The Madras High Court held that the interest on bank deposits is also eligible to be included in profits of 100% Export Oriented Unit (EOU) for claiming deduction under Section 10A or 10B of the...
![Interest on Bank Deposits is also eligible to be included in profits of 100% EOU for claiming Deduction: Madras HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/09/Interest-bank-deposits-EOU-profits-claiming-deduction-Taxscan.jpg "Interest on Bank Deposits is also eligible to be included in profits of 100% EOU for claiming Deduction: Madras HC [Read Judgment]")
12% GST applicable on Interest / Penalty collected for Delay in Payment of Monthly Subscription by Members of Chit Fund Company: AAR [Read Order]
The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that 12% of GST is applicable on interest/penalty collected for the delay in payment of monthly subscription by the members of the chit fund...
![12% GST applicable on Interest / Penalty collected for Delay in Payment of Monthly Subscription by Members of Chit Fund Company: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/07/Delayed-GST-Payment-Taxscan.jpg "12% GST applicable on Interest / Penalty collected for Delay in Payment of Monthly Subscription by Members of Chit Fund Company: AAR [Read Order]")
Income Tax (16th Amendment) Rules, 2020: CBDT amends rule 31A and Form No. 26Q from July 3, 2020 [Read Notification]
The Central Board of Direct Taxes (CBDT) on Monday, mandates providing certain information relating to cash withdrawals under section 194N in Form No. 26Q. The Board also mandates that details of...
![Income Tax (16th Amendment) Rules, 2020: CBDT amends rule 31A and Form No. 26Q from July 3, 2020 [Read Notification]](https://www.taxscan.in/wp-content/uploads/2020/07/CBDT-Taxscan.jpg "Income Tax (16th Amendment) Rules, 2020: CBDT amends rule 31A and Form No. 26Q from July 3, 2020 [Read Notification]")
![Interest under Income Tax Act can’t be levied on a Wound-Up Company: Madras HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2018/08/GSTAT-Madras-High-Court-Taxscan.jpg "Interest under Income Tax Act can’t be levied on a Wound-Up Company: Madras HC [Read Judgment]")