Section 244a of income tax act
Web37 pursuant to this section.] created by NRS 244A.601 in accordance with 38 the provisions of section 4.5 of this act. The money must be deposited in 39 the account created pursuant to section 4.5 of this act and used only for 40 the purposes set forth in that section. 41 [(b) If the city is located in a county in which a county fair and Web21 Oct 2024 · The proviso to sub section (1) says that one would be eligible for interest on refund only when the amount of refund is more than 10% of the amount of total tax one was required to be paid. Where the refund amount is due to amount of TDS (i.e. tax paid u/s 199) or TCS (i.e. tax collected u/s 206C) or because of payment of advance tax, then ...
Section 244a of income tax act
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Web9 Apr 2024 · Tax is payable in India at the rate of 30%. The tax rate in the Foreign country is 20%. The relief shall be calculated as follows: Tax payable in India will be Rs. 30,000/- (1,00,000*30%) The lower of Indian rate of tax (30%) and the rate of tax in the Foreign country (20%) is 20%. The relief will be Rs. 20,000/- (1,00,000*20%) Web31 May 2012 · Section 244A is operative with regard to the payment of interest on refund for the assessment year 1989-90 and thereafter. The provisions relating to refund and interest of the Income-tax Act, were drastically amended by the Direct Tax Laws (Amendment) Act, 1989, with effect from April 1, 1989. 15.
Web1 day ago · Facts- AO disallowed Rs. 74.32 Lakhs being expenditure incurred towards Corporate Social Responsibility. AO disallowed the said claim by invoking provisions of Explanation 2 to section 37 (1) of the Act, which states that any expenditure incurred on the activity relating to the Corporate social responsibility referred to in section 135 of the ... Web3 Aug 2012 · 2. That on the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that in the instant case the provisions of clause (b) of sub-section (1) of section 244A would apply, whereby interest u/s. 244A is payable only on the amount of tax paid in excess of the tax demand specified in the notice of demand u/s. 156.” 3.
Web2016 (8) TMI 165 X X X X Extracts X X X X. → Full Text of the Document. X X X X Extracts X X X X..... ng interest to the assessee under section 244A(1) of the Act. In this case, there was no decision by the Commissioner or Chief Commissioner on this issue and so much so, we do not think the Assessing Officer made out the case of delay in refund for any period … WebSection 244A read with section 154 of the Income Tax Act, 1961 — Refund — Section 244A prescribes that where the proceedings resulting in refund are delayed for reasons attributable to the assessee the period of delay so attributable to assessee shall be excluded from the period for which the interest is payable.
WebSection 94A of Income Tax Act OBJECTIVE OF INTRODUCTION OF SECTION 94A OF INCOME TAX ACT The main objective of Section 94A of the Income Tax READ MORE …
Websection 143(3) rw.s. 144C(13) of the Income-tax Act, 1961 dated 23 October 2024 passed by the Deputy Commissioner of Income-tax, International Tax Circle 1(1)(2), Mumbai [DCIT] for the0020aforesaid assessment year on the following ... The DCIT erred in not granting int erest under section 244A to the appellant. 4.2. The DCIT erred in Issuing a ... todd michneyWeb19 Jul 2024 · An Act to restate, with minor changes, certain enactments relating to income tax; and for connected purposes. penwortham all hallowsWeb25 Jul 2013 · Under Section 244A of the Income-Tax Act, a taxpayer is entitled to interest at 0.5% for every month (6% per annum) from the first day of April of the assessment year to the date on which... penwortham avenue burscoughWeb[Section 244A] [Complete Act] Take notes as you read a judgment using our Virtual Legal Assistantand get email alerts whenever a new judgment matches your query (Query Alert … todd milburn partnership newcastleWebInterest under section 244A of Income Tax Act, 1961 - YouTube. This channel is for those employees in Income Tax Department who are going to appear in Ministerial Staff … todd michenerWebAct, 1961 (the Act) upto the date of issuance of refund, the Tax Officer (TO) will pass a manual order. Upon uploading of the order on the Income-tax Business Application (ITBA) portal, the CPC will issue the refund. In detail Background • In the intimation under section 143(1) of the Act, interest under section 244A of the Act had been computed penwortham accomodationWeb2 May 2024 · One receives interest on refund under Section 244A of the Income Tax Act. This Section came into effect from AY 1989-90, and it replaced Section 214, which allowed interest on refunds only when such refunds arose as a result of advance tax payment. When can one Get Interest on Tax Refunds? penwortham bars and restaurants