Case: Geopetrol International Inc. v. ADIT, Delhi ITAT Note: This case contains some links to Riverus Research Map. To access these links please sign up or sign in. Listen to Geopetrol International Inc. v. ADIT, Delhi ITAT summary here. Background This case deals with levying of interest on advance tax and the deduction of tax at … Continue reading Whether assessee, a foreign company, should pay interest u/s 234B on account of non-payment of advance tax?
As per section 208 of the Income Tax Act, advance tax is the income-tax which is payable in instalments if the tax liability in a financial year exceeds Rs. 10,000. Advance Tax is payable in the year in which the income is received. Under the scheme of advance tax payment, income received under every head … Continue reading Alert: Second instalment of Advance Tax is due