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Advance tax

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(Querist)
19 July 2012 Whether non payment of Advance tax attract any penalty under the Income Tax Act, If yes please mention the section mention the case laws. please
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CA mahesh birla

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CA mahesh birla (Expert)
19 July 2012 Interest under sections 234B and 234C for Short payment and deferrment of Advance Tax......

Penalty can be levied for non-payment of advance tax - E.K. Varghese v. ITO [1974] 96 ITR 577 (Ker.); Swastik Engg. Works v. CIT [1973] 87 ITR 116 (Guj.); Rameshwar Pershad v. CIT [1974] 95 ITR 605 (Punj. & Har.); Smt. Kusum Kumari v. Union of India [1972] 85 ITR 19 (All.); Prakash Cotton Mills (P.) Ltd. v. CIT [1979] 120 ITR 497 (Bom.); CIT v. Sreerama & Co. [1975] 101 ITR 531 (AP).
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CS ANAND RAVADA

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CS ANAND RAVADA (Expert)
19 July 2012 NON payment of advance tax leads to interest payable u/s 234B(default in payment of advance tax) and 234C (deferrment in payment of advance tax). No penalty can be levied for non payment of advance tax and there is no such provision for levying penlaty for default in payment of advance tax in the incometax ACt.
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C.A Anshul Singhal

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C.A Anshul Singhal (Expert)
19 July 2012 YES AGREE WITH ANAND
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CS ANAND RAVADA

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CS ANAND RAVADA (Expert)
19 July 2012 thank you singhalji
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CA BHARATH KUMAR

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CA BHARATH KUMAR (Expert)
19 July 2012 yes under sec 234(b) and 234(c) for short payment of advance tax
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