Tax Leviable on Gain out of Crypto Currency Sale as Capital Gains: ITAT

Interest u/s 234C to Be Calculated on Tax Due as per Returned Income: ITAT The ITAT ruled that interest under Section 234C of the Income Tax Act should be calculated based on the tax due as per the returned income, rather than the assessed income. This decision arose in a case where the taxpayer had filed a return with a lower income than the assessment made by the authorities. The tribunal clarified that the interest under Section 234C should be charged based on the income disclosed in the return. The ruling provides clarity on how interest is to be calculated in cases of discrepancies between returned and assessed income, impacting tax computation practices.