29 October 2017
Please clarify me on total tax liability in case of company is Rs 44 Lakh and tds/advance tax deposited for the year is Rs 42 Lakh, on balance 2 Lakh utility is calculating interest u/s 234B. But as per my knowledge interest u/s 234b applicable only when shortfall is less than 90% of total tax liability.
29 October 2017
I think it's not calculated as advance Tax...
It's calculated as Self Assessment Tax...
Advance Tax payable on 31st March...
In case it's TDS return as per 4th Quarter...
30 October 2017
You have not given the break up for TDs and advance tax paid. I will assume the same as Rs 4 lacs and Rs 38 lacs, resepctively. Advance tax liability if minimum 90% of the "assessed tax", which is tax due less TDS. In you case, assessed tax will be 44 lacs- 4 lacs + 40 lacs. 90% of this is 36 lacs. Since 90% of this has been paid as advance tax, there will be no interest u/s 234C.
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