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Interest calculation under section 234abc

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2015 Hi,

I need expert help to verify interest calculation done by AO for AY-2008-09. While filing the return for AY-2008-09, i could only pay Rs. 83175 out of Rs. 159453 and the rest amount of Rs. 76280 i paid on 1st January 2012. I got a notice from CPC under section 143 and after doing the rectification, AO has calculated an amount of Rs. 47310 to be paid to income tax department against section 154.


I want to know that whether the amount calculated is correct or not or is there a mistake. I was under the assumption that i need to pay an interest of 1% per month till the time i pay the rest of the amount i.e. Rs. 76280. amount under 234b is much more than 234a and 234c

01 February 2015 Interest will be more than the amount calculated by the AO. So, it is better to pay the interest amount demanded.
.


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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2015 Thanks for the feedback. I have paid the amount online.




01 February 2015 Also send the proof of payment to the concerned AO, so that he can close the matter.

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2015 I will send the proff, thanks for pointing out

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2015 I will send the proof, thanks for pointing out



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