22 March 2012
A company has paid the first installment(full 15%) by June 17th, instead of the stipulated June 15th. I'd like to know whether the Interest payable u/s 234C should be calculated using '3' months or only '1'month, since the delay is only 3 days.
22 March 2012
Three months interest has to be paid u/s 234C. The section says as follows:- Where advance tax paid on or before June 15th is less than 12% of the tax due on returnd income, simple interest @ 1% for three months has to be paid on 15% of the tax due on returned income minus advance tax paid up to 15the June.
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