Sec 234b

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DHIREN (Querist)
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26 December 2014 SIR ..I Have doubt in sec 234B...

basically there are 2 cases
case(1):- when advance tax liability no paid
case(2):- when Advance tax paid but less than 90%.

so when we calculate interest in case 1.-whether interest calculated on 90% or 100% of assessed tax.??

AND in case 2- if paid 80% than interest would be paid on rest of 10%(i.,e 90%-80%) or 20%(100%-80%)...???

PRADEEP KUMAR VATS

PRADEEP KUMAR VATS (Expert)
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26 December 2014 Dear Dhiren

Answer to your question:

case 1 Interest on 100% of Assessed tax

case 2 Interest on 20% of Assessed tax

Regards
Pradeep Kumar

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DHIREN

DHIREN (Querist)
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26 December 2014 one more thing sir..
If due date of return is 31/7/2014
and actual date for filling return is
30/9/2014.
but self assessment tax paid entirely on
30/8/2014.

so the interest will be calculated till August or September..u/s 234B ..??

PRADEEP KUMAR VATS

PRADEEP KUMAR VATS (Expert)
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26 December 2014 Dear DHIREN

PLEASE CORRECT YOUR QUESTION. AS PER YOUR QUESTION YOU WILL HAVE TO PAY INTEREST UNDER SECTION 234A FOR DELAY IN FILING OF RETURN.

SO, IN MY OPINION , YOU MUST PAY THE INTEREST UPTO 30TH SEPTEMBER,2014 AS PER SECTION 234A.

AS PER SEC 234A , INTEREST WILL BE CALCULATED AFTER THE DUE DATE TO THE DATE OF ACTUAL FILING OF RETURN OF INCOME, IT DOESN'T MATTER YOU HAVE PAID TAX LIBILITY EARLIER BECAUSE THE INTEREST LIABILITY BELONGS TO LATE FILING OF RETURN.

REGARDS
PRADEEP KUMAR