Anil Kumar (Proprietor) (107 Points)
01 August 2014I am individual & having proprietorship business. My net tax liability 15500 and TDS deducted 8800 and i have deposited self assessment tax of Rs. 9903 (with advanced tax calculation & interest 234b/c as suggested by my colleague). Is there interest u/s 234abc applicable to me as return filed within the due date? if no, then the excess tax paid refunded by the deptt.?
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 01 August 2014
NO Interest payable u/s 234B and C since net tax liabilty (net of TDS) doesnot exceeded Rs. 10,000 ...but Interest u/s 234A for delay in filling ROI @ 1% of tax payable(before deducting TDS and advance taxes) per month or its part......
Anil Kumar
(Proprietor)
(107 Points)
Replied 01 August 2014
Thanks for your reply, I have deposited excess tax and mentioned refund due in itr. will i get the refund?
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 01 August 2014
Ya sure....while processing the same will be approved if found excess paid
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