234 b cal after income tax paid after 31-03-2012

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Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2012 PLEASE EXPLAIN THE INTEREST CALCULATION u/s 234 b when income tax paid in the individual assesses after 31-03 of the previous year.

will u give me eg or articles on that?

swasti

swasti (Expert)
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21 May 2012 If an assessee who is having liability for paying advance tax and has paid advance tax but the amount of advance tax paid by him is less than 90% of the assessed tax, then u/s 234-B of the I.T.Act 1961, simple interest @1% for every month or part of the month has to be paid from 1st April of the assessment year to the date of payment of tax.

swasti

swasti (Expert)
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