234b urgent query

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2012 hello everyone!
i changed my job during the previous year, form 16 issued by both the employers. On going through the form 16 I have come to know that tax deducted at source is less than what should have been deducted.As both the employers considered the basic exemption limit ie 180000 for male and 190000 for resident female in one year.So, I know I have to pay balance tax through self assessment u/s 140A, but what I want to know is whether I need to pay interest u/s 234B as the shortfall is more than 10000.Actually, recently I have gone through a case law on the PWC website that salaried employee is liable to tds hence he is not required to pay advance tax and as such he is not liable to interest u/s 234B.
Kindly, clarify on this please as I have to pay tax and file my return.
thank you so much.

Amol S Joglekar

Amol S Joglekar (Expert)

20 August 2012 You need to pay the interest. (Salaried employee,,,,,.... said on PWC site presupposes that the employee has made the PROPER disclosures to the subsequent employer)In you case that is not the case, otherwise your subsequent employer might have deduted proper TDS.

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2012 thanx a lot , sir.

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2012 can anyone help me , in calculating interest u/s 234b?my salary is 240000 for first 4 months and 6lac for next 7 months.i need to pay tax and interest before 31st aug .kindly reply soon.
Thanks .

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