Adjustment of excess advance tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 July 2013
excess advance tax paid over actual tax liability can we use dis excess part for 234c interest payment
03 July 2013
Yes. Excess advance tax excess payment can be used for payment of interest u/s 234A/234B/234C.
But when advance tax paid is excess over actual liability, interest u/s 234C will not be applicable. 234C is 'Interest for deferment of advance tax'. But in your case your advance tax payment is in excess of actual tax liability. So in your case there will be refund.
But when advance tax paid is excess over actual liability, interest u/s 234C will not be applicable. 234C is 'Interest for deferment of advance tax'. But in your case your advance tax payment is in excess of actual tax liability. So in your case there will be refund.
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