Advance tax

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This query is : Resolved

CA Arjun B (Querist)
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24 June 2014 One of the assesse has not paid any advance tax payable during the financial year.But after the completion of financial year he has paid some part of self assessment tax to the government.Since he has not paid the whole amount of assessed tax how would the part payment of assessed tax to be dealt.My query is the partial amount paid as self assessment should it be considered as the payment of interest u/s 234C, 234B first or what.And how would the amount of interest u/s 234B be calculated on remaining amount of tax to be paid be calculated?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 June 2014 No. It should be considered towards payment of TAX and and interest under section 234B should be calculated after considering the payment of said amount.

Rupesh Jain

Rupesh Jain (Expert)
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24 June 2014 if assess total tax liability in a year Exceeds Rs. 10000/- then he is liable to pay advance tax according to act. if he fail to pay then intt will be p[ay by him for non payment or short payment of tax.

intt u.s 234 B and 234C both section for that. u/s 234A if he not pay the tax and also not file the return u/s 139(1) the intt. will be pay by him.

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