Advance tax & interest u/s 234b
This query is : Resolved
26 July 2011
Pls. tell me; there is a case where we have paid the advance tax (complete) on 28/03/2011 and other than this no advance tax was paid during the FY 2010-11, so while computing Interest we should charge Interest u/s 234(B) or not?
26 July 2011
If tax on total income is more than Rs. 10,000/-, advance tax provisions attracts. Accordingly, non corporate assessee's are bound to pay advance tax on 15th sept, 15th dec and next 15th march. In the issue raised, advance tax has not been paid on or before the above cut off dates meaning thereby section 234B and 234C attracts.
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