Business income
This query is : Resolved
07 August 2015
If Mr.A calculated business income and his total income is 265000 so the total income tax payable is 1500.now he will pay as on 08 august 2015 and the due date for filing return is 31 august 2015. now my question is will he be liable to interest under section 234b and 234c
CA Anjana Grover
(Expert)
08 August 2015
Yes ,
First of all if income is Rs.265000 than Mr. A will get tax rebate of Rs.2000. So no tax would be payable by him.
Interest u/s 234B/C are charged on account of delay on payment of advance tax or deferment of advance tax so it would be charged in case the total tax liability of a person is more than the limit prescribed in advance tax provided the tax liability was not paid in advance on advance tax due dates.
First of all if income is Rs.265000 than Mr. A will get tax rebate of Rs.2000. So no tax would be payable by him.
Interest u/s 234B/C are charged on account of delay on payment of advance tax or deferment of advance tax so it would be charged in case the total tax liability of a person is more than the limit prescribed in advance tax provided the tax liability was not paid in advance on advance tax due dates.
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