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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
