Calculate interest inder sec.234b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2014 how to calcute interest under sec 234B?

wheter interest under sec. 234a will affect the interest calculation under sec. 234b

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 March 2014 interest under 234B is charged where advance tax paid is less than 90% of the assessed tax. The rate of interest is 1% for each month or part of the month starting 1 April of the Assessment year to the date of 143(1)/143(3) order.

the interest is charged on the difference between assessed tax less any advance tax paid, TDS credit, any relief under section 90/90A, 91, tax credit under 115JA/115JD.

No 234A is not linked with 234B

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