Interest on income tax
This query is : Resolved
SUBHASH JAIN
(Querist)
05 November 2011
IN THE CASE OF INCOME TAX SCRUTINY OF F.Y. 2008-2009. I.T.O. MADE THE ADDITION OF RS. 75,000/- IN THAT CASE INTEREST UNDER SECTION 234C AND 234B HOW WILL CALCULATE THE INTEREST.
Yogesh Agarwal
(Expert)
05 November 2011
The ITO will recompute the tax liability on the whole income (the returned income by you + the addition).. accordingly the Interest will be calculated on the amount of tax liability so arrived...
You should check the calculations done by ITO whether they are inconsitent with the provisions made under the sections 234C n B...
Hope you are clear...
You should check the calculations done by ITO whether they are inconsitent with the provisions made under the sections 234C n B...
Hope you are clear...
SUBHASH JAIN
(Querist)
10 November 2011
SIR,
SECTION 234 C IS APPLICABLE ON RETURNED INCOME OR ASSESSED INCOME .
SECTION 234 C IS APPLICABLE ON RETURNED INCOME OR ASSESSED INCOME .
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