Interest payment u/s 234c in case of ltcg

This query is : Resolved

Pallavi Patel (Querist)
Follow

01 June 2014 Suppose the Long Term Capital Gain arised on 27th February,2014. The assessee is an Individual and he has not paid any tax till date. At what rate the interest is to be charged u/s 234C? Will it be only 1% for defaulting in payment for the last installment of advance payment i.e on 15th March?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

01 June 2014 Yes. Interest u/s 234C @1% per month for 1 month and interest u/s 234B @1% per month till the date of payment.

Note:

Advance tax is payable if the gross tax liability for a year is equal to or more than Rs. 10000/-.

If the assessee who is liable to pay advance tax has failed to pay or the advance tax paid is less than 90% of the tax payable then simple interest is payable under section 234B @ 1% p.m.

Guest

Guest (Expert)

02 June 2014 u/s 234 C @ 1 % for one month
U/s 234 B @ 1% till payment

If liability over 10000

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Suvigya Tiwari

ANUPAMA L KANT

Abhishek Kabra

MUNISH KUMAR

Tushar Gupta

Subscribe Now

Interest payment u/s 234c in case of ltcg

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Accountant

CA Final

GST CONSULTANT

GST CONSULTANCY