Interest payment u/s 234c in case of ltcg
This query is : Resolved
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?
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.
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
U/s 234 B @ 1% till payment
If liability over 10000
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