Interest u/s 234(b)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 July 2014
My Advance tax liability is 225000.
i pay 135000 as an advance tax.
so that 243(b) shortfall is(225000-135000)=90000
interest u/s 234(b)=900000*4%(Apr-jul)=3600
but if i pay the rest tax of 90000
on 20/4/2014 than what is amt. of interest???
i pay 135000 as an advance tax.
so that 243(b) shortfall is(225000-135000)=90000
interest u/s 234(b)=900000*4%(Apr-jul)=3600
but if i pay the rest tax of 90000
on 20/4/2014 than what is amt. of interest???
10 July 2014
Sec 234B relates to the interest payable on the short payment of Advance Tax. if any assessee fails to pay the 90% of its assessed tax by 31st of March of the previous year to which such liability relates shall pay the above interest on the shortfall from the 1st day of AY to till the payment of Tax.
So if you pay the balance tax on 20.04.14 then you have to pay interest @1% for 1 month on Rs 90000/-
So if you pay the balance tax on 20.04.14 then you have to pay interest @1% for 1 month on Rs 90000/-
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
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Lease agreement and tax on sale
- Subscription paid to foreign customer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
