Interest under 234B & 234C.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 November 2010
What will the interest for Advance tax paid on 18th June instead of 15th June for a Pvt Ltd co.
23 November 2010
Only Interest u/s 234C will be levied.
On amount short paid than 15% of tax payable for the year...
I.e. [( 15% of Total Tax payable)-Advance tax paid]*3%
On amount short paid than 15% of tax payable for the year...
I.e. [( 15% of Total Tax payable)-Advance tax paid]*3%
23 November 2010
Interest u/s. 234B
Interest u/s. 234B is payable for non-payment of advance tax or for short payment of advance tax. If an assessee either fails to pay the whole of advance tax or where the advance tax paid by him is less than 90% of the assessed tax, he shall be liable to interest @ 1% per month
Interest u/s. 234B is payable for non-payment of advance tax or for short payment of advance tax. If an assessee either fails to pay the whole of advance tax or where the advance tax paid by him is less than 90% of the assessed tax, he shall be liable to interest @ 1% per month
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