Interest under section 234 A,B and C
This query is : Resolved
03 March 2022
Interest under section 234A is imposed when there’s a delay in filing income tax returns. Are you always late on filing your income tax returns? If yes, you may be in danger of attracting this penalty. The due date for filing the returns is usually before July 31 of every following assessment year. Under this Section, interest is charged at 1 % on the outstanding tax amount and must be paid from the first day after the due date of filing the return until the date of the actual filing of the return.
While interest under section 234B is imposed if you make incomplete tax payments. It is also levied in case of a delay in the payment of advance tax. You must pay interest under Section 234B if you are liable to pay advance tax but have failed to do so. However, it is also imposed if you have paid advance tax but the amount is less than 90% of the assessed tax.
Interest under section 234C is imposed when there is a delay in payment of an instalment of advance tax.
You pay interest under Section 234C if,
Advance Tax is paid on or before 15th June is less than 12% of Assessed Tax
Advance Tax is paid on or before 15th September is less than 36% of Assessed Tax
Advance Tax is paid on or before 15th December is less than 75% of Assessed Tax
Advance Tax is paid on or before 15th March is less than 100% of Assessed Tax
While interest under section 234B is imposed if you make incomplete tax payments. It is also levied in case of a delay in the payment of advance tax. You must pay interest under Section 234B if you are liable to pay advance tax but have failed to do so. However, it is also imposed if you have paid advance tax but the amount is less than 90% of the assessed tax.
Interest under section 234C is imposed when there is a delay in payment of an instalment of advance tax.
You pay interest under Section 234C if,
Advance Tax is paid on or before 15th June is less than 12% of Assessed Tax
Advance Tax is paid on or before 15th September is less than 36% of Assessed Tax
Advance Tax is paid on or before 15th December is less than 75% of Assessed Tax
Advance Tax is paid on or before 15th March is less than 100% of Assessed Tax
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
- ADVANCE PAYMENT OF ADVOCATE
- Depreciation of fixed assets- coop housing society in mumbai
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- GST rate and HSN code for sale of racing horses
- CREDIT NOTES WITHOUT GST
- Condonation . E-Verification of last year return .
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Management System (IMS)
- Eway bill generation from place other than registeted
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
