Interesting one- 234c
This query is : Resolved
22 March 2012
A company has paid the first installment(full 15%) by June 17th, instead of the stipulated June 15th. I'd like to know whether the Interest payable u/s 234C should be calculated using '3' months or only '1'month, since the delay is only 3 days.
22 March 2012
Only for One month for the first installment because delay is with in one month only.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
22 March 2012
Three months interest has to be paid u/s 234C. The section says as follows:-
Where advance tax paid on or before June 15th is less than 12% of the tax due on returnd income, simple interest @ 1% for three months has to be paid on 15% of the tax due on returned income minus advance tax paid up to 15the June.
Where advance tax paid on or before June 15th is less than 12% of the tax due on returnd income, simple interest @ 1% for three months has to be paid on 15% of the tax due on returned income minus advance tax paid up to 15the June.
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