is sec 234b and sec234c apply

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deepika

deepika (Querist)
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19 July 2011 tax lia is 13000
his tds annual 120000
his tax lia more than 10000 but he did pay advance tax

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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19 July 2011 Please Clarify in detail.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 July 2011 Since there is no 'tax payable', question of advance tax doesn't arise even though tax due is more than Rs.10,000/-.
Therefore, interest under the cited section will not apply.

CA Navin Jain

CA Navin Jain (Expert)
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19 July 2011 Sec 234A is applicable if tax liability is more than rs. 10000 after adjusted of TDS amount.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 July 2011 Mr. jain
The threshold limit of Rs.10,000/- laid down in section 208 is not applicable to section 234A.

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CA Navin Jain

CA Navin Jain (Expert)
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19 July 2011 THANKS SIRJI FOR RECTIFICATION

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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19 July 2011 I think there is some mistake in the query asked. The Tax Liability is not Rs. 13000 but Rs. 130000/- Thats why the tax liability is coming to Rs. 10000/-

deepika

deepika (Querist)
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20 July 2011 thanks 4 paying attention to my ques...tax libility is 13000..and tds paid is 120000..no advance tax is paid during the year..my ques is that "is interest applicable or not"..

CA Navin Jain

CA Navin Jain (Expert)
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20 July 2011 in your case interest is not applicable since tds also treated as advance tax paid while calculating of Interest under sec 234C and 234B

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