Levy of Interest u/s 234B & 234C of Income-tax Act, 1961

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Jashpreet kour (Querist)
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20 February 2020 If a company is incorporated on 31/10/2018 and file its Return of Income within due date, then whether Interest u/s 234B & 234C of the Income-tax Act, 1961 is required to be calculated only for 5 months or from the beginning of the Financial year.i.e from 01/04/2018.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 February 2020 From 31-10-2018 and onwards.

Jashpreet kour

Jashpreet kour (Querist)
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20 February 2020 Sir can you please suggest any case law on that issue which averred that Interest would be levied from 31.10.2018 & not from 1st April

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 February 2020 No need of case law because

* 234B is charged from 1-4-2019 (not from 1-4-2018) Please see subsection (1).

* 244C counts from 1-10-2018. Please see 1st proviso to the section.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 February 2020 Please read as 31-10- 2018 and not 1-10-2018.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 February 2020 Again 234C and not 244C. Error is regretted.

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