Sec 234 C
This query is : Resolved
08 July 2010
Regarding the Interest due u/s 234 c
A Individual assessee- ( salaried) files the return of his income in July.
Total tax liability - INR 75004.
Adv tax paid by his employer1 before 15th Sep - INR 30,761 (more than 30 % of the tax due)
Adv tax paid by his employer1& 2 before 15 Dec - INR 48908 ( more than 60% of the tax due)
Advance tax paid by his employer 1,2& 3 -62980 ( less than 90% of the tax due)
Hence total shortfall INR 12,024.
What is the interest payable by the assessee under this section. Also is he liable to pay int u/s 234 B.
Possible answer: u/s 234 c -1% of the total shortfall of INR 12,024=120.24
U/s 234 B - 481 ( calculated @ 1% for 4 months on 12,024) .
- Is this correct.
A Individual assessee- ( salaried) files the return of his income in July.
Total tax liability - INR 75004.
Adv tax paid by his employer1 before 15th Sep - INR 30,761 (more than 30 % of the tax due)
Adv tax paid by his employer1& 2 before 15 Dec - INR 48908 ( more than 60% of the tax due)
Advance tax paid by his employer 1,2& 3 -62980 ( less than 90% of the tax due)
Hence total shortfall INR 12,024.
What is the interest payable by the assessee under this section. Also is he liable to pay int u/s 234 B.
Possible answer: u/s 234 c -1% of the total shortfall of INR 12,024=120.24
U/s 234 B - 481 ( calculated @ 1% for 4 months on 12,024) .
- Is this correct.
09 July 2010
Since you have not paid 90% of total tax liability as an advance tax, you are liable to interest u/s 234 B on the shortfall amount @ 1% for every month from 01.04.2010 to the date of payment.
Both the calculation u/s 234B & 234C is correct.
Both the calculation u/s 234B & 234C is correct.
Message likes :
1 times
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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- EPF FULL & FINAL RULES IN 2026
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Rental income gst and it purpose
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Eway bill generation from place other than registeted
- FTS Taxable under 115A
- 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
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
