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.
Sunil Kr. Sanganeria
(Expert)
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
