Sec 234b
This query is : Resolved
26 December 2014
SIR ..I Have doubt in sec 234B...
basically there are 2 cases
case(1):- when advance tax liability no paid
case(2):- when Advance tax paid but less than 90%.
so when we calculate interest in case 1.-whether interest calculated on 90% or 100% of assessed tax.??
AND in case 2- if paid 80% than interest would be paid on rest of 10%(i.,e 90%-80%) or 20%(100%-80%)...???
basically there are 2 cases
case(1):- when advance tax liability no paid
case(2):- when Advance tax paid but less than 90%.
so when we calculate interest in case 1.-whether interest calculated on 90% or 100% of assessed tax.??
AND in case 2- if paid 80% than interest would be paid on rest of 10%(i.,e 90%-80%) or 20%(100%-80%)...???
26 December 2014
Dear Dhiren
Answer to your question:
case 1 Interest on 100% of Assessed tax
case 2 Interest on 20% of Assessed tax
Regards
Pradeep Kumar
Answer to your question:
case 1 Interest on 100% of Assessed tax
case 2 Interest on 20% of Assessed tax
Regards
Pradeep Kumar
Message likes :
1 times
26 December 2014
one more thing sir..
If due date of return is 31/7/2014
and actual date for filling return is
30/9/2014.
but self assessment tax paid entirely on
30/8/2014.
so the interest will be calculated till August or September..u/s 234B ..??
If due date of return is 31/7/2014
and actual date for filling return is
30/9/2014.
but self assessment tax paid entirely on
30/8/2014.
so the interest will be calculated till August or September..u/s 234B ..??
26 December 2014
Dear DHIREN
PLEASE CORRECT YOUR QUESTION. AS PER YOUR QUESTION YOU WILL HAVE TO PAY INTEREST UNDER SECTION 234A FOR DELAY IN FILING OF RETURN.
SO, IN MY OPINION , YOU MUST PAY THE INTEREST UPTO 30TH SEPTEMBER,2014 AS PER SECTION 234A.
AS PER SEC 234A , INTEREST WILL BE CALCULATED AFTER THE DUE DATE TO THE DATE OF ACTUAL FILING OF RETURN OF INCOME, IT DOESN'T MATTER YOU HAVE PAID TAX LIBILITY EARLIER BECAUSE THE INTEREST LIABILITY BELONGS TO LATE FILING OF RETURN.
REGARDS
PRADEEP KUMAR
PLEASE CORRECT YOUR QUESTION. AS PER YOUR QUESTION YOU WILL HAVE TO PAY INTEREST UNDER SECTION 234A FOR DELAY IN FILING OF RETURN.
SO, IN MY OPINION , YOU MUST PAY THE INTEREST UPTO 30TH SEPTEMBER,2014 AS PER SECTION 234A.
AS PER SEC 234A , INTEREST WILL BE CALCULATED AFTER THE DUE DATE TO THE DATE OF ACTUAL FILING OF RETURN OF INCOME, IT DOESN'T MATTER YOU HAVE PAID TAX LIBILITY EARLIER BECAUSE THE INTEREST LIABILITY BELONGS TO LATE FILING OF RETURN.
REGARDS
PRADEEP KUMAR
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
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- TDS ON EMAIL DOMAIN SERVICE BILL
- Journal entry of busniess expenses
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
