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%)...???
PRADEEP KUMAR VATS
(Expert)
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 :
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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 ..??
PRADEEP KUMAR VATS
(Expert)
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
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