section 234 b And C

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sameer

sameer (Querist)
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31 March 2009 CAN U TELL ME HOW THE INTEREST UNDER SECTION 234B AND 234 C ARE CALCULATED BY GIVING AN EXAMPLE.

Tushar Yerawar

Tushar Yerawar (Expert)
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31 March 2009 Interest u/s 234B is for short payment of Advance Tax as compared to Assessed Tax. Interest is chargeable from 1st April till the date of passing of assesment order. Interest is payable on amount by which Advance tax falls short of Assessed Tax.

Interest u/s 234B is for deferment of Advance tax installment. Interest is payable for 3 months on the amount by which Advance tax installment fall short by 15%, 45%, 75% and 100% of the tax as per return.

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section 234 b And C

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