Section 234a And b

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mint

mint (Querist)
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17 August 2007 Hi
please tell me what is section 234B and 234B when and how its implement.

Raj

Raj (Expert)
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17 August 2007 Sec.234A applies where income tax return not filed in due time & interest payable @ 1% p.m till return filing date .

Sec.234B relating to Advance tax which comes in picture after 31 st march till payment date . Here interest also @1% p.m willbe applicable.

Santosh Kumar Agrawal

Santosh Kumar Agrawal (Expert)
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17 August 2007 Sec.234A applies where income tax return not filed in due time & interest payable @ 1% p.m from the due date till return filing date .

Sec.234B relating to Non Payment of Advance tax which comes in picture after 31 st march till payment date . Here interest also @1% p.m willbe applicable.
Calculation is different for Individual assesses and Corporate Assesses. U can refer any text book for this purpose.