Self Assessment tax paid Under section 140A

This query is : Resolved

Guest

Guest (Querist)

30 May 2009 Hello Everyone
There is explanation to section 140A that if self assessment tax falls short of income tax plus interest under section 234ABC then self assessment tax will first be allocated towards amount of interest.

My query is that if self assessment tax falls short of amount of interest under section 234ABC then how will it be allocated among 234ABC.
Please help

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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30 May 2009 There is no specific guidelines for this. generally it will be allocated first 234A,then 234B and then 234C.

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Guest

Guest (Querist)

31 May 2009 sir
Isn't there any circular on the issue from income tax department?Because i have heard from someone that there is some circular.

CA.BHARAT BHUSHAN

CA.BHARAT BHUSHAN (Expert)
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31 May 2009 The character of Interest will be same whether it U/s 234A B & C. I think there is no circular in this regard

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