Mr. A paid advace tax of 150 lakhs but tax liability u/s 140A was 50 lakh. 143(1) assessementt was done and refund was made along with interest. But assessemnt under 143(3) was done after 2 years and resulted in tax liability of 155 lakhs because of Transfer Pricing issues. Whether 234B interest is leviable??.
234b interest
Replies (1)
Yes 234B is computed on assessed income and not returned income. Hence as perr assessment if the income tax liability is more than 90 % of the advance tax paid(excluding 140A tax) then 234B will apply.
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