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??.
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234b interest
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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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