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234b interest
Please clarify me on total tax liability in case of company is Rs 44 Lakh and tds/advance tax deposited for the year is Rs 42 Lakh, on balance 2 Lakh utility is calculating interest u/s 234B. But as per my knowledge interest u/s 234b applicable only when shortfall is less than 90% of total tax liability.
Replies (1)
90% limit is to be calculated on the amount of ASSESSED TAX -TDS
FOR EXAMPLE if your tax liability is 10000
and tds amount of 2000 has been deducted on your income.
then you should have paid advance tax amount which is (10000-2000)×90% =7200.
FOR EXAMPLE if your tax liability is 10000
and tds amount of 2000 has been deducted on your income.
then you should have paid advance tax amount which is (10000-2000)×90% =7200.
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