243b & 243c

friends i read in the economic times, thursday that the BCCI has been trying to evade tax by claiming exemptions on charitable basis, but the authorities have rejected the claims and are going to recover about 500 crores in taxes as they say that the activities of BCCI like the IPL are completely commercial and hence not to be exempted. Please give your views on this matter.

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pavan these interests are charged on the amount of tax payable.

234b is for late payment of advance tax and 234c is for short payment of the installments. There is a basic difference in both these taxes regarding the time period of charging, however both the rates of interest are 1% p.m.

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