Ranjini (Accountant) (98 Points)
31 January 2013Hi All,
Kindly help me in this......
if Income return is filed 20 th of aug for Individual (due date is 31 st July) how many month interst will come Under Section234 B for Advance tax ?
Is it APRIL to July OR April to August ?
And what is determination of tax u/s 143(1) & Regular Assesement u/s 143(3). ?
Thanks& Regards,
Ranjini
geetha
(student)
(409 Points)
Replied 31 January 2013
234B - five months interest . April, may, june , jul. aug .
CA Goutam Sharma
(Chartered Accountant in Practice)
(468 Points)
Replied 31 January 2013
From april to the month of actual payment of advance tax or date of return whichever is later
geetha
(student)
(409 Points)
Replied 31 January 2013
Simple interest @ 1% for month or part thereof is chargeable w.e.f. 1st April of the Assessment Year to the date of determination of income u/s. 143(1) or regular assessment u/s 143(3) on the assessed tax.
‘‘Assessed tax’’ means the tax on the total income determined under sub section (1) of section No. 143
or on regular assessment u/s 143(3), as reduced by the amount of tax deducted or collected at source
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