Advance tax

234B - five months interest . April, may, june , jul. aug .

From april to the month of actual payment of advance tax or date of return whichever is later

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

Thank youu All,

Regards,

Ranjini