Hi 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
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
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