What is the difference between interest payable under section 234A and 234B of IT Act?
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Difference in interest payable u/s 234a & 234b
Replies (2)
Intt u/s 234A is for non-filing of return/delayed filing of return i.e after due date, calculated @ 1% per annum,
Intt u/s 234B is for failure to pay advance tax or payment of advance tax below 90% of assessed liability, calculated @ 1% per annum
The former for Return filing, the latter for advance tax.
1.234A - Interest for Late filing of ITR.
2.234B- Interest for Failure to pay Advance Tax or 90% of assessed tax in advance (If assessed Tax more than Rs.10,000)
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