We are calculating 234B as interest on assessed tax from 1st april of related assessment year.....!!
my doubt is can we include interest u/s 234C in assessed tax for calculating 234B.....!!!
because 234C is a interest paid for failure to pay advace Tax.....!!!!
????????????????
no interest under 234b is not calculated on interest amount already calculated in 234c
For this purpose, "assessed tax" means tax on total income as declared in return as reduced by tax deducted or collected at source or relief u/s 90/90A/91 on MA\T Credit....
So you should not include interest u/s 234C for this purpose...
Thanks..
As per Law....no need to include 234C to Assessed Tax for 234B calculation.
but in demand notice ...they include 234C to Assessed Tax.........for why????????????
How much interest has been calculated under section 234B in the demand notice?
234a, b ,c are independent of each other. Assessed tax wil not include intt u/s 234C for calculation of intt u/s 234B, as per the law atleast.
CAclubindia
