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Interest u/s 234 a & b
1.Mr.A having Taxable income is Rs.10 lakhs due to short term capital gain for the year 2011-12.
2.Still now he is not paid the Tax due.
How much interest payable u/s 234A & B & C.
Is any Choice to reduce the interest amount ?
Replies (1)
If he has filed his return on due date he will not be required to pay int u/s 234a. He was liable to pay advance tax which he did not pay. Accordingly, he has to pay int u/s 234b and c. Going by slab rates of a/y 12-13, his total tax liability works out to be 2,80,160. He has to pay interest @ 1% p.m both u/s 234b and c
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