Interest u/s 234b

yes interest u/s 234b will b applicable @ 1% for 4 months i.e april-july

it will 4405*1%*4=176

Hi All!

234B applies only in a case where there is a default in the payment of advance tax. On and from AY 2010-11, advance tax liability arise in any case only when the remainder of the tax due which after giving credit for prepaid taxes like, TDS, exceeds Rs.10,000/-. Hope it is clear.

Goodbye! Cheers!!