Interest u/s 234b and 234c
Our company has total tax liability of 5160. But failed to deposit advance tax before 31st March. Are we liable to pay interest u/s 234B and 234C.
Arjun Rajagopal
Replies (2)
As per Section 208 of the Act, advance tax shall be payable by the taxpayer during the financial year if estimated tax liability of assessee during that year is ten thousand rupees or more. in ur case the tax liability is less than 10k so 234B and C is not valid in ur case
Thanks Shiroor Sir.
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