From which Assessment Year, can interest u/s 234C be levied ?
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Interest u/s 234c
Replies (8)
finance act 2006
Thank you for the reply.
Is the limit 10,000/- only, even then?
Pay advance tax when your tax liability in a year is Rs 10,000 or more
| Originally posted by : Manjunatha | ||
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Thank you for the reply. Is the limit 10,000/- only, even then? |
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I think you are confusing 2 sections..U/S 234B interest on non-payment of advance tax liability is paid (i.e. if you tax liability crosses Rs. 10,000 then you pay advance tax) and u/s 234C in case u fail to pay the prescribed installment on time intervals or 90% of the liability on prescribed intervals, interest on short-fall would be charged...
In case you have any other query do feel free to ask me...
earlier it was rs. 5000/- later it was raised to 10000
That is the advance tax limit right?
yes... if the tax on assessed/ estimated income exceeds 5000(before) /10000, then the assessee liable to pay advance tax
That i knw. i assume i misunderstood the question.
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