Become a Govt. Certified GST Practitioner in just 60 hrs. Register Now!

Interest u/s 234c

Manjunatha (Self Employed) (43 Points)

05 December 2017

From which Assessment Year, can interest u/s 234C be levied ?

Reply
Follow
Share

8 Replies

Sarath Rajendran (Nil) (2791 Points)
Replied 05 December 2017

finance act 2006

Upgrade to CAclubindia Pro. Subscribe Now!

Manjunatha (Self Employed) (43 Points)
Replied 05 December 2017

Thank you for the reply.

Is the limit 10,000/- only, even then?

Sarath Rajendran (Nil) (2791 Points)
Replied 05 December 2017

Pay advance tax when your tax liability in a year is Rs 10,000 or more

Manjula Moorthy (Qualified CS CA Finalist) (209 Points)
Replied 05 December 2017

Originally posted by : Manjunatha
	Thank you for the reply. Is the limit 10,000/- only, even then?

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...