Interest u/s234b

ITR 801 views 3 replies

Hello Friends,

So far as I know, Interest u/s 234B is 1% for the period of default. It is interesting to note that the in the ITR-6 , as available now for the AY 2011-12  from  the current web site of the IT Department, it is being calculated @ 1.25% . Is there any change in the Rate? Even it is so, can it be applicable for AY 2011-12 retrospectively?

Replies (3)

As fas as I remember, there is no change in rate. W.e.f. 08.09.2003 Interest u/s 234B should be calculated @ 1%.

Thank You, Mr. Bansal,

But, in the ITR-6, interest u/s 234B is showing a different figure - erroneous figure. Shall I ignore that and put  my own calculation?. Kindly advise.

If you are confident about your calculation, you may put your calculation in the ITR.


CCI Pro

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