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?
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.
Rahul Dang & Associates-Chartered Accountants
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