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Interest under 234abc

Tax queries 687 views 3 replies

amit

SENIOR MANAGER

29 Points Posted on 14 July 2013

I am a salaried person and my current employer didn't include my salary income from my previous employer while issuing the form 16 for AY2013-14 . I changed job in August 2012.

I need to pay approx 44000/- additonal tax due to my salary income from previous employer .I want to know whether I need to pay interest under section 234 ABC on this tax amount.I have only salary income and loss from house property (let out house property).

Replies (3)

Giridhar S Karandikar

Team Lead

7558 Points Posted on 15 July 2013

Did you declare your previous employers income to your current employer while joining. Then the current employer might have deducted tax accordingly considering your previous employers income.

Now you might be required to pay interest u/s 234B & C.

Chakshul

42 Points Posted on 15 July 2013

as you have changed joined job in Aug 2012,so when any employee change the job in any finanical year have to furnish Form 12B as per Rule 26A,in which furnishing the details regarding income & TDS from previous employer and you failed to furnished due to which in your computation show tax liability and you have to pay interest under section 234B and 234C if you failed to pay tax on or before due date then 234A will also apply.