Payment of self assessment tax and interest u/s 234B & C

Quick Summary
This discussion addresses a user's query about how to correctly pay self-assessment tax and interest under sections 234B and 234C on the income tax website. The advice given is that you can pay the total amount in the basic tax column, ensuring the total matches your net tax liability as per the ITR. The latter part of the discussion then diverges into a detailed explanation of tax audit limits under Section 44AB, focusing on the 5% threshold for cash receipts and payments.

Sec. 44AB(a) specifies the limit upto 10 Crs. only if both payments & receipts are below 5%.

If any or both are above 5 % the limit reduces to 1 Cr.

In above case when total turnover is  around 3.15 Crs. & if cash expenses are above 5%, than tax audit will apply.

So now our cases are categories in 1 crore criteria??? here how to apply slab rate of income tax in tax audit?

If turnover of any business is up to 1 cr., whatever be percentage of expenses or receipts, tax audit not applicable.....

 

Subject to applicability of sec. 44AD(4) & (5) of the act......

Dear sir in our cases the turnover is 3.15 crores so we should have to how much tax payable?¿

Tax liability of over income earned not over turn over........

These data are only to clarify your doubts over 5%.

Thank you so much Dhirajlal sir,plse always guide me

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