Hi Guys ..
While finalizing one individual's ITR, I noticed that he didn't file his ITR for AY 2011-12 i.e. last year. After income computation, tax liability comes around Rs. 13,500/- including cess but excluding interest. Interest u/s. 234A, I have levied but im confused in 234B & 234C.
Now my question is whether Interest u/s. 234B is leviable?
since this section starts with the words 'If assessee HAS PAID Advance Tax but the amount is less than 90%'.
In my case, assessee didn't pay advance tax in last year.
Hence whether ONLY 234C interest is chargeable
OR BOTH i.e. 234B as well as 234C interest.
When I searched the same on net, I found some answers telling that both are chargeable but I don't think so. Plz suggest.
CAclubindia
