Sec. 234A,B and C - Intt. Calculation

Others 933 views 1 replies

Hi, Everyone. I am unable to understand the basic difference between interest computation u/s 234C, B and A and where these calculations are used. Are these related with Advance Tax Rates. Pl advise. If provided with  an example, I shall be extremely thankful.

Regards,

Patricia

Replies (1)

Interest U/s. 234A -If return is not filed within the due date on the tax liability after deducting Advance tax & TDS. From 1st day of month following due date till the date of filing the return

Interest U/s.234B-If advance tax paid is less than 90% of tax liability (Total tax - TDS).  From 1st April till the date of filing the return

Interest U/s.234C-If advance tax paid is less than amount to be paid (15%, 30/45%, 60/75%, 100%) 


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