234b interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2014 Its urgent!! One of my client has paid its tax on 15 May,2013 but return is filed on 23 july 2013, And department has imposed 234 B interest up to July.Whether the department is correct on imposing the interest. Plzz reply soon. Thanks in advance for your reply!!

Amol S Joglekar

Amol S Joglekar (Expert)
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15 December 2014 which assessment year you are referring? and what is the amount of TAX?

Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2014 its relating to A.Y.2013-14, and the amount of tax relating to capital gain income is Rs.10,11,171/- which arise on 30/03/2013.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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16 December 2014 Yes. Interest u/s.234B will apply since the Income tax payment paid late on 15th May. it should have been paid with in 31st March entire Income tax amount

Amol S Joglekar

Amol S Joglekar (Expert)
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17 December 2014 the capital gain arose on 30/03/2013. The tax could have been paid on the same day or 31st. (31st the tax division is kept open by the banks)