234B interest
This query is : Resolved
29 October 2017
Please clarify me on total tax liability in case of company is Rs 44 Lakh and tds/advance tax deposited for the year is Rs 42 Lakh, on balance 2 Lakh utility is calculating interest u/s 234B. But as per my knowledge interest u/s 234b applicable only when shortfall is less than 90% of total tax liability.
29 October 2017
so what should I do in utility? shall I pay tax u/s 234b?
29 October 2017
If your Tax deposited on 31/03 then no need to pay sec 234B...
29 October 2017
we have deposited today
29 October 2017
I think it's not calculated as advance Tax...
It's calculated as Self Assessment Tax...
Advance Tax payable on 31st March...
In case it's TDS return as per 4th Quarter...
30 October 2017
You have not given the break up for TDs and advance tax paid. I will assume the same as Rs 4 lacs and Rs 38 lacs, resepctively.
Advance tax liability if minimum 90% of the "assessed tax", which is tax due less TDS.
In you case, assessed tax will be 44 lacs- 4 lacs + 40 lacs. 90% of this is 36 lacs. Since 90% of this has been paid as advance tax, there will be no interest u/s 234C.
Advance tax liability if minimum 90% of the "assessed tax", which is tax due less TDS.
In you case, assessed tax will be 44 lacs- 4 lacs + 40 lacs. 90% of this is 36 lacs. Since 90% of this has been paid as advance tax, there will be no interest u/s 234C.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
