04 April 2009
I received a Extraordinary income which is not chargeable to Tax, being a capital receipt. However since the same is passed through the P&L, MAT gets attracted.
Since the Extraordinary income was not anticipated or received and till December end I could not estimate my total income. And thus failed to pay my advance tax, and 234 get attracted.
I’m willing pay interest u/s 234 from Jan to March 08, but can I escape my interest liability u/s 234 for the first 6 months of interest computation.
06 April 2009
you can escape the interest from April to Dec. Just file the return ITO will issue you the notice to pay the interest. Then you explain the case to ITO & submit the additional document which will prove that the income was not expected to be earn then he will waive the interest.
You can even get the case law for that in case ITO not accepteding your explaination.
CAclubindia
