25 September 2009
If individual salaried Assesse is liable to pay income tax Rs. 63063 and till today he is not submitting income tax return. whether he is liable to pay interest or not ? how calculation of Interest u/s 234a,b,c made ?
25 September 2009
If any assesee fails to submit return within due date and has any tax payable he has to pay interest under sec 234(A).
If his tax exceeds Rs 5000 and had not paid at least 90% of that within the financial year/previous year he has to pay tax under section 234(B) and for not confirming the time schedule of advance tax one has to pay interest under section 234(c). In your case interest is payable under all the 3 sections.
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