plz its urgent

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2010 what is the difference between sec214 and 244A in both the sec interest is paid but in 214 interest is paid @15%
what is the exact difference

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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28 December 2010 Sec 214 intt. on refund is applicable where tax u/s 207 to 213 is excess paid to advance tax.

Sec 244A is applicable intt. on refund under other than above.

Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2010 do u mean if tax liability 50000

TDS 31/3/2010 40000
Advance tax
1st quarter 5000
2nd quarter 5000
3rd quarter 5000 15000
Refund 5000
this refund is due to advance tax so 244A or 214 will apply.
normally we r applying 244A for this
plzclear it out great confusion.

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