17 July 2012
hi can any body give me clear clarification for 234a,b,c with examples
Guest
Guest
(Expert)
17 July 2012
its very easy to calculate interest u/s 234 A, B, and c... take one eg...
234A(INTEREST FOR NON filling of return) Assessee is liable to pay advance tax if his total tax liability is more than Rs. 10000/- annualy. he need to pay advance tax quarterly due dates amount of advance tax 15th sept. 30% 15th Dec 30% 15th mar balance.
if any one failed to deposit advance tax than he need to pay simple interest @ 1% per month or a part of month..from the due date of filling return to the actual date of furnishing of return
Guest
Guest
(Expert)
17 July 2012
234B(INTEREST FOR NON PAYMENT OF ADVANCE TAX) when assessee is liable to pay advance tax , has failed to pay such tax...interest is payable on assessed tax.
simple interest @1% for every month or parft of month.
period : from april 1 of the A.Y. to the date of determination of total income under sec 143(1)
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