Advance tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 October 2013 Last installment date for advance tax for individuals is 15th march.
Suppose i earn from capital Gains on 28th March. Department sent me order for interest U/S 234C.

How can one discharge such advance tax liability after last advance tax installment date?

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

29 October 2013 Insuch cases recommended to pay tax before 31st march
.
.
if you failed to pay tax with in 31.03.2013
.
.
1)Interest 234B will be levied.
.
.
2)However 234C will not applicable.Logic here is it is not justified for charging interest for the period prior to the date the liability to tax arose.