21 June 2014
Interest U/s 234B & 234C will not be applicable in this scenario as the gross tax liability does not exceed Rs. 10,000. As per sec 208 when gross tax liability exceeds Rs. 10,000 then only payment of advance tax will arise. In your case 234B and 234C will not applicable as the gross tax liability does not exceed Rs. 10,000 As far as 234A is concerned, if you have not filed return within the due date then u need to pay interest @1% on gross tax liability per month. Thanks Ravi & Sreenivasa Chartered accountants Partner