Interest calculation under section 234abc
Querist : Anonymous
I need expert help to verify interest calculation done by AO for AY-2008-09. While filing the return for AY-2008-09, i could only pay Rs. 83175 out of Rs. 159453 and the rest amount of Rs. 76280 i paid on 1st January 2012. I got a notice from CPC under section 143 and after doing the rectification, AO has calculated an amount of Rs. 47310 to be paid to income tax department against section 154.
I want to know that whether the amount calculated is correct or not or is there a mistake. I was under the assumption that i need to pay an interest of 1% per month till the time i pay the rest of the amount i.e. Rs. 76280. amount under 234b is much more than 234a and 234c
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Querist : Anonymous
Querist : Anonymous
Querist : Anonymous
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