04 June 2011
Sub: What would be interest u/s 234B/C.
Assessment Year 2011-12 Due Date: 31-07-2011 Date of filling of return: 30-06-2011 Tax on Income: Rs 15000.00 TDS deducted: Rs 8000.00 Advance Tax; Nil
I want to know what would be interest amuont payable with Rs 7000.00(Tax)u/s 140A. I personally think that no interest u/s 234 B or C will be payable since there was no advance tax liability for the assessment year 2011-12 since advance tax assessed is Rs 7000.00 which is less than Rs 10000.00. But confusion is created be most of Tax and interest calculator available on website.
05 June 2011
You are right in asserting that in this case advance tax liability does not arise and as such Interest U/s 234B/C is not required to be paid.
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