Interest u/s234c,individual

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 May 2012 For the AY2007-08,the advance tax due on 15th September,2006 was not paid.Some amount was paid on 16th December2006 which was,however, short of60% tax due on 15th December,2006.The IT office has charged interest for 3 months.,for December,2006;Jan 2007&Feb,2007 ignoring the amount paid by me on 16th December,2006.As interest for default is to be calculated on monthly basis,I am of the opinion that the amount paid on 16.12.2006 should be taken into account for the calculation of interest ,at least, for the months of Jan,2007&Feb,2007.
Kindly advice.

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
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13 June 2012 The advance tax installment paid on 16.12.2006 can be taken as due installment of March 2007 only.Not for Dec15 th,2006.Hence interest for shortfall of Dec.Month is justified.

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