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234C regarding

Rahul Kumar Agrawal (42 Points)

06 November 2017

plz give some light on sec 234C

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3 Replies

Rahul Chhabadia (168 Points)
Replied 07 November 2017

Under these section interest is levied on the amount being unpaid as advanced tax in the previous financial year
As there are 4 dates on which advance tax shall be paid which are as follows
15 june=15%of advance tax must be paid
15 September =45%of advanced tax must be paid
15 dec=75% of advance tax must be paid
15 March =100% of advance tax must be paid
If the assesse fails to pay the amt. as specified above on or before the due dates interest is levied on them under section 234C @ 1%per month
And time period for calculating interest is 3 months for June, September, December late paying and 1 month for March it's fixed, i.e. it doesn't depends upon on which date u paid the tax