I am individual & having proprietorship business. My net tax liability 15500 and TDS deducted 8800 and i have deposited self assessment tax of Rs. 9903 (with advanced tax calculation & interest 234b/c as suggested by my colleague). Is there interest u/s 234abc applicable to me as return filed within the due date? if no, then the excess tax paid refunded by the deptt.?
4 Replies
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 01 August 2014
NO Interest payable u/s 234B and C since net tax liabilty (net of TDS) doesnot exceeded Rs. 10,000 ...but Interest u/s 234A for delay in filling ROI @ 1% of tax payable(before deducting TDS and advance taxes) per month or its part......
Anil Kumar
(Proprietor)
(107 Points)
Replied 01 August 2014
Thanks for your reply, I have deposited excess tax and mentioned refund due in itr. will i get the refund?
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 01 August 2014
Ya sure....while processing the same will be approved if found excess paid
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