Vipin Jaiswal (Practicing Chartered Accountant) (81 Points)
27 July 2015Hello Experts,
I have a Query in Relation to Calculation of Interest Under Section 234 B . While Computing Assessed Tax for the purpose of Calculation of Interest under section 234B whether we need to add Interest under Section 234C also.
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 27 July 2015
Normally C is also applicable with B but its case specific else it would not have been seperate
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 27 July 2015
NO. All interest under the Income tax is simple interest only. However, in case payment of tax is made in instalments, payment will be first appropriated towards the interest caluclated under 234C, 234 B and 234A in that order and balance only will be appropriated towards tax payable.
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