Will the advance tax paid after the the due date of advance tax will be considered for calculation of interest u/s 234 B...?as the sec reads interest will be calculated from 1april till date of determination of assessment...
2 Replies
CA Abdul Halim Siddiqui
(Partner)
(481 Points)
Replied 30 April 2009
NO, sec 234b will not get trigerred in the previous year, however only sec 234c will be activated till 31-3 ( subject to some exception viz capital gains, lottery winning). Thereafter sec 234b will be activated
It should be noted that sec 234b get active in P.y in case of default & sec 234c gets activate in A.y in case of default in advance tax is more tha 10% of assessed tax.
C.A. M.Com. Suhas A. Nagpure
(CA)
(1175 Points)
Replied 30 April 2009
Halim is right.
Advance tax paid after due date will not be considered for calculation of Interest U/s 234B.
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