Interest of 234b

"A" has paid total prepaid tax Rs.1 crore including self assessment tax Rs.75 lakh.
After assessment, AO had not credited to the Assessee for Rs.75 lakh as self assessment tax in the computation sheet after 143(3).

My contention is that should audit overtax in the amount of Rs.75 lakh including 234B &234C.

Is interest applicable of 234B and 234C on the amount Rs.75 lakh?

Umesh
Replies (2)
Quick Summary
This discussion addresses a situation where an assessee paid Rs. 1 crore in prepaid tax, including Rs. 75 lakh as self-assessment tax. However, the Assessing Officer (AO) failed to credit the Rs. 75 lakh in the computation sheet after assessment. The core question is whether interest under sections 234B and 234C is applicable on this Rs. 75 lakh amount. The consensus is that if the self-assessment tax was already paid, no interest should be levied. It's advised to file a rectification application under Section 154 with the AO to ensure the credit is given, which should then resolve any incorrect interest charges.

If self assessment tax of Rs. 75 already paid than there is no question of interest u/s 234B and 234C.
File rectification u/s 154 with AO to give credit of SA tax of Ram 75 lakh. So, eventually than interest also got removed after Credit of same
Thank you Nidhi ji

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