Krishna Prasad (Partner) (260 Points)
31 May 2011Hi professional colleagues
I have received an intimation u/s.143(1) of The IT Act, 1961 in which interest u/s.234B & 234C was levied. The major part of the income is "Long Term Capital Gains". Now my question is that is interest u/s.234B&234C leviable if the advance tax is not paid. in my situation the whole tax was paid at the time of filing the return of income by way of "Self assessment tax".
Please advice me in this regard.
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 31 May 2011
when did d long term capital gain arised?????????give d dates
CA AMANPREET SINGH
(Chartered Accountant)
(284 Points)
Replied 31 May 2011
No doubt Interest is Leviable. But Interest u/s 234C is Leviable only for quarters following the quarter in which Transfer is made.
C.Balaji
(Learner)
(1867 Points)
Replied 31 May 2011
S... Interest will be levied by the department.... Both 234B and 234C...
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 31 May 2011
| Originally posted by : AMANPREET SINGH | ||
 |
No doubt Interest is Leviable. But Interest u/s 234C is Leviable only for quarters following the quarter in which Transfer is made. |
 |
swapna
(student)
(77 Points)
Replied 01 June 2011
Interest u/s. 234B levied when advance tax is not paid by assessee.
the assessee should pay advance tax when he exceeds the taxpayable amount Rs. 10,000/-
If he is not paid advance tax within the due date ie 31.03.2011 interest u/s.234B will arise.
so should know when the assessee received consideration according to that he is liable to pay interest
Seetha
(B.Com, CA)
(278 Points)
Replied 01 June 2011
TOTAL TAX PAYABLE SHOULD HAVE BEEN PAID AS ADVANCE TAX IN THE FOLLOWING DUE DATE AFTER TRANSFER FAILING WHICH INTEREST UNDER SECTION 234 A AND 234 B WILL BE LEVIED (FOR SHORT PAYMENT AND DEFERRMENT IN PAYMENT OF ADVANCE TAX)
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