Interest u/s 234C
AJAY PATWARI (ARTICLE) (68 Points)
22 April 2020
If cap. gain arise after 15th march,how intt u/s 234C will be calculated? Please someone reply...
3 Replies
Avinash Kumar
(CA-Final Students)
(192 Points)
Replied 22 April 2020
Non-applicability of interest under section 234C in certain cases:
Interest under section 234C shall not be leviable in respect of any shortfall in payment of
tax due on returned income, where such shortfall is on account of under-estimate or failure
to estimate –
(i) the amount of capital gains;
(ii) income of nature referred to in section 2(24)(ix) i.e., winnings from lotteries,
crossword puzzles etc.;
(iii) income under the head “Profits and gains of business or profession” in cases where
the income accrues or arises under the said head for the first time;
(iv) income of the nature referred to in section 115BBDA i.e., dividend in aggregate
exceeding of ` 10 lakhs received during the previous year.
However, the assessee should have paid the whole of the amount of tax payable in respect
of such income referred to in (i), (ii), (iii) or (iv), as the case may be, had such income been
a part of the total income, as part of the remaining instalments of advance tax which are
due or where no such instalments are due, by 31st March of the financial year.
Interest under section 234C shall not be leviable in respect of any shortfall in payment of
tax due on returned income, where such shortfall is on account of under-estimate or failure
to estimate –
(i) the amount of capital gains;
(ii) income of nature referred to in section 2(24)(ix) i.e., winnings from lotteries,
crossword puzzles etc.;
(iii) income under the head “Profits and gains of business or profession” in cases where
the income accrues or arises under the said head for the first time;
(iv) income of the nature referred to in section 115BBDA i.e., dividend in aggregate
exceeding of ` 10 lakhs received during the previous year.
However, the assessee should have paid the whole of the amount of tax payable in respect
of such income referred to in (i), (ii), (iii) or (iv), as the case may be, had such income been
a part of the total income, as part of the remaining instalments of advance tax which are
due or where no such instalments are due, by 31st March of the financial year.
AJAY PATWARI
(ARTICLE)
(68 Points)
Replied 22 April 2020
Please explain with example only for(after 15 march?
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