Dinesh Bhattacharya (Retired) (90 Points)
03 January 2013Hello Friends,
So far as I know, Interest u/s 234B is 1% for the period of default. It is interesting to note that the in the ITR-6 , as available now for the AY 2011-12 from the current web site of the IT Department, it is being calculated @ 1.25% . Is there any change in the Rate? Even it is so, can it be applicable for AY 2011-12 retrospectively?
CA D.C. Bansal
(Accounts Head)
(283 Points)
Replied 04 January 2013
As fas as I remember, there is no change in rate. W.e.f. 08.09.2003 Interest u/s 234B should be calculated @ 1%.
Dinesh Bhattacharya
(Retired)
(90 Points)
Replied 04 January 2013
Thank You, Mr. Bansal,
But, in the ITR-6, interest u/s 234B is showing a different figure - erroneous figure. Shall I ignore that and put my own calculation?. Kindly advise.
CA D.C. Bansal
(Accounts Head)
(283 Points)
Replied 04 January 2013
If you are confident about your calculation, you may put your calculation in the ITR.
CAclubindia
