WebSection 234C (2) of Income Tax Act The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1989 and subsequent assessment years. Updated Mar 8, 2024 Income Tax Taxpayers Previous: Section 234B of Income Tax Act for AY 2024-24 Next: Section 234D of Income Tax Act … WebIn Explanation 1 and in sub-section (3) "tax on the total income determined under sub-section (1) of section 143" shall not include the additional income-tax, if any, payable under section 143. ... Section 234C deals with interest for deferment of advance tax. As noted above, great emphasis is laid by the assessee on sub-section (4) of Section ...
Section 234C: Interest on Deferred Payment of Advance Tax
WebJan 20, 2024 · the advance tax paid by the assessee on the current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent on the amount of the shortfall from the tax due on the returned income. WebNov 12, 2024 · Under Section 234C of the Income Tax Act, if you default on your instalment date, you will be charged a 1% of a simple interest rate for 3 months over the due advance tax amount that has not been paid. The interest payable on delayed payment of advance tax (except in the case of presumptive income under Section 44AD) is given below: Section … solomon islands youtube august 2022
Interest Penalty Imposed Under Section 234A, 234B & 234C …
WebApr 5, 2024 · Calculation of Interest under section 234C when the taxpayer is not opting for presumptive income under section 44AD. If the amount of advance tax is less than 15% … WebMar 16, 2024 · Basically, Section 234C deals with interest to be levied on defaulters of advance tax instalment payments. What is an advance tax? Advance tax means that applicable income tax should be calculated and paid in advance, that is, during the fiscal … WebJan 9, 2024 · There are 3 types of interests which are charged on the taxpayer under the following circumstances: Section 234A: Delay in Filing of Tax Return. Section234B: Delay in the Payment of Advance Tax. Section 234C: Deferred Payment of Advance Tax. It is the first part of a three-part series on section 234 where we shall discuss section 234A in detail. solomon iv software