Web5 Mar 2024 · Under Section 234B, the taxpayer must pay at least 90% of the tax that is due to be paid at the end of the financial year. In case the payment of advance tax is delayed, … Web28 Sep 2024 · It is an established law that provisions of sec 234C is applicable in the case of Income chargeable to tax u/s 115JA/115JB but i.e., subject to the provisos provided in sec 234C. Then provisions of S. 234C (1) regarding payment of interest shall not apply to any shortfall in the payment of the advance tax due on the returned income.
Section 234C: 2024 Guide On Section 234C Of Income Tax Act
Web20 Jun 2024 · Section 234C of the Income Tax Act,1961 levies interest if the taxpayer defaults in payment of advance tax instalments. This is the case wherein a taxpayer does … Web6 Aug 2024 · Provisions of section 234C are not applicable under the following circumstances-. 1. The advance tax paid by the taxpayer on or before 15 th June is not less than 12% of the advance tax payable. 2. The advance tax paid by the taxpayer on or before 15 th September is not less than 36% of the advance tax payable. 3. black tops at mr price
Shortfall in advance tax payment on windfall gains or unexpected …
Web24 Aug 2024 · Calculation of interest under Section 234C of Income Tax Act, 1961. When the taxpayer does not choose to have presumptive income under Section 44AD, interest is calculated under Section 234C. If the advance tax amount is less than 15% of what was paid on or before June 15th. For three months, there will be a 1% monthly interest charge. Web1 Likes, 0 Comments - TaxCPC (@taxcpc_figmentgs) on Instagram: "With respect to our previous week's quiz wherein we had asked - Under which section interest sha..." TaxCPC on Instagram: "With respect to our previous week's quiz wherein we had asked - Under which section interest shall be charged to deferment of advance tax? WebHere is the amount of interest he has to pay: Difference between assessed advance tax: 50,000 (assessed advance tax) – Rs 44,000 (advance tax paid) = 6,000. Interest to be paid: 6000 x 1% x 2 (April and May) = Rs 120 is amount payable towards the interest under section 234B. 3. Section 234C: Payment of Advance Tax not on Time or Interest for ... black tops clothing