LATEST DETAILS

I have received one order under section 143(1) where assess has liabilty of 31,490/- and against the same tds credit of 42,000/- . While processing the order they have charged interest u/s 234 b 8,687/- and 234 c 6,266/- Whether charging of this interest is as per the law.

I have received one order under section 143(1) where assess has liabilty of 31,490/- and against the same tds credit of 42,000/- . While processing the order they have charged interest u/s 234 b 8,687/- and 234 c 6,266/-

Whether charging of this interest is as per the law.

Reply

Interest u/s 234A and 234B of Income Tax Act is calculated on amount of tax determined u/s 143(1), 143(3)/144/147/153A reduced by TDS & Advance tax if any.

Therefore, charging of interest in the above case is not as per law.

Check Your Tax Knowledge
Youtube
Product Demo
Professional services available
Tax Lok English Viedo
Tax Lok Hindi Viedo

FOR FREE CONDUCTED TOUR OF OUR ON-LINE LIBRARIES WITH OUR REPRESENTATIVE-- CLICK HERE

FOR ANY SUPPORT ON GST/INCOME TAX

Do You Want To Take FREE DEMO Of Our GST/Income Tax Library.