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Self Assessment tax paid Under section 140A (Taxation)

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This query is : Resolved


Author : cheshta

Posted On 30 May 2009 at 11:36

Hello everyone
I want to ask query about section 140A which i did not find in the book.
If self assessment tax falls short of tax and interest first it would be adjusted towards interest u/s 234ABC but if self assessment tax falls short of even interest amount then what will be the basis for apportioning it towards 234ABC and under what section?

Please reply.






Expert : Vineet

Posted On 02 November 2009 at 13:08

Dear Cheshta

Interest u/s 234A and 234C are payable in relation to returned income and therefore these interest are frozen once the return has been filed. To the contrary, interest u/s 234B is dependant upon assessed income which may keep on changing.

Therefore, though nothing is provided in the Act in this regard, logic demands that amount paid u/s 140A should first be adjusted against interest amount which has become final ie u/s 234A and 234C.

However, how does it matter if the amount is appropriates against any of the interest. The legislative intent is to recover interest first and keep the charge alive on principal tax demand. The interest u/s 220(2) is payable on demand and not Tax amount or interest per se.



Expert : raj kumar makkad

Posted On 03 November 2009 at 22:03

I agree with Vineet.



Expert : Gulshan Tanwar

Posted On 01 May 2010 at 18:08



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