Dear All,
Please let me know why we need to pay interest for the Income tax when TDS is been paid monthy/quarterly under the section of 234A,B,C
The ITR-1 excel file from govt web site automattically calculates the interest to be paid
notit4tat (SoftwareEngineer) 31 May 2013
Dear All,
Please let me know why we need to pay interest for the Income tax when TDS is been paid monthy/quarterly under the section of 234A,B,C
The ITR-1 excel file from govt web site automattically calculates the interest to be paid
Mahesh V.P. (Advocate) 31 May 2013
As per the explnation to Sec 234 B and C, you may note that interest is to be paid on the tax liability, that is assessed tax less TDS. And as far as Sec 234 A is concerned it is a penal interest for not filing on due date. Therefore if your TDS covers your tax liability fully you need not worry about 234 A,B & C.
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