cpc

it returns, interest under 234a,b,c

SoftwareEngineer

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

 
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Advocate

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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