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Q. > Please Help: interest u/s 234B of Income Tax Act
One of my client has seasonal buisness and his 70% of total income arose in last 2 quarter. he would be facing interest u/s 234B for no payment of adv tax in first 2 quarter.
Please help me is there any provision or case law by which i can help him
answered Jun 08, 2011 by CA VIKAS JAIN , DELHI
time period for depositing 90% of tax liability by way of advance tax is last day of the previous year. so if u deposit 90% of entire tax due as advance tax on last day of previous year then interest under sec 234B will not be levied.
answered May 29, 2013 by Vikash Kumar Jha , Cuttack
Agree with vikas sir
answered Oct 01, 2013 by Vaneet Gupta , Delhi
Agree
Experts Panelist
Comments
CA VIKAS JAIN
24-May-2011 , 09:32:38 amdear friend, under sec 234B, interest is levied if assessee has not paid 90% of his assessed tax by way of advance tax. so if he is paid his assessed tax by way of advance tax in last two quarter then no interest should be levied under sec 234B. However It seems that interest under sec 234C for defaulting in payment of instalment of advance tax will be attract in this case.