Applicability s234 b c on adv tax
hetalsangoi
(Querist) 24 July 2012
This query is : Resolved
to whom or which condition is fulfilled so assessee do not require to fulfill the adv tax liability at the different installment?
so section 234 B C WILL NOT ATTRACT
Sankaranarayanan
(Expert) 25 July 2012
section 234 is purely for advance tax liability interest if any difference or discriminated then it will be charged
Subject to the other provisions of this section, where, in any financial year, an assessee who is liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions of section 210 is less than ninety per cent of the assessed tax, the assessee shall be liable to pay simple interest at the rate of one and one half per cent for every month or part of a month comprised in the period from the 1st day of April next following such financial year 1927 to the date of determination of total income under sub-section (1) of section 143 and where a regular assessment is made, to the date of such regular assessment, on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of the assessed tax.
