Interest under Section 234B of Income Tax Act 1961

How to calculate Interest under Section 234B of Income Tax Act, 1961?

(1) Interest under section 234B is attracted for non-payment of advance tax or payment of advance tax of an amount less than 90% of assessed tax. (2) The interest liability would be 1% per month or part of the month from 1st April following the financial year upto the date of determination of income under …

How to calculate Interest under Section 234B of Income Tax Act, 1961? Read More »