Interest Calculation for Self-Assessment Tax under Section 234B Explained: Two Periods Impacting Tax Liability Changes
Interest under Section 234B for self-assessment tax is calculated over two periods. The first period begins on April 1 of the relevant assessment year and concludes on the date the self-assessment tax is paid. The second period starts from the payment date of the self-assessment tax and ends on the completion date of the assessment, provided there is an increase in tax liability during the assessment.
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