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Interest under section 234B(2A)(a) - Settlement Commission Case, Income Tax

Issue Id: - 112990
Dated: 2-11-2017
By:- Akshay Jain
Interest under section 234B(2A)(a) - Settlement Commission Case

  • Contents

As per the Section.... Interest has to be calculated at 1% from the start of that Assessment year upto the date of filing of application to ITSC.... Is the interest to be calculated on the outstanding tax per month or on the entire tax

Eg

Suppose tax payable is 1,00,000 for AY 2010-11.

An amount of ₹ 80,000 was paid on 31.3.2014.

Date of filing ITSC application is 15/01/2016

Logically interest has to be calculated on 1,00,000 upto 31.3.2014 and then interest has to be calculated on the balance tax from 1.4.2014 to 15/01/2016...

Kindly update...

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Showing Replies 1 to 2 of 2 Records

1 Dated: 2-11-2017
By:- MARIAPPAN GOVINDARAJAN

In my view yours is correct.


2 Dated: 5-11-2017
By:- Ganeshan Kalyani

Interest is applicable on outstanding period.


1

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