Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Interest us 234B
Interest us 234B Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Interest us 234B Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the purpose of Section 234B in taxation? |  |
Ans. Section 234B in taxation is a provision that deals with the interest payable by an individual or a company in case there is a default in the payment of advance tax. Its purpose is to ensure timely payment of taxes and discourage taxpayers from delaying their tax payments.
| 2. How is the interest calculated under Section 234B? | |
Ans. The interest under Section 234B is calculated on the amount of tax payable as per the Income Tax Act, less the advance tax paid. The interest rate is generally 1% per month or part of a month for the period of default.
| 3. When does the interest under Section 234B apply? | |
Ans. The interest under Section 234B applies when a taxpayer fails to pay at least 90% of the assessed tax liability as advance tax before the end of the financial year. It is applicable to both individuals and companies.
| 4. Can the interest under Section 234B be waived off or reduced? | |
Ans. The interest under Section 234B is a statutory provision and cannot be waived off or reduced. It is mandatory for the taxpayer to pay the interest amount along with the remaining tax liability.
| 5. Is there any penalty for non-payment of interest under Section 234B? | |
Ans. No, there is no specific penalty mentioned for non-payment of interest under Section 234B. However, the taxpayer will be liable to pay the interest amount along with the remaining tax liability, and failure to do so may lead to legal consequences such as prosecution or penalties under other provisions of the Income Tax Act.
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Dec 20, 2024 Last updated |
Video Description: Interest us 234B for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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