Interest under Section 234B accrues on the assessed tax shortfall; self assessment payments alter the shortfall calculation. Interest under Section 234B is charged on the assessed tax less advance tax paid. If self-assessment tax is paid under Section 140A, interest up to that ... Summary
Interest under Section 234B accrues on the assessed tax shortfall; self assessment payments alter the shortfall calculation.
Interest under Section 234B is charged on the assessed tax less advance tax paid. If self-assessment tax is paid under Section 140A, interest up to that payment is calculated on the shortfall of advance tax; thereafter interest is calculated on the shortfall between the assessed tax and the aggregate of advance tax plus self-assessment tax.
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