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My Updated Income Tax Return Shows Tax Payable Due to Interest U/S 234B: What Should I Do?

T S Khurana |536 Answers |Ask -Follow

Tax Expert - Answered on Feb 13, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Rakesh on Jan 17, 2025Hindi

Money

Sir, on 29/02/2024 I had filed an updated Return for the A.Y. 22-23 by correcting all the data and also paid the additional tax liability with 25% penalty. But now i received a demand notice u/s 156 & that contains only the intimation u/s 143(1). That intimation shows that all tax calculation is ok except interest u/s 234B and so the tax payable arise. what can I do, shall i pay the demand amount or file a rectification for the same. And it has been more than 30 days on receipt of such demand notice.

Ans: It seems a case of Advance Tax, paid late.
Kindly check whether your tax calculations are correct, with reference to Advance Tax Provisions ? If the demand seems correct after checking & also if the amount is not much, just pay of the demand & go ahead.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I have received a demand notice, i.e. intimation u/s 143, due to mismatch in interest calculation u/s 234B and 234C. Though the mismatch is small around Rs 140 which I have paid it online through e-pay tax on portal and received the challan and an email communication from e-filling team mentioning that the payment is successful . Now what to do hereafter ?? or shall I be Ok with challan assuming everything done. Do I need to file revised ITR or file under rectification ?? Pl clear the confusion.......Regards DA

Ans: once demand notice is paid, you may have to enter the BSR code, challan no details in the relevant column, which will match the amount with the outstanding demand. Revised return is not required.

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Question by Verky - Oct 23, 2024Hindi

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Greetings, Received Income tax Intimation u/s 143(1) with respect to the return of income filed by for the Assessment year 2022-23 regarding demand notice of payment for sec 234b There was no Advance tax paid for the mentioned period FY 2021-22, And the ITR was filed on 31-12-2023. As such for calculation of 234B, the number of months from Apr 1st 2022 was calculated as 21 and the amount to be paid on the Assessed tax 103600 was calculated as (103600*1%)*21 which was filed as 21,756 But the demand notice mentions the amount as 32,116 (which seems to be calculated as 31 months) Was my calculation of 234B considering 21 months (01-04-2022 -> 31-12-2023) correct, in which case should I ask for a rectification for reprocessing ? Pls Advice. Thanks Verky

Ans: 01. Please note that in your case, provisions of Advance Tax are also applicable. Under these provisions, you have to pay tax quarterly during the financial year. It seems you have ignored those provisions. The demand raised seems to relate with advance tax payable.
Most welcome for any further clarifications. Thanks.

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Question by Verky - Oct 23, 2024Hindi

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Greetings, Received Income tax Intimation u/s 143(1) with respect to the return of income filed by for the Assessment year 2022-23 regarding demand notice of payment for sec 234b There was no Advance tax paid for the mentioned period FY 2021-22, And the ITR was filed on 31-12-2023. As such for calculation of 234B, the number of months from Apr 1st 2022 was calculated as 21 and the amount to be paid on the Assessed tax 103600 was calculated as (103600*1%)*21 which was filed as 21,756/- But the demand notice mentions the amount as 32,116 (which seems to be calculated as 31 months) Was my calculation of 234B considering 21 months (01-04-2022 -> 31-12-2023) correct, in which case should I ask for a rectification for reprocessing ? Pls Advice. Thanks Verky

Ans: Advance Tax payments are made in four installments. In your case it was payable in July-2021 (15%), September-2021 (30%), December-2021 (30%) & March-2022 (25%).
Since you have not paid any installments, so interest would be calculated from the above mentioned dates.
You may check interest due on above basis for your satisfaction. Hope calculations of ITD are correct, you may pay the demand.
Most welcome for any further clarifications. Thanks

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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