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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

T S Khurana   |406 Answers  |Ask -

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
Rakesh Question by Rakesh on Jan 17, 2025Hindi
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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.
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