Question
The liability to pay interest u/s 234B would arise when
the advance tax plus TDS/TCS to the credit of the assessee is less thanSolution
Section 234B of the Income Tax Act in India deals with the interest payable by an assessee for the delay in payment of advance tax. If the advance tax paid by the taxpayer during the financial year, along with the TDS/TCS (Tax Deducted at Source/Tax Collected at Source) credits, is less than 90% of the assessed tax liability, then the taxpayer becomes liable to pay interest under section 234B.
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