Clarification - Interest U/s. 234B & 234C, Income Tax

[Ashutosh Chhawchharia]

Whether Interest U/s. 234B & 234C of the Income Tax Act, 1961 is leviable where the copany has a Book Profit and Net Tax Payable if as per Section 115JB (MAT Tax) of theIncome Tax Act, 1961.

Posts / Replies

[Rama Krishana]

Oh, yes, amount calculated under 115JB (MAT) minimum alternate tax on the basis of book profit is nothing but a tax which takes place when the regular tax is lower that mat. Interest u/s 234B and 234C are squarely applicable.

[Surender Gupta]

Yes, you need to pay interest under 234B and 234C on MAT also.

[Harish Chander Bhatia]

This is a much debatable issue. Case of Kwality Biscuit is to be referred