INTEREST U/S 234C, Income Tax

[NABIN AGARWAL]

A Company earned Capital Gain income in March'15 by selling an Immovable Property but need to pay tax U/s 115JB as because normal tax is lower than MAT tax. Can it be allowed to pay Interest U/s 234C for last quarter only as Income is solely from Capital Gain occured in March'15. though he is laible to pay tax U/s 115JB ??? Please reply with Case Law and Section in support of your answer.

Posts / Replies

[RAMA KRISHNA KNVS]

Advance tax payment is made towards estimated tax liability for year as a whole. as Mar-15 is due date for 4th installamnet, by that time the capital gain tax must have been known. so such computation of interest as suggested by u will not be allowed under law.