Section 234C - An Interesting One., Income Tax

[sathyanarayanan kasinathan]

A company has paid the first installment(full 15%) by June 17th, instead of the stipulated June 15th. I'd like to know whether the Interest payable u/s 234C should be calculated using '3' months or only '1'month, since the delay is only 3 days.

Posts / Replies

[GOPALJI AGRAWAL]

The interest would be chargeable only for period of default not for 3 months. You may refer Panther investrade Limited Vs. CIT