
Dear Professional Seniors & Friends,
Warm Greetings!
Here is the Next post of #MCQ on concept based practical professional knowledge on interests applicable on late payment of income tax in a unique manner to be self answered by participants. The detailed answer of these MCQs shall be posted next day for the self assessment of the participants.
MCQ 62.1: Mr. X aged 55 years having income from house property filed the return for AY 2017-18 on 30th October 2017. However he has paid full tax liability of Rs 15,000 on 25th July 2017. What are the interest applicable assuming due date to file return is 31st July 2017 and no TDS, advance tax has been paid by him.
A) Interest under Section 234B & C will be applicable.
B) Interest under Section 234A will be applicable.
C) Both A and B.
D) None of the above.
MCQ 62.2: What if in the above question, Mr. X age is 62 years?
A) Interest under Section 234B & C will be applicable.
B) Interest under Section 234A will be applicable.
C) Both A and B.
D) None of the above.
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CA Sanjay Kumar Agrawal
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Dear Professional Seniors & Friends,
Warm Regards!
This post of MCQ is on provisions relating to various interest applicable under different provisions on late payment of income tax.
Answer to MCQ 62.1: A) Interest under Section 234B & C will be applicable.
Answer to MCQ 62.2: D) None of the above.
Practical Analysis for MCQ 62.1& 62.2:-
1) | 234A | If assessee does not file the return on due date or return is not filed. |
2 | 234B | If advance tax paid by the assessee during the previous year is < 90% of assesses tax. |
3) | 234C | If advance tax paid by the assessee during the previous year is < the amount of installments to be paid as per prescribed due dates. |
(Disclaimer: The objective of the MCQ post is just to discuss the concept, it may happen, by change of facts, the answer may be different. Please do not treat this as professional opinion; you can definitely have your own opinion.)
Sincere Regards!
CA Sanjay Kumar Agrawal
Mobile: 9810116321
To access MCQ posts regularly, please Join Telegram Channel:
https://t.me/caSanjayKumarAgrawal
For All MCQ post please click on:
Webpage: http://www.casanjay.me/
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