The self-assessment tax computed u/s 140 A by an individual assessee is ₹1,50,000 which includes ₹15,000 as interest for late filing of return as per section 234A. The assessee has deposited ₹75,000 as self-assessment ta

CS Executive · Tax Laws and Practice · PYQS · December 2018

The self-assessment tax computed u/s 140 A by an individual assessee is ₹1,50,000 which includes ₹15,000 as interest for late filing of return as per section 234A. The assessee has deposited ₹75,000 as self-assessment tax. In this case:

(A) ₹75,000 so deposited shall be adjusted in the proportion of 9:1 towards tax and interest

(B) ₹15,000 shall be adjusted towards interest due and balance of ₹60,000 shall be adjusted towards tax due

(C) ₹75,000 so deposited shall be adjusted towards tax due

(D) None of the above

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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The self-assessment tax computed u/s 140 A by an individual assessee is ₹1,50,000 which includes ₹15,000 as interest for late filing of return as per section 234A. The assessee has deposited ₹75,000 as self-assessment ta

Answer & Explanation:

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