You sold crypto, realised most gains in the last quarter, and paid no advance tax across the year. Now, the filing deadline has passed, and your liability is bigger than just the 30% flat rate on your gains. It is because three separate interest charges have been running quietly, and unlike the tax itself, they grow every month the return stays unfiled.
These interest provisions apply differently. Section 234B applies when you fail to pay sufficient advance tax during the financial year. Section 234C applies if you miss the prescribed advance tax instalments, although crypto capital gains may qualify for a specific exemption. If you also miss the ITR filing deadline, Section 234A begins charging additional interest until the outstanding tax is paid.
This guide explains how interest under Sections 234A, 234B, and 234C is calculated for crypto taxpayers, when the Section 234C exemption applies, and how to determine your total liability before filing your ITR.
Key Takeaways
- Section 234A charges 1% per month on unpaid tax from the day after the filing due date until the actual filing date
- Section 234B applies when advance tax paid is less than 90% of assessed tax; interest runs from 1st April of the assessment year
- Section 234C charges interest on each missed instalment, calculated for 3 months on the June, September, and December instalments, and for 1 month on the March instalment.
- Crypto disposal gains qualify for the Section 234C capital gains exemption, shortfalls are exempt if the tax is paid in the next instalment or by 31st March
- Under Rule 119A, any fraction of a month counts as a full month and the final interest amount rounds down to the nearest INR 100
- Senior citizens above 60 without business income are exempt from advance tax under Section 207 and not liable under Sections 234B or 234C
Why Do Crypto Taxpayers Trigger These Interest Sections?
Most crypto traders do not intentionally miss their advance tax payments. However, crypto gains are often earned unevenly throughout the year, no employer deducts tax on them, and the 30% tax rate can create a large liability quickly. As a result, interest under Sections 234A, 234B, and 234C is a common issue for active crypto taxpayers.
Crypto Income is Not Fixed, It is Variable
Unlike salary, which is received monthly with TDS deducted automatically, crypto gains arise only when a transaction is completed. A trader may earn no gains for most of the year and then realise a large profit in a single month. As a result, advance tax instalment deadlines may pass before the taxable gain is even recognised.
The 30% Tax Rate Can Create a Large Liability Quickly
Crypto gains are taxed at a flat 30% rate under Section 115BBH. For example, a net gain of INR 10,00,000 results in a tax liability of INR 3,12,000, including cess. If advance tax is not paid on time, interest begins accumulating under the relevant provisions, increasing the total amount payable.
Crypto Traders Must Manage Advance Tax Themselves
Salaried employees generally have taxes deducted by their employer throughout the year. Crypto traders do not have that support system. They are responsible for estimating their tax liability, calculating advance tax, and making payments before each due date. When gains are unpredictable, these obligations are often overlooked, leading to interest accumulation under Sections 234B and 234C.
What is Section 234A and When Does It Apply?
Under Section 234A of the Income Tax Act, 1961, interest starts from the date immediately following the due date for filing. For non-audit individual taxpayers for FY 2025-26, that is 1st August 2025. It runs until the actual date of filing. Where no return is filed at all, it continues until the date of assessment completion under Section 144.
When Does Section 234A Apply to Crypto Transactions?
Section 234A applies to any crypto taxpayer who files after the due date. The following crypto transactions create tax liabilities that, if unpaid by the due date, attract Section 234A interest:
- Disposal of crypto assets: Selling, swapping, or spending any Virtual Digital Asset (VDA) taxable at 30% under Section 115BBH
- P2P crypto trades: Transfers on platforms such as Binance P2P where no exchange deducts TDS automatically
- Crypto received as salary or perquisite: Taxable as income at slab rate under Section 17(2) on receipt
- Freelance or consulting income received in crypto: Taxable as PGBP under Section 28 at slab rate
- Token grants and ESOPs: Perquisite taxable at exercise under Section 17(2)(vi)
- Staking rewards and airdrops: Taxable as income at slab rate on the date of receipt
- Creator income in crypto: YouTube sponsorships, newsletter payments, and brand deals in tokens taxable as PGBP.
What is the Base Amount for Section 234A?
Interest is charged on the tax on total income as determined under Section 143(1), reduced by advance tax paid, TDS and TCS deducted, reliefs under Section 89, Section 90, Section 90A, and Section 91, and tax credits under Sections 115JAA and Section 115JD. For a crypto trader with no employer TDS and no advance tax paid, the base is effectively the full 30% liability plus 4% cess.
One Point Most Filers Miss
Section 234A interest does not apply if the entire tax liability is discharged before the filing due date, even if the return itself is filed late. A trader who pays all outstanding tax through self-assessment on 20th July 2025, and then files the return in October, owes no Section 234A interest at all. The charge is on unpaid tax, not on late paperwork.
What is Section 234B and When Does It Apply?
Where Section 234A targets late filing, Section 234B targets under-payment of advance tax during the year. A taxpayer whose total advance tax payments fall below 90% of their assessed tax triggers Section 234B, regardless of when they eventually file. The interest begins on 1st April of the assessment year and runs until the outstanding amount is settled.
What is Section 234B?
Under Section 234B of the Income Tax Act, 1961, simple interest at 1% per month or part of a month is charged when an assessee liable to pay advance tax under Section 208 either fails to pay it at all, or pays less than 90% of the assessed tax. Interest runs from 1st April of the assessment year to the date of determination of total income under Section 143(1), or to the date of regular assessment where one is made.
When Does Section 234B Apply to Crypto Transactions?
The crypto transactions that trigger Section 234A of the Income Tax Act also determine liability under Section 234B. These include crypto disposal gains, P2P trading, staking rewards, crypto salary, token grants, and creator or freelance income in crypto.
However, Section 234B applies only where advance tax paid is less than 90% of assessed tax and the total tax liability exceeds INR 10,000.
What Does "Assessed Tax" Mean Under Section 234B?
Assessed tax means the tax on total income determined under Section 143(1) or under regular assessment, reduced by TDS and TCS under Chapter XVII, reliefs under Sections 89, 90, 90A, and 91, and tax credits under Sections 115JAA and 115JD. For most crypto traders, this figure approximates the full 30% tax plus cess, because no employer deducts TDS on trading gains at source.
The 90% Safe Harbour and How It Works?
A trader with an assessed tax of INR 3,00,000 needs to have paid at least INR 2,70,000 in advance tax across the year, meeting this threshold cancels out the interest base and the penalty under Section 234B does not arise.
Paying Self-Assessment Tax Stops the Clock
Under Section 234B(2), where tax is paid under Section 140A before the return is filed, interest is calculated only up to the date of that payment. After payment, interest continues solely on any remaining shortfall. Therefore, a trader who pays the entire outstanding tax liability before filing a belated return stops the Section 234B interest from accruing from the date of that payment.
What is Section 234C and When Does It Apply?
Section 234C operates differently from the other two provisions. Rather than assessing the overall position at the end of the year, it evaluates each instalment date independently, charging interest on any shortfall at that specific point, even if the taxpayer pays everything in full later.
What is Section 234C?
Under Section 234C of the Income Tax Act, 1961, simple interest at 1% per month is charged when advance tax instalments paid by specified due dates fall short of the required cumulative percentages of tax due on returned income.
Unlike Section 234B, which assesses the year as a whole, Section 234C charges interest separately on each missed or short-paid instalment, making it possible to owe Section 234C interest even when total advance tax paid for the year exceeds 90% of assessed tax.
When Does Section 234C Apply to Crypto Transactions?
The same crypto transactions that apply under Section 234A and Section 234B are also relevant for Section 234C. However, Section 234C focuses on delayed advance tax instalments.
Interest applies where income could reasonably have been estimated before an instalment due date, while crypto capital gains arising after that date may qualify for the statutory exemption.
The Four Instalment Thresholds
The advance tax schedule requires taxpayers to pay 15% of their total liability by 15th June, 45% by 15th September, 75% by 15th December, and 100% by 15th March. If the required amount is not paid by these dates, Section 234C interest applies at 1% per month on the shortfall. Interest is charged for three months on the June, September, and December instalments, and for one month on the March instalment.
However, the Income Tax Act provides limited relief for the first two instalments. No Section 234C interest is charged if at least 12% of the tax due on returned income is paid by 15th June or at least 36% by 15th September. This relaxation applies only to these two deadlines, as no similar safe harbour is available for the December or March instalments.
The Capital Gains Exemption: The Most Overlooked Relief for Crypto Traders
Section 234C provides relief when an advance tax shortfall arises because capital gains could not be accurately estimated earlier in the year. If the tax on those gains is paid in the remaining instalments or by 31st March, interest is generally not charged for the missed earlier instalments. Since crypto disposal gains are taxed under Section 115BBH, this relief is relevant for many crypto investors and traders.
For example, if a trader realises most of their crypto gains in February and pays the entire tax liability by 31st March, they would generally face Section 234C interest only on the March instalment shortfall. As a result, traders whose gains arise late in the financial year can significantly reduce their Section 234C exposure through timely tax payments.
Different Rules Apply for Section 44AD and Section 44ADA Filers
Taxpayers declaring income under the Section 44AD or Section 44ADA presumptive scheme are not subject to the quarterly instalment schedule. They must pay 100% of advance tax in a single instalment by 15th March. A shortfall on that single payment attracts Section 234C interest at 1% for one month on the shortfall amount, and no interest applies on any earlier date regardless of how much was paid.
How to Calculate Your Total Section 234A/234B/234C Interest?
Before filing, work through these steps in sequence to arrive at the exact interest figure across all three sections.
Step 1: Determine Your Assessed Tax
Start with your total crypto tax liability: 30% of net gains plus 4% cess. Reduce this by TDS deducted by Indian exchanges under Section 194S, any advance tax already paid, and any reliefs applicable under Sections 89, 90, 90A, or 91. The resulting figure is your assessed tax, the base on which every subsequent calculation depends.
Assessed Tax = (30% × Net Crypto Gains) + 4% Cess − TDS Deducted − Advance Tax Paid − Applicable Reliefs
Step 2: Check the 90% Threshold for Section 234B
Before calculating any Section 234B interest, verify whether the 90% safe harbour applies. Multiply assessed tax by 90%. If total advance tax paid equals or exceeds that figure, Section 234B does not apply at all. If advance tax paid falls below it, Section 234B interest is charged only on the shortfall, not on your full assessed tax amount.
Step 3: Apply the Capital Gains Exemption to Section 234C
For each instalment date where a shortfall arose, assess whether that shortfall came from crypto capital gains that were genuinely difficult to estimate at the time. If yes, and the full tax was paid in the next available instalment or by 31st March, that shortfall is exempt under Section 234C. Remove exempt shortfalls from the calculation before proceeding to Step 4. Only non-exempt shortfalls carry forward.
Step 4: Calculate Interest under Section 234C Instalment by Instalment
Apply the formula below to each non-exempt shortfall separately. The interest period is three months each for the June, September, and December instalments and one month for the March instalment. Add all four figures together before applying Rule 119A rounding.
Section 234C Interest (per instalment) = Non-Exempt Shortfall × 1% × Interest Period (months)
Instalment | Required Cumulative % | Interest Period |
15th June | 15% of tax on returned income | 3 months |
15th September | 45% of tax on returned income | 3 months |
15th December | 75% of tax on returned income | 3 months |
15th March | 100% of tax on returned income | 1 month |
Step 5: Calculate Interest under Section 234B
Take the Section 234B base from Step 2, the amount by which advance tax paid falls short of assessed tax. Multiply by 1% per month for the period from 1st April of the assessment year to the date on which tax was paid or assessed under Section 143(1). Where self-assessment tax was paid under Section 140A before filing, the period ends on that payment date.
Section 234B Interest = (Assessed Tax − Advance Tax Paid) × 1% × Number of Months
Step 6: Calculate Interest under Section 234A
If the return was filed after the due date, the Section 234A base amount is the tax remaining unpaid specifically as of the filing due date. The amount is assessed tax minus advance tax paid minus any self-assessment tax paid before that due date. Multiply by 1% per month for the period from the day after the filing due date to the actual date of filing. For FY 2025-26, the period starts 1st August 2025 for non-audit individual taxpayers.
Section 234A Interest = Unpaid Tax as of Due Date × 1% × Number of Months
Step 7: Apply Rule 119A Rounding and Add All Three Figures
Round each of the three interest figures down individually to the nearest multiple of INR 100 before adding. Any fraction of INR 100 in each figure is discarded. However, any fraction of a month in each period counts as a full month. Add the three rounded figures to arrive at the total interest payable.
Total Interest = Rounded Section 234C + Rounded Section 234B + Rounded Section 234A
This total is the figure you declare in the Interest and Fee section of your ITR and the figure the ITD verifies during Section 143(1) processing. A discrepancy between your declared figure and the portal’s computed figure at the time of filing is the most common trigger for an interest-related demand in the ITD’s intimation letter.
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How Do Sections 234A, 234B, and 234C Interact When You File Late?
When a crypto taxpayer both underpays advance tax and files after the due date, all three sections can apply simultaneously, but they do not overlap on the same period. Each covers a distinct window. Understanding the sequence is necessary to avoid double-counting when calculating the total bill.
The Sequence: 234C, then 234B, then 234A
When crypto tax remains unpaid, interest does not apply all at once. Instead, the Income Tax Act imposes interest in a specific sequence:
- Section 234C applies during the financial year when advance tax instalments due in June, September, December, or March are underpaid.
- Section 234B begins from 1st April of the assessment year if at least 90% of the total tax liability was not paid as advance tax.
- Section 234A starts from the day after the ITR filing due date and continues until the return is actually filed.
Where a taxpayer both underpays advance tax and files the return late, the interest provisions operate one after another:
- Section 234B covers the period from 1st April until the filing due date.
- Section 234A then takes over from the day after the due date until the actual filing date.
As a result, the same unpaid tax can attract multiple interest provisions, but Sections 234B and 234A generally run consecutively rather than at the same time.
Example:
Nikhil traded crypto actively throughout FY 2024-25. All his gains arose from disposing of VDAs, which qualify for the Section 234C capital gains exemption. He paid no advance tax at any instalment date. He files his belated return on 30th November 2025 but pays all outstanding tax later, on 30th September 2025.
His figures are as follows:
Total crypto gains (net) | INR 16,00,000 |
Tax at 30% | INR 4,80,000 |
Health and education cess at 4% | INR 19,200 |
Total tax liability | INR 4,99,200 |
Advance tax paid | INR 0 |
TDS deducted by exchanges | INR 0 |
Assessed tax | INR 4,99,200 |
Step 1: Interest due as per Section 234C
Since all of Nikhil’s gains are crypto disposal gains, they qualify for the Section 234C capital gains exemption. He could not reasonably estimate those gains at the June, September, or December instalment dates during FY 2024-25.
The June, September, and December shortfalls are therefore fully exempt. Only the March instalment shortfall attracts Section 234C interest, since the 15th March 2025 deadline passed without any payment and no further instalment remained available.
Section 234C Interest (March) = Shortfall × 1% × 1 Month
March instalment shortfall | INR 4,99,200 (100% required, INR 0 paid) |
Interest | INR 4,99,200 × 1% × 1 = INR 4,992 |
Rounded down under Rule 119A | INR 4,900 |
Step 2: Interest due as per Section 234A
Nikhil filed his return on 30th November 2025, four months after the 31st July 2025 due date for FY 2024-25. Although he paid outstanding tax on 30th September 2025, the return itself was filed late. Section 234A therefore applies on the tax that remained unpaid as of 31st July 2025.
However, since Nikhil paid all outstanding tax on 30th September 2025, before the filing date, the Section 234A base is zero from 30th September 2025 onward. Section 234A interest runs only from 1st August 2025 to 30th September 2025, the date on which the outstanding tax was cleared.
Section 234A Interest = Unpaid Tax as of Due Date × 1% × Number of Months
Section 234A base | INR 4,99,200 (full liability unpaid as of 31st July 2026) |
Period | 1st August 2025 to 30th September 2025 = 2 months |
Interest | INR 4,99,200 × 1% × 2 = INR 9,984 |
Rounded down under Rule 119A | INR 9,900 |
Step 3: Interest due as per Section 234B
Nikhil paid no advance tax across FY 2024-25. His advance tax payment of INR 0 is below 90% of assessed tax (INR 4,49,280). Therefore, Section 234B applies on the full assessed tax amount.
The Section 234B period begins on 1st April 2025, the first day of the assessment year for FY 2024-25. Nikhil pays all outstanding tax on 30th September 2025. Section 234B therefore runs from 1st April 2025 to 30th September 2025, the date on which the outstanding tax was finally paid.
Section 234B Interest = (Assessed Tax − Advance Tax Paid) × 1% × Number of Months
Section 234B base | INR 4,99,200 − INR 0 = INR 4,99,200 |
Period | 1st April 2026 to 30th September 2026 = 6 months |
Interest | INR 4,99,200 × 1% × 6 = INR 29,952 |
Rounded down under Rule 119A | INR 29,900 |
Step 4: Total Interest Payable
Total interest is the sum of the rounded amount of Section 234C, the rounded amount of Section 234A, and the rounded amount of Section 234B.
Section 234C interest | INR 4,900 |
Section 234A interest | INR 9,900 |
Section 234B interest | INR 29,900 |
Total interest payable | INR 44,700 |
Although Nikhil’s total crypto tax liability is INR 4,99,200, the capital gains exemption under Section 234C removed three out of four instalment shortfalls from his interest calculation. Without that exemption, his Section 234C interest alone would have been INR 25,209 across all four instalments.
How to Report Section 234A/234B/234C Interest in Your ITR?
Reporting interest under Sections 234A, 234B, and 234C correctly requires entering figures across two separate areas of the ITR, the tax computation schedule and the self-assessment tax payment details. Filing with an incorrect interest figure in either location results in a demand notice under Section 143(1).
Step 1: Compile All Records Before Opening the Portal
Before you go to the ITR filing portal, gather the following:
- Advance tax payment challans for every instalment paid during FY 2025-26
- Self-assessment tax challan (Form 280) if you paid outstanding tax before filing
- TDS certificates or Form 26AS entries showing Section 194S deductions by Indian exchanges
- Your Annual Information Statement from the income tax portal, cross-check exchange-reported volume against your own records
- Computed Section 234C, 234B, and 234A figures from the seven-step calculation above
Step 2: Separate the Three Interest Types
Each section covers a distinct period and a distinct base amount. Entering a combined interest figure without separating them is an error the ITD’s processing system will flag.
- Section 234C: Interest on instalment shortfalls during FY 2025-26, arising in the financial year itself
- Section 234B: Interest on advance tax default, from 1st April 2026 to payment date or assessment date
- Section 234A: Interest on late filing, from 1st August 2025 to the actual filing dates.
Step 3: Choose the Correct ITR Form
The correct form determines where the interest fields appear and how the tax computation is structured:
- ITR-2 applies to individuals with crypto capital gains and no PGBP income as well as passive investors who bought, held, and sold.
- ITR-3 applies to taxpayers with freelance crypto income, who mine crypto on a large scale, or practice crypto F&O trading. ITR-3 is the default for most systematic crypto traders.
Step 4: Fill Schedule IT and the Tax Computation
Within your chosen ITR form, complete Schedule IT (details of advance tax and self-assessment tax paid). Enter each instalment with its challan serial number, BSR code, date of deposit, and amount. For self-assessment tax paid under Section 140A, enter the challan details in the same schedule. These entries form the basis against which the portal computes your interest liability automatically.
Step 5: Enter Interest Figures in the Tax Computation
In the tax computation section of the ITR, locate the Interest and Fee fields. Enter your computed Section 234A figure in the Section 234A field, Section 234B in the Section 234B field, and Section 234C in the Section 234C field separately. The portal will recompute these figures against Schedule IT entries during processing. If the portal’s computed figure differs from yours, reconcile before submitting, do not override the portal figure without verifying the discrepancy.
Step 6: Pay Balance Tax and File
After entering all interest figures, the portal displays your total outstanding liability, tax plus interest. Pay this as self-assessment tax under Section 140A before clicking submit. Once payment is confirmed and the challan is updated in Schedule IT, submit the return. For FY 2025-26, the belated return window under Section 139(4) closes on 31st December 2025.
The interest figures under all three sections flow directly from one number, your assessed tax on crypto gains. An error in that figure produces an incorrect interest calculation, an incorrect self-assessment tax payment, and a mismatch in the Section 143(1) intimation. The most common source of that error is missing or misallocated TDS credits from Indian exchanges. KoinX maps every exchange transaction to the correct tax output so the number you start with is the right one.
How KoinX Can Help You Calculate and Reduce Your Crypto Interest Liability?
When the interest bill under Sections 234A, 234B, and 234C is built on an incorrect gain figure, every number that follows, the assessed tax, the 90% threshold check, the Section 234C instalment shortfalls, and the final amount deposited with the ITD, will be wrong.
KoinX connects to 800+ exchanges and wallets across India and abroad, computes net crypto gains with the correct cost of acquisition for each disposal, giving you the one accurate base figure that all three interest calculations depend on.
Accurate Gain Computation Across All Exchanges
KoinX imports transaction data from Indian exchanges including CoinDCX, WazirX, and CoinSwitch, alongside foreign platforms like Binance and Bybit. It computes net gains for FY 2025-26 using the correct cost of acquisition for each disposal. For a belated return filer, this computed gain figure is the assessed tax base from which every Section 234B and 234A interest calculation flows.
TDS Credit Mapping Against Form 26AS
Every Section 194S TDS deduction made by a connected Indian exchange is mapped against your gain computation in KoinX. This reduces the base amount on which interest is calculated. Traders active across multiple Indian exchanges frequently have unclaimed or misallocated TDS credits, each one reduces the assessed tax figure and, therefore, the interest liability on it.
Capital Gains Timeline View
KoinX shows you when each disposal gain was realised during FY 2025-26, mapped across the financial year by quarter. For Section 234C purposes, this timeline identifies which instalment shortfalls qualify for the capital gains exemption, and which do not. Knowing this before you file prevents overpayment of Section 234C interest on shortfalls that are legally exempt.
Schedule VDA Report with ITR-Ready Output
KoinX generates an ITR-ready Schedule VDA report formatted for both ITR-2 and ITR-3. Filing with accurate VDA data reduces the risk of a Section 143(1) intimation where the ITD’s AIS-sourced figure differs from the declared gain. That discrepancy is where unexpected additional interest demands originate, and where accurate input data prevents them.
Every rupee of interest under Sections 234A, 234B, and 234C is calculated on your gain figure. Calculate your crypto gains on KoinX before you file your tax return for FY 2025-26.
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Conclusion
When crypto gains arrive late in the year and advance tax goes unpaid, all three interest sections run simultaneously, each covering a distinct period and adding to the final bill. However, the total is rarely as large as it first appears.
The capital gains exemption under Section 234C, the 90% safe harbour under Section 234B, and timely self-assessment tax payment collectively reduce what most crypto traders actually owe. The right sequence is important, verify AIS with TDS credits, pay self-assessment tax to stop the Section 234B clock, apply the capital gains exemption to Section 234C shortfalls, and file the belated return under Section 139(4) before 31st December 2025.
Calculating interest correctly, though, depends entirely on having an accurate assessed tax figure across every exchange and wallet you used during the year. Without that, every formula in this guide produces the wrong output. KoinX is a global crypto tax platform, built to give Indian taxpayers that accurate figure, with 800+ exchange integrations and ITR-ready Schedule VDA reports. Therefore, before you open the filing portal, get started with KoinX today and ensure the figure you file with is the same figure the ITD already holds.
Frequently Asked Questions
I Missed the 31st July Deadline. Can I Still File My Crypto ITR, and Will All Three Interest Sections Apply?
Yes, you can still file a belated return under Section 139(4) until 31st December. Whether all three sections apply depends on your payment history. Section 234A applies if tax was still unpaid when the due date passed. Section 234B applies if advance tax paid was below 90% of assessed tax. Section 234C applies to each instalment shortfall during the year, subject to the capital gains exemption for crypto traders.
I Paid No Advance Tax on My Crypto Gains This Year. Does Section 234B Apply to the Full Tax Amount or Only the Shortfall?
Section 234B interest applies to the full assessed tax where no advance tax was paid at all. Where some advance tax was paid but the total is below 90% of assessed tax, interest applies only on the shortfall, the difference between assessed tax and advance tax paid. The 90% threshold is calculated on assessed tax, which is the tax on total income reduced by TDS, reliefs, and credits.
My Crypto Gains All Came in February 2026. Am I Still Liable for Section 234C Interest on the June and September Instalments?
No. Section 234C provides that interest does not apply on shortfalls arising from under-estimation of capital gains, provided the full tax is paid in the remaining instalments or by 31st March. Since crypto disposal gains are capital gains, shortfalls at the June and September instalment dates that arose because those gains had not yet been realised are fully exempt. Only the March instalment shortfall would attract Section 234C interest, and only if the full tax was not paid by 31st March of the relevant financial year.
I Received a Section 143(1) Intimation Showing More Interest Than I Calculated. How Do I Check Whether the Figure is Correct?
Start by comparing the base amount the ITD used against your own assessed tax figure. Check whether all TDS credits from Form 26AS and AIS are reflected in their computation. Verify the number of months they counted, particularly whether a part-month was counted as a full month under Rule 119A. If the discrepancy persists after this check, file a rectification request under Section 154 with the correct computation and supporting challan details. For more details, read this article.
I Am a Senior Citizen Above 60 With Only Crypto Capital Gains and No Business Income. Do Sections 234B and 234C Apply to Me?
No. Senior citizens aged 60 and above who are resident individuals and do not have income from business or profession are exempt from advance tax under Section 207. Since Sections 234B and 234C are interest charges for defaults in advance tax payment, they do not apply where advance tax itself is not required. However, Section 234A still applies if the return is filed late with tax outstanding.
