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A filer completes the return of income for FY 2025-26 on 31 July 2026 with an assessed tax liability of Rs 12 lakh. The advance tax paid across the four Section 211 instalment dates totalled Rs 8 lakh — Rs 1.8 lakh by 15 June (15 per cent of Rs 12 lakh), nothing between 16 June and 15 September (a missed instalment against the 45 per cent cumulative cap of Rs 5.4 lakh), Rs 4 lakh by 15 December (Rs 4 lakh cumulative against the 75 per cent floor of Rs 9 lakh, still short), and Rs 8 lakh by 15 March (Rs 8 lakh cumulative against the 100 per cent floor of Rs 12 lakh, still short of the aggregate 90 per cent trigger). The balance Rs 4 lakh is paid as self-assessment tax on 31 July 2026 alongside the return. The Section 143(1) intimation issued a few weeks later confirms the return but adds two lines of interest — Rs 16,000 under Section 234B for the aggregate shortfall running four months from 1 April to 31 July, and Rs 12,000 under Section 234C for the missed 15 September instalment running three months on the Rs 4 lakh shortfall. Neither line is a defect; both are the working of Sections 234B and 234C on the exact instalment history the taxpayer chose.
Section 208 places every taxpayer with a tax liability of Rs 10,000 or more for the year inside the advance-tax regime. Section 209 computes the advance tax as tax on current income reduced by TDS or TCS credit under Section 209(1)(d). Section 211 lays down the four instalment dates for a non-presumptive assessee — 15 June (15 per cent cumulative), 15 September (45 per cent), 15 December (75 per cent), and 15 March (100 per cent) — and the single 15 March instalment for a Section 44AD or Section 44ADA presumptive assessee. Section 234A is 1 per cent per month simple interest on the unpaid tax from the return-filing due date to the actual filing or assessment date. Section 234B is 1 per cent per month simple interest on the shortfall (where advance tax paid is less than 90 per cent of assessed tax) from 1 April of the assessment year to the filing or payment date. Section 234C is 1 per cent per month simple interest on each instalment shortfall for three months (for the first three instalments) or one month (for the last instalment on 15 March), computed on the cumulative shortfall at each cut-off. The three sections run in parallel and can compound on the same underlying tax where the taxpayer is both late in filing and short on advance tax.
A monthly advance-tax estimate for the current financial year that projects taxable income across salary, house property, capital gains, business or profession, and other sources; nets off the Section 209(1)(d) TDS or TCS credit; and computes the marginal advance-tax liability. A Section 211 instalment calendar with the four cumulative cut-offs (15 June, 15 September, 15 December, 15 March) or the single 15 March cut-off for a presumptive Section 44AD or Section 44ADA taxpayer, with a reminder scheduled seven days before each cut-off. A cross-check against the Form 26AS and Form 168 TDS credit record on the first week of each quarter to confirm that the withholding assumed in the Section 209(1)(d) calculation is actually being deposited to the Government by the deductor. A Section 234A, 234B, and 234C interest projection carried on the working paper for every instalment period so the accumulated cost of a delayed payment is visible before the cut-off, not after. A Section 140A self-assessment tax computation for the balance to be paid by return-filing due date, with the choice between a 1 April top-up (one month of Section 234B) and a return-filing date top-up (three to four months of Section 234B) documented in the working paper.
Every advance-tax instalment is paid on or before the Section 211 cut-off date, either at the cumulative floor (15 per cent, 45 per cent, 75 per cent, 100 per cent) or above it. The Section 234C interest register for the year records zero shortfall against each of the four instalments. The Section 234B interest register for the year records zero on the aggregate — the 90 per cent trigger is not crossed. Where residual tax is paid as self-assessment under Section 140A, the payment date is chosen to minimise the Section 234B month-count; the return is filed on or before the Section 139(1) due date to avoid Section 234A entirely. The Section 143(1) intimation confirms the return with no interest lines added and the tax figure ties to the taxpayer's own working paper. On an illustrative Rs 12 lakh assessed tax the compounded exposure — Rs 16,000 under Section 234B plus Rs 12,000 under Section 234C plus a potential Rs 12,000 under Section 234A if the filing is a month late — is contained by a discipline that costs the taxpayer four calendar reminders a year.
You filed the return of income for FY 2025-26 on 31 July 2026 with an assessed tax liability of Rs 12 lakh. The advance tax paid across the year totalled Rs 8 lakh, the balance Rs 4 lakh was paid as self-assessment tax alongside the return, and everything looked closed. The Section 143(1) intimation lands a few weeks later and it shows Rs 16,000 under Section 234B and Rs 12,000 under Section 234C on top of the tax you have already paid.
You have not miscomputed the tax. You have not missed a filing deadline. Where do the two interest lines come from, and could you have avoided them?
The quick answer
Section 234B is 1 per cent per month simple interest on the aggregate advance-tax shortfall where the total advance tax paid is less than 90 per cent of the assessed tax for the year. The counter runs from 1 April of the assessment year (1 April 2026 for FY 2025-26) to the date the return is filed or the balance tax is paid, whichever is earlier.
Section 234C is 1 per cent per month simple interest on each instalment shortfall against the four cumulative floors under Section 211 — 15 per cent by 15 June, 45 per cent by 15 September, 75 per cent by 15 December, and 100 per cent by 15 March. Interest runs for three months per missed instalment on the first three dates and for one month on the last.
The two run in parallel on the same underlying tax. Section 234B reads the year in aggregate; Section 234C reads the year instalment by instalment. Neither is a defect — both are the working of the advance-tax regime under Chapter XVII-C of the Income-tax Act 1961.
Where the two sections fit — the Section 208 threshold
Section 208 of the Income-tax Act 1961 places every taxpayer with a projected tax liability of Rs 10,000 or more for the financial year inside the advance-tax regime. A taxpayer whose full-year tax works out to Rs 9,999 escapes the regime entirely and pays through self-assessment tax at the return-filing stage. A taxpayer whose full-year tax works out to Rs 10,001 is inside the regime with the four-instalment discipline attached.
Section 209 computes the advance-tax base as tax on current income reduced by the Section 209(1)(d) credit for TDS and TCS deducted or deductible at source. This is why a salaried employee whose employer has withheld the correct monthly TDS under Section 192 typically has zero advance-tax liability — the TDS credit closes the gap. Advance tax becomes a working item when the taxpayer has non-salary income the employer has not withheld against: interest income above the Section 194A threshold, capital gains on listed shares or mutual funds, professional fees under Section 194J, house-property income, or business income under a non-presumptive scheme.
Section 211 — the four instalment calendar
Section 211(1)(a) lays down four instalment dates for a non-presumptive assessee, each with a cumulative floor:
- 15 June — at least 15 per cent of the estimated advance tax cumulatively
- 15 September — at least 45 per cent cumulatively (30 per cent between 16 June and 15 September)
- 15 December — at least 75 per cent cumulatively (30 per cent between 16 September and 15 December)
- 15 March — 100 per cent (25 per cent between 16 December and 15 March)
The percentages are cumulative, not incremental. A taxpayer who pays nothing by 15 June and Rs 5.4 lakh (the full 45 per cent of a Rs 12 lakh liability) between 16 June and 15 September has cleared both cumulative floors — the 15 June test is a Section 234C exposure that the 15 September payment does not retrospectively erase.
Section 211(1)(b) allows a presumptive assessee under Section 44AD (business income taxed on a presumptive basis) or Section 44ADA (specified professional income taxed on a presumptive basis) to skip the first three dates and pay the entire advance tax by 15 March in a single instalment. The relaxation is a Section 211 courtesy for the presumptive population; it does not exempt the presumptive assessee from Section 234B if the 90 per cent aggregate threshold is missed.
Section 234C — the instalment-shortfall interest
Section 234C tests the advance tax paid on or before each instalment cut-off against the cumulative floor. If the paid figure is short, Section 234C runs at 1 per cent per month simple interest on the shortfall — for three months on each of the first three instalments and for one month on the last.
Illustrative arithmetic on the Rs 12 lakh assessed-tax case. The instalment history was Rs 1.8 lakh by 15 June (met the 15 per cent floor of Rs 1.8 lakh exactly), Rs 1.8 lakh cumulative by 15 September (short of the 45 per cent floor of Rs 5.4 lakh by Rs 3.6 lakh — a missed instalment), Rs 5.8 lakh cumulative by 15 December (short of the 75 per cent floor of Rs 9 lakh by Rs 3.2 lakh), and Rs 8 lakh cumulative by 15 March (short of the 100 per cent floor of Rs 12 lakh by Rs 4 lakh).
The Section 234C interest, computed instalment by instalment on the specific fact pattern the notes describe, is Rs 12,000 for the single most material missed instalment — Rs 4 lakh shortfall times 1 per cent times 3 months. The three-month multiplier is the Section 234C formula for the first three instalments (15 June, 15 September, 15 December); the multiplier drops to one month for the 15 March instalment because there is no next quarter for the interest to run into.
Section 234B — the aggregate-shortfall interest
Section 234B tests the total advance tax paid for the year against a 90 per cent trigger on the assessed tax. If the paid figure falls short of that trigger, Section 234B runs at 1 per cent per month simple interest on the shortfall (the difference between advance tax paid and assessed tax, not the difference against 90 per cent) from 1 April of the assessment year to the date of filing or the date the balance tax is paid, whichever is earlier.
Illustrative arithmetic. Assessed tax Rs 12 lakh. Advance tax paid Rs 8 lakh — well short of the 90 per cent trigger of Rs 10.8 lakh. Shortfall for Section 234B computation is Rs 4 lakh (12 minus 8), not Rs 2.8 lakh (12 minus 10.8, the 90 per cent floor). The return is filed on 31 July 2026 and the balance is paid alongside. The counter runs for four months — April, May, June, July. Rs 4 lakh times 1 per cent times 4 months equals Rs 16,000.
Every month or part of a month counts as a full month. A return filed on 5 August 2026 would carry a five-month count regardless of the fact that only five days of August had elapsed — the single most effective Section 234B trim is to file before the calendar month rolls over.
The Section 234A cousin — filing delay
Section 234A is the third of the trio. Where the return is not filed by the Section 139(1) due date (typically 31 July for non-audit cases, 31 October for tax-audit cases, 30 November for transfer-pricing cases), Section 234A runs at 1 per cent per month simple interest on the unpaid tax from the day after the due date to the actual filing date. The TDS penalty and interest regime walkthrough covers the interaction between Section 234A late-return interest and Section 220(2) recovery interest for a late deposit, both of which sit alongside the Section 234B and 234C exposure on the same tax liability.
A late filer with an advance-tax shortfall can face Section 234A, Section 234B, and Section 234C concurrently on the same underlying tax — the three sections do not overlap in what they measure, and each has its own month-count and rate application. The compounded exposure on the illustrative Rs 12 lakh case with a one-month filing delay would be Rs 16,000 (Section 234B, four months) plus Rs 12,000 (Section 234C, missed instalment) plus Rs 4,000 (Section 234A, one month on Rs 4 lakh unpaid) — Rs 32,000 of interest on a tax that could have been closed without any interest at all.
Where the Section 209(1)(d) TDS credit matters most
The single most common source of an inflated Section 234B interest computation is the taxpayer’s own working paper missing the Section 209(1)(d) credit for TDS deducted or deductible at source. A professional under Section 194J with Rs 20 lakh of consultancy fees for the year has Rs 2 lakh withheld at 10 per cent — the advance-tax computation reads the Rs 20 lakh as taxable income at the marginal slab (say 30 per cent) equal to Rs 6 lakh in tax, minus the Rs 2 lakh already withheld, leaving Rs 4 lakh in advance-tax exposure. Ignoring the Rs 2 lakh credit in the working paper produces a Rs 6 lakh figure that the Section 143(1) intimation ultimately does not confirm.
The Form 26AS and Form 168 record — the deductee-side view of every TDS credit — is where the Section 209(1)(d) reduction is verified against the record the Income-tax Department will use to process the return. A quarterly cross-check of the working paper against Form 26AS on the first week of July, October, January, and April keeps the advance-tax estimate aligned with the credit the taxpayer will actually receive at the return-filing stage.
The one to prioritise — the 15 September cumulative floor
Of the four Section 211 cut-offs, 15 September carries the largest single jump in the cumulative floor — 30 percentage points, from 15 per cent to 45 per cent. A missed 15 June instalment carries three months of Section 234C interest on the 15 per cent shortfall; a missed 15 September instalment carries three months of Section 234C interest on a 30 per cent shortfall plus the 15 June residue. On the Rs 12 lakh case, a missed 15 September floor on the full Rs 5.4 lakh cumulative would run Rs 5.4 lakh times 1 per cent times 3 months equal to Rs 16,200, which is the single largest Section 234C exposure in the year.
The compliance deadline countdown widget is the timing tool most Indian taxpayers use to keep the four Section 211 cut-offs, the TDS quarterly deposit dates, and the Section 139(1) return-filing due date on a single working calendar.
Presumptive assessees — the 15 March single instalment
A Section 44AD business or Section 44ADA professional whose income is taxed on a presumptive basis (typically 8 per cent for Section 44AD, 50 per cent for Section 44ADA) skips the 15 June, 15 September, and 15 December Section 211 cut-offs and pays the whole advance tax on or before 15 March. The Section 234C shortfall test for a presumptive assessee runs only on 15 March; a shortfall against the 100 per cent floor on that date carries the one-month Section 234C interest.
The single-instalment relaxation does not extend to Section 234B. A Section 44ADA professional who pays nothing by 15 March and clears the full tax on 31 July at return-filing still faces the four-month Section 234B running from 1 April to 31 July on the shortfall. A Section 44ADA professional with a Rs 6 lakh advance-tax liability who defers the entire amount to the return-filing date pays Rs 24,000 in Section 234B interest — a cost of the deferral that a March payment would have avoided entirely.
When the manual working paper stops holding
A salaried employee with a single house-property loan interest deduction and a Rs 40,000 fixed-deposit interest income can run the advance-tax estimate on a single-page working paper — a Form 26AS pull in July, October, January, and April; a rough marginal-tax computation on any non-salary income; and a single Section 211 top-up payment ahead of 15 March covers the year. The Section 234B and 234C exposure stays at zero.
A professional with mixed presumptive Section 44ADA income and non-presumptive Section 194J receipts, plus capital-gains events during the year, plus TDS credits stretched across four quarterly Form 26AS updates, is running a four-corner reconciliation that a working paper starts to leak on. Each miss on the working paper — an unrecognised TDS credit, a mis-classified capital-gains transaction, an inaccurate quarterly income estimate — surfaces as a Section 234B or 234C interest line at the Section 143(1) intimation stage.
At that complexity, moving the advance-tax estimate, the quarterly Form 26AS reconciliation, and the Section 211 instalment schedule onto a continuously refreshed process — where Terra Insight’s TDS reconciliation software treats the deductee-side Form 26AS view and the Section 209(1)(d) credit computation as first-class monthly outputs — is what keeps the four Section 211 cut-offs on-time and the Section 234B and 234C interest register at zero. Below that complexity, the single-page working paper is the right tool and the discipline of running the estimate by hand is what builds the taxpayer’s judgement for when the affairs get complicated enough to demand the shift.
Go deeper
- Why is there interest showing on my TDS challan — the deductor-side interest sibling of this deductee-side article
- TDS penalty and interest regime — the full interest and penalty landscape across Sections 201, 220, 234A, 234B, 234C, and the Section 271H penalty
- TDS payment codes 1001 to 1092 — Section 393(1) cross-era mapping — the successor coding regime under the Income-tax Act 2025
- Compliance deadline countdown widget — the four Section 211 cut-offs on the same calendar as TDS deposit and return-filing deadlines
- TDS reconciliation software for India
Frequently Asked Questions
What is the difference between Section 234B and Section 234C?
Section 234C is the instalment-shortfall interest — a per-instalment check against the four cumulative caps (15 per cent by 15 June, 45 per cent by 15 September, 75 per cent by 15 December, 100 per cent by 15 March) that runs for three months per missed instalment for the first three dates and for one month on the last. Section 234B is the aggregate-shortfall interest — a full-year check against a 90 per cent threshold on the assessed tax that runs from 1 April of the following financial year to the date of filing or assessment. The two run in parallel and can hit the same taxpayer on the same underlying shortfall — Section 234C for the missed instalment during the year and Section 234B for the residual shortfall carried into the following year. On the illustrative Rs 12 lakh assessed-tax case where Rs 8 lakh was paid as advance tax spread across the four instalments and the balance was cleared at filing on 31 July, Section 234B ran at Rs 4 lakh times 1 per cent times 4 months (April, May, June, July) equal to Rs 16,000; Section 234C on a missed 15 September instalment ran at Rs 4 lakh times 1 per cent times 3 months equal to Rs 12,000.
Do I owe advance tax if my only income is salary?
In most cases no. Section 208 sets the advance-tax threshold at Rs 10,000 in tax payable for the year, but Section 209(1)(d) reduces the calculation by the TDS the employer is deducting each month under Section 192. A salaried employee whose employer has deducted the correct monthly TDS on the CTC and the declared exemptions and deductions has an advance-tax liability of zero — the TDS credit under Section 209(1)(d) closes the gap. Advance tax becomes relevant when the employee has non-salary income the employer has not withheld against — interest income above Rs 40,000 a year in the taxable slab, a house-property loss reversal, capital gains on the sale of listed shares or mutual funds, professional fees earned alongside salary, or an incorrect declaration of exemptions that leaves the year-end tax short of what the TDS deducted covers. For every such additional income line, the taxpayer needs to compute the marginal tax and pay advance tax across the four instalment dates or accept the Section 234B and 234C interest at the return-filing stage.
The intimation shows Section 234B interest for four months. Where does the four-month count come from?
Section 234B interest runs from 1 April of the assessment year (which is 1 April of the following financial year) to the date the return is filed or the tax is paid, whichever is earlier. If the return is filed on 31 July 2026 for FY 2025-26 with a Rs 4 lakh shortfall, the counter runs for four full months — April, May, June, and July 2026. The rate is 1 per cent per month simple, so Rs 4 lakh times 1 per cent times 4 months equals Rs 16,000. A part of a month counts as a full month under the Section 234B language (every month or part of a month), so a return filed on 5 August 2026 would carry a five-month count regardless of the fact that only five days of August had passed. The single most effective way to trim Section 234B is therefore to file the return before the calendar month rolls over — a 31 July filing versus a 1 August filing saves an entire month of interest on the shortfall figure.
I am a professional under presumptive Section 44ADA. Do I still have to worry about 15 June and 15 September?
No. Section 211(1)(b) allows an assessee whose income is computed under Section 44AD (business) or Section 44ADA (specified profession) to pay the whole of the advance tax on or before 15 March in a single instalment rather than across the four cumulative dates. The 15 June, 15 September, and 15 December cut-offs do not apply to a presumptive assessee. The Section 234C shortfall test for a presumptive assessee runs only on 15 March — if the full advance tax is paid by that date, no Section 234C is triggered; if it is short, the shortfall runs at 1 per cent per month for one month (March). Section 234B still applies to a presumptive assessee if the 90 per cent aggregate threshold is missed — the single-instalment relaxation is a Section 211 courtesy, not a Section 234B exemption. A Section 44ADA professional who pays nothing by 15 March and clears the tax at filing on 31 July still faces the full four-month Section 234B running from 1 April to 31 July.
Can I avoid Section 234B by paying the shortfall right after the year ends?
Partially. The Section 234B counter runs from 1 April of the assessment year to the date the tax is paid — the date of filing the return is only relevant where the tax has not yet been paid. If the taxpayer estimates the shortfall on 1 April and pays it as self-assessment tax under Section 140A on 5 April, Section 234B interest is limited to one month (April counts as a full month regardless of the date within it). Delaying the self-assessment payment to the return-filing due date of 31 July converts one month of Section 234B into four months. The trade-off is the accuracy of the estimate — a taxpayer who pays too much self-assessment tax on 5 April recovers the excess through a refund at filing, which carries Section 244A interest at the reciprocal 0.5 per cent per month in the taxpayer’s favour but locks up cash for four to five months. Most tax filers pay the self-assessment tax alongside the return, accepting the Section 234B running counter as the cost of not committing to a cash outflow before the numbers are final.
Content authored by practitioners with experience at Amazon India, Intuit QuickBooks, and the Tata Group. Meet the team →
- ▸ Section 208, Income-tax Act 1961 — Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is ten thousand rupees or more. The Section 208 threshold is the entry gate to the entire Chapter XVII-C advance-tax machinery — Sections 209 through 219 — including the Section 211 instalment calendar and the Section 234B and 234C interest consequences of missing that calendar. A tax liability of Rs 9,999 for the year escapes the advance-tax regime entirely and pays through self-assessment tax at the return-filing stage; a tax liability of Rs 10,001 or above is inside the regime with the four-instalment discipline attached.
- ▸ Section 234B, Income-tax Act 1961 — Where, in any financial year, an assessee who is liable to pay advance tax under Section 208 has failed to pay such tax, or where the advance tax paid by such assessee under the provisions of Section 210 is less than ninety per cent of the assessed tax, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period from the first day of April next following such financial year to the date of determination of total income under sub-section (1) of Section 143, and where a regular assessment is made, to the date of such regular assessment, on the amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid falls short of the assessed tax. The interest is simple, not compound; the counter starts from 1 April of the following financial year, not from the missed instalment date; and the 90 per cent trigger is the aggregate figure across the four instalments, not a per-instalment test.
- ▸ Section 234C, Income-tax Act 1961 — Where in any financial year the advance tax paid by an assessee, other than an assessee referred to in Section 44AD or Section 44ADA, on its current income on or before the fifteenth day of June is less than fifteen per cent of the tax due on the returned income, or the amount of such advance tax paid on or before the fifteenth day of September is less than forty-five per cent of the tax due on the returned income, or the amount of such advance tax paid on or before the fifteenth day of December is less than seventy-five per cent of the tax due on the returned income, or the amount of such advance tax paid on or before the fifteenth day of March is less than the tax due on the returned income, then the assessee shall be liable to pay simple interest at the rate of one per cent per month for a period of three months on the shortfall for the first three instalments and for one month on the shortfall for the last instalment. A presumptive assessee under Section 44AD or Section 44ADA is liable for the full advance tax by 15 March in a single instalment; a shortfall on that date carries the one-month Section 234C interest.
- ▸ Section 234A, Income-tax Act 1961 — Where the return of income for any assessment year under sub-section (1) or sub-section (4) of Section 139, or in response to a notice under sub-section (1) of Section 142, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date, and ending on the date of furnishing the return, or where no return has been furnished, ending on the date of completion of the assessment under Section 144, on the amount of the tax on the total income as determined under sub-section (1) of Section 143, or on regular assessment, as reduced by advance tax paid, any tax deducted or collected at source, and any relief of tax under Sections 89, 90, 90A, and 91. Section 234A is the delayed-return interest; Sections 234B and 234C are the advance-tax-shortfall interest. A late filer can face all three concurrently on the same underlying tax liability.
- ▸ Section 211, Income-tax Act 1961 — Advance tax on the current income calculated in the manner laid down in Section 209 shall, in the case of an assessee other than the assessee referred to in clause (b), be payable by him in four instalments during each financial year — on or before the 15th day of June, not less than fifteen per cent of such advance tax; on or before the 15th day of September, not less than forty-five per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment; on or before the 15th day of December, not less than seventy-five per cent of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments; on or before the 15th day of March, the whole amount of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments. A presumptive assessee under Section 44AD or Section 44ADA pays the whole advance tax on or before 15 March in a single instalment. The instalment percentages are cumulative, not incremental — the 15 September cumulative floor of 45 per cent means the balance of 30 per cent has been paid between 16 June and 15 September, not that 45 per cent is due on that date alone.
- ▸ Section 209(1)(d), Income-tax Act 1961 — The amount of income-tax which would be deductible or collectible at source during the said financial year under any provision of this Act from any income which has been taken into account in computing the current income shall be reduced from the amount of income-tax calculated on the current income for the purpose of arriving at the advance tax payable. The Section 209(1)(d) credit for TDS and TCS deducted or deductible at source is the single most common source of an inflated Section 234B or 234C interest computation — a salaried employee whose employer has deducted the correct TDS through the year is only responsible for advance tax on non-salary income (interest income, capital gains, professional receipts). Ignoring the Section 209(1)(d) credit in the working paper produces a Rs 234B interest figure the intimation ultimately does not confirm.