INCOME TAX ACT -1961 CONCEPTS ADVANCE TAX , SECTIONS 234A , SEC 234B , SEC 234C - COMPUTATION OF INTEREST LIABILITY ON INCOME TAX PAYABLE WITH EXAMPLE
https://www.chdcaprofessionals.com/2013/06/advancetax-sec234a-sec234b-sec234c.html
INCOME TAX ACT -1961 CONCEPTS ADVANCE TAX , SECTIONS 234A , SEC 234B , SEC 234C - COMPUTATION OF INTEREST LIABILITY ON INCOME TAX PAYABLE WITH EXAMPLE
https://www.chdcaprofessionals.com/2013/06/advancetax-sec234a-sec234b-sec234c.html
A/Y 2013-2014 Advance tax calculator / interest u/s 234a , sec 234b , sec 234c calculator
https://chdcaprofessionalss.blogspot.in/p/tax-calculator.html
ONLINE TDS CALCULATOR ON SALARY A/Y 2014-15
https://www.chdcaprofessionals.com/p/tds-calculator.html
ADVANCE TAX CALCULATOR A/Y 2013-14 (EXTENDED DUE DATE FOR UTTRAKHAND ASSESSEE NOW 31ST OCTOBER EARLIER 31 JULY NON TAX AUDIT )
https://www.chdcaprofessionals.com/p/blog-page.html
DUE DATE EXTENDED UP TO 5TH AUGUST 2013
https://chdcaprofessionalss.blogspot.in/p/tax-calculator.html
Booklet/Video on 150 years of Income tax in India
CA-CS-ICWA-TAX PROFESSIONALS-PORTAL- CIRCULAR NO. 8 / 2013 - INCOME TAX - DEDUCTION FROM SALARIES DURING FINANCIAL YEAR 2013-14 - UNDER SECTION 192 OF THE INCOME-TAX ACT , 1961
https://www.chdcaprofessionals.com/2013/10/circularno8.2013incometaxdeductionfromsalaries201314.html
nisarg shah
(Proprietor)
(37 Points)
Replied 23 November 2013
Greeting to all
This might be a challenging question for some. Are you ready to take up the challenge??
My query is that suppose a tax payer (Non corporate) had to pay for eg. Rs. 1,00,000 (inclusive of edu. cess) as tax (consider that no advance tax was paid on any of the due dates). Assessee files his return in the month of july11 (considering he not liable to audit) he would be obliviously be liable for interest under 234b & 234c in this case. This shall add upto as under
234 B
100000 * 4% =4000
234 C
30% of 100000 = 30000 * 3% = 900
60% of 100000 = 60000 * 3% = 1800
100% of 100000 = 100000 * 1% = 1000
Total = 3700
So total liability of the assessee in the month of july 11 is 1,00,000+4000+3700=1,07,700
But the assessee paid only Rs. 1,05,000 in month of july 11
Now a demand notice arrives some time in month of dec 11. Will interest component of 234B change in this case?? In simple language will assesssee have to pay more than Rs.2700 (107700-105000) ??
if yes, then why does government say that the interest under section is 234 is charged at simple interest as in this case assessee has clearly paid his tax component plus some of the interest part.
Plz ans with a link or attachment that would support your ans.
Thanks for your valuable time.
Regards
Nisarg
Mahendran Sakkarai
(Software Developer)
(23 Points)
Replied 14 March 2014
It is that time of the year when we are talking about our New Years Resolutions and Tax Planning for this financial year that ends in just a few weeks. Companies have set out "End Dates" by which time you should submit all your Investment Proof's and documentation for Tax Benefits. Here Is A Nice App Which Makes Things Easy To Calculate Tax For You To Submit Documentation For Tax Benefits.
Thank You
https://play.google.com/store/apps/details?id=AppsLabz.IndianTax