Kumar Gaurav
Going...to be C.A soon...
[ Scorecard : 713]
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Posted On 03 August 2007 at 23:52
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hi all,
any one plz tell me howz to calculate interest U/s 234B & 234C.
if Total Tax payable is 28270/-
and Advance tax is as follows:
in sep Nil
in Dec 5000
in march 10000
Thanks
sunny
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M Verghese
CA Student
[ Scorecard : 52]
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Posted On 04 August 2007 at 04:58
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Assuming that self assessment tax is paid this month (August),
Interest u/s 234B for default in payment of advance tax is Rs.664 (1% of Rs13270 for 5 months)
Interest u/s 234C for deferment of advance tax is Rs.846
Interest u/s 234A at 1% will also be added as return is not filed by 31/07/08 (Rs.133)
I assume education cess has already been included in total tax Rs.28270.
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sunny (Guest)
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Posted On 04 August 2007 at 06:00
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hi sir,
but till i m confused about calculation of intt. u/s 234B & 234C pls clarify me U/s 234C
thanks
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M Verghese
CA Student
[ Scorecard : 52]
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Posted On 04 August 2007 at 08:14
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For 234 B: Rs.28270-15000=13270*5% (1% for every month from April to August) =Rs.664
For 234 C:
Sep: 8481(30% of 28270-0)*7% (sep-march)=594
Dec: 3481(30% of28270-5000)*4%(dec-march)=139
Mar: 1308(40% of28270-10000)*1%=13
Total=594+139+13=746
Im made a mistake in calculating 234C in the prev message. Hope this is clear.
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CA Nikita
Chartered Accountant
[ Scorecard : 3936]
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Posted On 05 August 2007 at 02:17
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hey look into the share files section... there is a file contributed by me.. which makes interest calculation u/s 234B/C easier...
hope this will be helpful..
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M Verghese
CA Student
[ Scorecard : 52]
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Posted On 10 August 2007 at 07:37
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Good work with the interest calculator.Sunny here, had asked the interest calculation for individuals (3 instalments).
I suggest that the logical solution also be understood for an exam point of view.
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Santosh Kumar Agrawal
Article Assistant
[ Scorecard : 50]
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Posted On 11 August 2007 at 22:20
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Computation of Interest U/s 234B
Assessed Tax - 15270/- i.e.(28270 - 15000)
Rounded upto multiple of 100 (always lower side) Rs.15200/-.
Interest @ 1% for 5 months Rs.660/-
Computation of Interest U/s 234C
Tax Liability Rs28270/-
30% Payable By Sept. Rs8481
Less: Paid Nil
Short Fall 8481/-
Rounded upto 8400/-
Interest @ 1% for 3months 252/-
60% payable by Dec Rs. 16962/-
Less; Paid Rs. 5000/-
Short Fall Rs. 11962/-
Rounded upto Rs. 11900/-
Interest @ 1% for 3 months Rs. 507/-
100 % payable by March Rs28270/-
Less: Paid Rs. 15000/-
Short Fall Rs. 13270/-
Rounded upto Rs. 13200/-
Interest @ 1 % for 1 month Rs132/-
Total Interest U/S 234C 252+507+132=891/-
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anji
service
[ Scorecard : 24]
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Posted On 04 June 2008 at 12:32
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hello madam. can you send Interest calculator tomy ID :
anji8145 @ gmail.com
Thanking you
have a nice day
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ashley lewis (Guest)
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Posted On 07 June 2008 at 13:12
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Your calculation of interest under 234B is very clear and thanks for the same. I infer that 30% of tax payable needs to be deposited before end-Sept, 60% ie another 30% before end-Dec, and full 100% before end-March. Pls confirm if I am right. Assuming I am right, I fail to understand the logic of paying 1 month's interest for any shortfall in March, as interest for any any such shortfall gets charged under 234C anyway. Are we getting charged doubly for March??
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Vikash Yadav
Student
[ Scorecard : 24]
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Posted On 26 June 2008 at 12:46
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hi
can any one provide me intt. calculaer for individuals u/s 234
( ID: vikashyadav1986 @ yahoo.co.in )
thanks in advance
Total thanks : 1 times
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