Interest u/s 234b & c

Pankaj (Jr. Accountant) (80 Points)

20 June 2015

Hi... An individual assesses have tax liability of 11,60,000/-. he has not deposited any advance tax. pls calculate interest u/s 234b & 234c.

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Rashi Bajaj (CA) (752 Points)
Replied 20 June 2015

Please let us know if the above includes any capital gain income. If yes, when was is accrued/received?

Pankaj (Jr. Accountant) (80 Points)
Replied 20 June 2015

It's only salary income liability.

Rashi Bajaj (CA) (752 Points)
Replied 20 June 2015

You don't have TDS credits? In that case interest is computed as under:

u/s 234C: 66,120/-

u/s 234B(till 30th June 2015): 34,800/-

Pankaj (Jr. Accountant) (80 Points)
Replied 21 June 2015

Dear Rishi Interest u/s 234c should be 42920/- for one month I.e March. Pls confirm...

Pankaj (Jr. Accountant) (80 Points)
Replied 21 June 2015

Sorry for mistake.. Rashi..

Rashi Bajaj (CA) (752 Points)
Replied 26 June 2015

Dear Pankaj,

Interest u/s 234 C is for deferment of advance tax. Therefore, it will be calculated from the first dur date i.e. Sep 15.

A detailed working is as under:

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