Mannu (Scientist) (59 Points)
25 July 2011Hi ,
My total tax payable for this AY2011-2012 = 13618
TDS decuted by my employer =13078
I saw later in july that I have to some tax liability , should i pay any interest on this tax payable as the date 15-03-2011 (last date of payment of advance tax) has already passed .
Please help me to know what will be the interest payable under 234a,234b,234c ?
Any rules how to caluclate this will aso offer great help .!!
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 25 July 2011
INTERST
234C -NIL
234-B 540*1%*4 = Rs. 22 MONTH IF RETURN IS FILE UPTO 31.7.2011
234A no interest if return is file upto 31.07.2011
vishnupriya
(CA Final)
(1418 Points)
Replied 25 July 2011
Interest U/s 234A is payable only when you have not furnished the return of income within due date, ie 31.07.2011
Interest U/s 234B is payable when the assessee has failed to pay advance tax or paid less than 90% of assessed tax.
Interest U/s 234C depends on your advance tax payment dates. ie,
the assessee has to pay 30% of tax due on or before 15th September
60% of tax due should be paid up on or before 15th December
and balance on or before 15th march.
Interest U/s 234 C will be 1% per month simple interest on the amount of short fall from tax due on returned income.
Mannu
(Scientist)
(59 Points)
Replied 26 July 2011
Since TDS from my salary was more than 90% and Siince i am not liable to pay advance tax ,I think under sec 234b,234c there should be any income pending .
All the TDS deductions have been deducted in the third quarter but before 15th march more than 90% of my tax assesed was paid off.
So by these rules am i liable to pay any interest under sec 234b,234c
CAclubindia
