Hi ,
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 .!!
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
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.
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
