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Tax calculation self assessment

aishwaryanoorni (student) (88 Points)

18 June 2015

hello,

if the tax liability (before tds and advance tax ) is 659262

tds 50031

advance tax paid

12/9/14- 30000, 13/12/14-100000, 14/3/15-250000 and self assessment tax paid 0n 29/4/15 2000000 then what is the final tax payable?

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7 Replies

Hemanth Pullanikkat (Chartered Accountant) (89 Points)
Replied 19 June 2015

Hello Aiswarya You have not specified the person as per section 2(31).The computation will change according to the status of person.I think the amount specified as self assessment tax paid is not correct. You stated Rs.20,00,000 here.Please give all the details here, means the person,age etc.

aishwaryanoorni (student) (88 Points)
Replied 22 June 2015

Its a firm n the self assessment tax paid is 2 lakhs on 29th april so 234b should be calculated from april to sep or how i go through it

Prasobhkumar R. (Chief Operating Officer) (67 Points)
Replied 23 June 2015

Originally posted by : aishwaryanoorni
	hello, if the tax liability (before tds and advance tax ) is 659262 tds 50031 advance tax paid 12/9/14- 30000, 13/12/14-100000, 14/3/15-250000 and self assessment tax paid 0n 29/4/15 2000000 then what is the final tax payable?

If this income is for a firm, the following explanations can be noted.

Your tax liability will be 30% of 659262 is Rs.197778/-

Step 1 Deduct the TDS from the tax liability

Balance tax liability is Rs. 147747/-

U/s 234B all assessees should remit at least 90% of the tax liability as advance tax.

Step2 90% of 147747 is Rs.132972/-

Step 3 Check the total of Your advance tax ie.Rs.330000/-

You have paid morethan what is required. No need to pay interest us234B

But section 234C will attract this case.

Minimum 30% of the tax amount is to be remitted before 15th September every year.

30% of 147747 is Rs.44324, but you have remitted only Rs.30000/- before due date.

1% of interest for one month will be charged for the amount of short falls.

This may serve your purpose

aishwaryanoorni (student) (88 Points)
Replied 23 June 2015

Income from business is 2133533 and tax on that is 659262

Prasobhkumar R. (Chief Operating Officer) (67 Points)
Replied 23 June 2015

Calculation of 234B

If the total tax is 659262,

step1 you have to deduct your TDS and balance will 609231.

Step 2 90% of 609231= 548308

Advance Tax = 380000

Date of balance paid 29.04.2015

Shortfall amount up to 29.04.2015 is Rs.168308

1% for one month is to be calculated = 1683/-

Fraction of a month is taken as full month.

The interest is calculated from the 1st day of the Assessment year till the date of payment of the unpaid balance as self assessment tax.

If your tax liability exceeds Rs10000/- advance tax is required to remit. 234B attracts in two case, 1. if you failed pay advance tax. 2. If the advance tax remitted is less than 90% of the tax liability.