Hello Everyone,
Can anyone please help me in deducting interest for late deduction
Let take an example
1 For salaried person
Monthly salary : 35000 x12 = 420000
80 C exemtions claimed in starting of the year = 1.5 lac
THen tax calclation will be
420000
-19200 transport
-150000 80c saving
Net : 250800
but in feb month we i got investment proofs then he submits me only proofs of rs 110000/-
420000
-19200
-110000
net 290800
Tax 4203 /-
so is 1% simple interset needs to be calculated or not if yes then in how manner
please help me
Thanks in advance
CAclubindia
