234 a b c interest calculation
This query is : Resolved
ANUJ SHARMA
(Querist)
26 June 2012
Dear Sir/Mam How to calculate the interest on Income Tax As per U/s 234 A, B & C
DIVYA MITTAL
(Expert)
27 June 2012
234A- Intt. on Late Filing Of return. assume If return due date is 30th SEp2011 & return filed on 31.01.2012 then 234A= (taxpayable-advance tax-tds)*4 month*1%.
Part of the month is cosidered as full month.
234B-- Tax paid < 90% of tax payable then intt to be charged from the AY till the date of deposit of tax.
234C- intt on shortfall instalment date wise --
IN the Case of
CO Other Than Co
15th July -15% *1%*3 NIl
15th Sep -45%*1%*3 30%
15th DEc -75%*1%*3 60%
15th Mar -100%*1% 100%
Same as other than co.
Part of the month is cosidered as full month.
234B-- Tax paid < 90% of tax payable then intt to be charged from the AY till the date of deposit of tax.
234C- intt on shortfall instalment date wise --
IN the Case of
CO Other Than Co
15th July -15% *1%*3 NIl
15th Sep -45%*1%*3 30%
15th DEc -75%*1%*3 60%
15th Mar -100%*1% 100%
Same as other than co.
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ANUJ SHARMA
(Querist)
27 June 2012
Thanks Divya Mam but Pls Given A Example of This Question A.Y. 12-13
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