234b & 234c interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2013
Income from house property-Rs.25200
Income from business or profession-Rs.1920445
Income from other sources-Rs.59510
Deduction under 80C-Rs.100000
No advance tax has been paid.
Please tell me the interest u/s. 234B & 234C chargeable. Provide with calculations.
Income from business or profession-Rs.1920445
Income from other sources-Rs.59510
Deduction under 80C-Rs.100000
No advance tax has been paid.
Please tell me the interest u/s. 234B & 234C chargeable. Provide with calculations.
01 August 2013
Whether the assessee is a senior citizen ?
.
For an Individual -
Tax+Cess on 1905155 is 413594.
.
Interest U/s 234-B is @ 1% levied from April to Aug i.e. for 5 months on 413500 =20675
.
Interest U/s 234C is levied in 3 parts
30% of 413594 =124078 (124000*3%) =3720
60% of 413594=248156 (248100*3%)= 7443
100% of 413594 (413500*1%)= 4135
Total Interest U/s 234C = 15298.
.
.
For an Individual -
Tax+Cess on 1905155 is 413594.
.
Interest U/s 234-B is @ 1% levied from April to Aug i.e. for 5 months on 413500 =20675
.
Interest U/s 234C is levied in 3 parts
30% of 413594 =124078 (124000*3%) =3720
60% of 413594=248156 (248100*3%)= 7443
100% of 413594 (413500*1%)= 4135
Total Interest U/s 234C = 15298.
.
01 August 2013
Just fill ITR and do caluculation.
i guess you may get 234b and 234c only for business income
i guess you may get 234b and 234c only for business income
01 August 2013
Your guess is not right, Ganeshbabu.
.
234B and 234C is applicable on the basis of tax liability (>10000) irrespective of the head of income.
.
Only relaxation is in case of Capital Gains.
When the capital gains are earned later than the Ad. tax Installment date- interest for the earlier period is not levied.
.
.
234B and 234C is applicable on the basis of tax liability (>10000) irrespective of the head of income.
.
Only relaxation is in case of Capital Gains.
When the capital gains are earned later than the Ad. tax Installment date- interest for the earlier period is not levied.
.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- EPF FULL & FINAL RULES IN 2026
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Rental income gst and it purpose
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Eway bill generation from place other than registeted
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
