234b & 234c interest

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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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

01 August 2013 Whether the assessee is a senior citizen ?
.
For an Individual -

Tax+Cess on 1905155 is 413594.
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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.
.

Ganeshbabu K

Ganeshbabu K (Expert)

01 August 2013 Just fill ITR and do caluculation.

i guess you may get 234b and 234c only for business income

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

01 August 2013 Your guess is not right, Ganeshbabu.
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234B and 234C is applicable on the basis of tax liability (>10000) irrespective of the head of income.
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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.
.

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