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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

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.
.

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

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)
Follow

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.
.

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Lalan Kumar Jha

Sabyasachi Mukherjee

Poojitha Raam Vinay

Mukesh Singh

Krishna Kumar A

Subscribe Now

234b & 234c interest

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

CA Final

GST CONSULTANT

GST CONSULTANCY

Accountant

Manager- Finance and Compliance