Advance tax
This query is : Resolved
Panduranga
(Querist)
10 April 2010
Dear Sir,
We have made a profit of Rs.16,00,000/- for the financial year 2009-10. but we have not paid a advance tax. now we are paying advance tax on april, what is the interest rate. if we pay in april is it treated as advance tax and how much I have to pay.
Thanks and regards
Panduranga
We have made a profit of Rs.16,00,000/- for the financial year 2009-10. but we have not paid a advance tax. now we are paying advance tax on april, what is the interest rate. if we pay in april is it treated as advance tax and how much I have to pay.
Thanks and regards
Panduranga
CA Prashant Gupta
(Expert)
10 April 2010
u/s 234 B 1% of every month or part of the month from 1 April till date of determination of income u/s 143(1)
u/s 234 C (For this corporate and non-corporate assesse is differ. So i assume you are talking about corporate assessee and as per you say I assume you paid NIL advance tax) intt rate is 1% for I quarter 15% of 16 lac x 1% x 3
for II quarter 45% of 16 lac x 1% x 3
for III quarter 75% of 16 lac x 1% x 3
for IV quarter 16 lac x 1% x 1
u/s 234 C (For this corporate and non-corporate assesse is differ. So i assume you are talking about corporate assessee and as per you say I assume you paid NIL advance tax) intt rate is 1% for I quarter 15% of 16 lac x 1% x 3
for II quarter 45% of 16 lac x 1% x 3
for III quarter 75% of 16 lac x 1% x 3
for IV quarter 16 lac x 1% x 1
CA Ashok Kumar Sahu
(Expert)
10 April 2010
if you pay tax after 31st march then its not treated as Advance Tax, its treated as Self assessment Tax,
Calculate Interest u/s 234B @1% pm from April 2010 and Interest u/s 234C
Calculate Interest u/s 234B @1% pm from April 2010 and Interest u/s 234C
10 April 2010
AGREE WITH EXPERT
CMA.Palani Arumugam
(Expert)
10 April 2010
Agreed
CA Ravi Sisodia
(Expert)
10 April 2010
Agreed
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