Advance tax

This query is : Resolved

Panduranga (Querist)
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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

CA Prashant Gupta

CA Prashant Gupta (Expert)
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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

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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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