24 June 2018
Dear Sir I thought I should check my working with the tax calculator link at income tax site, but the interest computed under section 234C and 234B is very high. The Assesse has income above 50 Lac with marginal tax benefit. Please help.
On a tax liability of Rs. 1,522,508 , tax deducted was Rs. 1,376,931 by 31st March 18, Thus assessed Tax become Rs. 145,578, In my working interest under Section 234A is Rs. NIL, Section 234B is Rs.4365, Section 234C Rs. 7350,
but as per income tax site tax calculator the interest under section 234C is Rs. 76881.
25 June 2018
As per Your above said values and If it's AY 2018-19 then Sec 234B only applicable as per Your value Rs. 4365. Sec 234A & C is not applicable...
25 June 2018
Hi Section 234A not applicable, I agree as return will be filed before 31st July 18, But as I said assessed(unpaid) tax as on 31st of March 18( mainly on FD) is Rs. 145,578, Section 234B and 234C both applies. please correct me if I am wrong. Regards Puran
CAclubindia
