Calculation of Interest U/s 234C

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Querist : Anonymous

Querist : Anonymous (Querist)

10 July 2011 Hi friends...had a query regarding interest calculation u/s 234C...
the client is a salaried individual..Assessed tax works out to Rs 73645 which includes Salary income and income from other sources..TDS Deducted Rs 62278 and Advance tax of Rs 11500 has been paid on 14/03/2011..I tried filling up online ITR -1 which calculates Interest U/s 234 C to Rs 305 which i think is not liable for 234C .. Can anyone pls help with some suggestion and calculation of Interest u/s 234 C if possible..thanks in advance..

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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10 July 2011 Interest on deferment of first advance tax installment 11367x30%=3410
A> Calculate Interest @ 3% on 3400 =102
Interest on deferment of second advance tax installment 11367x60%=6820
B> Calculate Interest @ 3% on 6800 =204

Total =306

Since the amount of Tax payable exceeds 10000/ you were supposed to pay advance tax.

Querist : Anonymous

Querist : Anonymous (Querist)

10 July 2011 Thanks for your quick reply sir..but i would like to inform you that TDS has been excess deducted in 1ST advance tax instalment and 2nd advance tax instalment..so there is not shortfall or deferment in both the instalments..so how will be the Interest u/s 234 C will be applied now??

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