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Delayed Interest Calculation

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Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2011 Hi,
I m not clear as to how much interest to be paid u/s 234C. The tax liability comes to Rs. 10279 (after deducting TDS), however, I calculated it and got 2 ways & answers as below:

1st - Int. 226
2nd - Int. 381

Please advice which one correct as in 1st method I took 30-30-40 percent of 10279 & in the 2nd method 30-60-100 percent of 10279.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 July 2011 1. Interest For the non payment of Ist Advance Tax Installment 10279x.30= 3083
2. Charge interest @ 3% on 3000= 90
*
3.Interest For the non payment of IInd Advance Tax Installment 10279x.60= 6167
4. Charge interest @ 3% on 6100= 183
*
5. For non payment of 10279 on 15-03-
6. Charge Interest @ 1% on 10200=102
*
Total Interest U/s 234C 90+183+102= 375

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