Delayed Interest Calculation
This query is : Resolved
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.
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
(Expert)
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- GST on reimbursement of expenses
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Additional trade name
- Whether output tax is taken credit by purchaser
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
