How much interest is to be paid on balance income tax of Rs.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2011 In A.Y. 2011-12,as individual Assessee Tax Payable was 72933/-; out of which, a tax of 62244/- was deducted/paid ( as per Form 16 & 16A) and further 18955/- was paid on 15.03.2011 as Self Assessment Tax thus leaving a balance of 10689/- which is yet to be paid.
Please advise how much interest would have to be paid alongwith unpaid Income tax of 10689/- by 30/06/2011 ;and which challan to be used for deposit and under which section interest would be shown in Itax return

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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23 June 2011 You have already paid 62,244/- by way of TDS and 18,955/- by way of SA. Hence you have paid total tax of Rs.81,199/- which is excess of actual tax payable by you then how come the balance tax payable is Rs.10,689/-. Kindly clarify.

Anyhow if your total tax is 72,933/- and you are going to file the return in time then 234A shall be NIL, 234B shall also be NIL as you have already paid more than 90% of the Tax. 234 C shall also be Nil as you have made the final payment on 15.3.2011 and at the same time 30% and 60% for 15.9 and 15.12.2011 is covered by TDS.

Hence, do not worry but first put the correct question. Kindly recheck you figures and come back once again for reply from the experts.

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2011 Sir,

Thanks for early response.
Extremely sorry for wrong figure of62244/-(as figure of Rs62244/- included both TDS and SA);
TDS is.43289/-
Thus total tax due is 72,933/- and tax already paid is: 43289/-TDS +18955/-SA on 15/03/11=Rs.62244/-; leaving a balance of10689/- tax yet to be paid.
Kindly advise how much interest would have to be paid alongwith unpaid Income tax of 10689/- by 30/06/2011 ;and which challan to be used for deposit and under which section interest would be shown in Itax return.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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23 June 2011 234A = Nil
234B = 3% on Rs. 10,689/-

234C = 1% on 10,689/-

Therefore Interest u/s 234B will be Rs.322/- and 234C shall be 107/-.

Provided you file the return before 30th June, 2011 otherwise your interest u/s 234B shall go up by 1%.

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