Int u/s 234
This query is : Resolved
14 September 2021
Tax Payable at normal rates Rs.16,47,360/-
Tax Payable at special rates Rs. 5,962/-
Surcharge Rs. 1,65,332/-
Education Cess payable Rs. 72,746/-
Total Tax Payable Rs.18,91,400/-
Interest u/s 234C Rs. 5,686/-
Tax & Interest Payable Rs.18,97,086/-
Prepaid Taxes
TDS Rs.17,82,346/-
S A Tax paid on 27.08.21 Rs. 1,14,740/-
Total Prepaid Taxes Rs.18,97,086/-
Now as per income tax portal Interest u/s 234A Rs.2,180/- and u/s 234B Rs.5,515/- is calculated and asking to pay Rs.7,695/-
Prepaid Taxes in this case are more than 90% of assessed tax and still interest u/s 234B is determined
My question is is the above calculation of interest correct and if wrong how to file return of income ?
Tax Payable at special rates Rs. 5,962/-
Surcharge Rs. 1,65,332/-
Education Cess payable Rs. 72,746/-
Total Tax Payable Rs.18,91,400/-
Interest u/s 234C Rs. 5,686/-
Tax & Interest Payable Rs.18,97,086/-
Prepaid Taxes
TDS Rs.17,82,346/-
S A Tax paid on 27.08.21 Rs. 1,14,740/-
Total Prepaid Taxes Rs.18,97,086/-
Now as per income tax portal Interest u/s 234A Rs.2,180/- and u/s 234B Rs.5,515/- is calculated and asking to pay Rs.7,695/-
Prepaid Taxes in this case are more than 90% of assessed tax and still interest u/s 234B is determined
My question is is the above calculation of interest correct and if wrong how to file return of income ?
14 September 2021
Yes the interest levied is correct. By forth quarter of advance tax, assessee has to pay 100% tax of estimate and not 90%.
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
- RCM on GTA Services
- REVENUE RECOGNITION AS PER IND AS 115
- Audit of F and O T/O
- Regarding Appointment of auditor in case of casual vacancy
- GST 9- Table 8
- How to update Transaction data in broker samco account holding after transfer shares KARVY
- For sale of shares of a private limited company, what is process cost and time for demat of shares
- Mismatch of Sales Invoice in GSTR-1
- Which SAC code should be ed?
- Inverted Tax Structure & Unutilized ITC on Services
- Regarding Advance ITT and Advance ICITSS
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- Revision under Section 264 in The Income Tax Act, 1961
- TDS under section 195.
- Filing GST Returns after death of proprietor
Trending Online Classes
CAclubindia
