Interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2012 Our is proprietory firm. For the F.Y 2011-12 our tax on total income is as follows:-
TAX ---- RS.1292615
EDU CESS 3% - RS.38778
TOTAL - RS.1331394
LESS: TDS - RS.48286
LESS ADVANCE TAX
RS.800000/- PAID ON 14.09.11
RS.500000/- PAID ON 12.12.11
REFUND - RS.16892/-
WHAT IS INTEREST UNDER SECTION 234 C
PLEASE PROVIDE ME WITH THE CALCULATION WITH THE FORMULA

IMMEDIATELY PLEASE

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 May 2012 Interest U/s 234C will be NIL.

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Tax payable is 1331394-48286=1283108
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Since more than 30% of tax payable has been paid in the Ist installment and till Dec More than 60% amount of tax has already been paid , so interest U/s 234C is not leviable.
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