Interest Calculation
This query is : Resolved
30 October 2009
I wanted to calculate interest u/s 234 c. So just let me know whether it shud be calculated as follows or what:
Tax payable
less :- Tds paid
Net tax payable
u/s 234/c
Net tax payable
Int @ 1% p.m. for delayed months
Please revert asap
Tax payable
less :- Tds paid
Net tax payable
u/s 234/c
Net tax payable
Int @ 1% p.m. for delayed months
Please revert asap
30 October 2009
Yes you are correct
30 October 2009
Lets take an example.
Total tax liability 15000.00
TDS 5000.00
So tax payable 10000.00
Interest u/s 234C
Ist Adv tax Inst.(15-Sept) 30% of tax payable was 3K Int. @ 3% Rs.90
IInd Inst (15-Dec) 60% of tax payable was 3K Int. @ 3% Rs.180
IIIrd Inst. 100% (15-Mar) of tax payable was 10K Int. @ 1% Rs.100
Total Interest 370.00
Total SA tax payable 10370.00
Total tax liability 15000.00
TDS 5000.00
So tax payable 10000.00
Interest u/s 234C
Ist Adv tax Inst.(15-Sept) 30% of tax payable was 3K Int. @ 3% Rs.90
IInd Inst (15-Dec) 60% of tax payable was 3K Int. @ 3% Rs.180
IIIrd Inst. 100% (15-Mar) of tax payable was 10K Int. @ 1% Rs.100
Total Interest 370.00
Total SA tax payable 10370.00
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
- About TDS & Income Tax
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
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
