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
Satpal Singh
(Expert)
30 October 2009
Yes you are correct
chetan soni
(Expert)
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
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