Interest Calculation
This query is : Resolved
23 November 2010
Hi
Kindly send me the formulas for calculating interest u/s.234A, 234B and 234C of the Income Tax Act.
Thanks
Ilakya
Kindly send me the formulas for calculating interest u/s.234A, 234B and 234C of the Income Tax Act.
Thanks
Ilakya
Aditya Maheshwari
(Expert)
23 November 2010
search in files section.
Gayathri Devi
(Expert)
23 November 2010
234 A is applicable if the returns had been filed lately i.e after the due date of filing the returns
Tax amount including Surcharge if applicable & Education cess and after deductiond TDS & Advance tax & self assessment tax @1% for everymonth still the date of filing the returns
Tax amount including Surcharge if applicable & Education cess and after deductiond TDS & Advance tax & self assessment tax @1% for everymonth still the date of filing the returns
Gayathri Devi
(Expert)
23 November 2010
Se 234 B will be applicale if the advance tax is paid less than 90 % of the net tax payable
It is calculated @ 1% per month on the net payable from end of the previous year to date of filing the returns
It is calculated @ 1% per month on the net payable from end of the previous year to date of filing the returns
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