Interest calculation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2012
how to calculate interest on Tax amount 30923 for the A.Y 2011-12, employer has deducted TDS Rs. 24000/- before Oct.2010.
21 January 2012
Due date for Return filing is 31.07.2011.
Net Tax Liability= 30923-24000=6923.
Interest U/s 234A is only leviable.
Interest =6900*1*6/100=414.
.
you have to round off tax amount IN MULTIPLE
of Rs. 100/- ignoring the amount over & above. If 6994 is tax payable interest has to be calculated on 6900/- only @ 1% for every month or part of the month.
Net Tax Liability= 30923-24000=6923.
Interest U/s 234A is only leviable.
Interest =6900*1*6/100=414.
.
you have to round off tax amount IN MULTIPLE
of Rs. 100/- ignoring the amount over & above. If 6994 is tax payable interest has to be calculated on 6900/- only @ 1% for every month or part of the month.
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