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.
Message likes :
1 times
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Consolidated financials
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- TDS on TRUST
- Reprocessing of rectification order AY 2025-26
- Regarding Applicability of Tax Audit u/s 44AB
- Putting a heading on received mail
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
