Interest calculation u/s 234b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2011 The tax liability is Rs.5 lacs for 2010-11. No advance tax was paid during 2010-11.
Rs.1 lac was paid on 30.04.11 and another 1 lac was paid on 30.06.11. So, while calculating interest u/s 234B should I have to consider the payments made in Apr & Jun and calculate interest for the broken period or the Interest will be @ 1% for 6 months on Rs 5 lacs

Pls clarify

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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24 September 2011 Upto april on 5 lacs from may to june on 4 lacs from july to upto date of balance tax paid on 3 lacs interest will be charged @1% p.m or part of the month.
so you have to consider part payments made.
OM SAI SRI SAI JAI JAI SAI

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