Interest of tax

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This query is : Resolved

Arun Fernandes (Querist)

07 May 2009 Status : Individual Previous Year Ended: 31.03.2008
Assessment Year : 2008-2009
-------------------------------------------
Gross Salary - 503,551
Less: Exemption U/s 10 56,850 Less: Professional Tax 1,945 Gross Total Income 444,756

Deductions Under Chapter VIA Under Section 80C
Life Insurance Premium 103,018
Provident Fund 16,128

119,146
Restricted to 100,000
-
Total taxable income 344,756
or
344,760
Tax on Income other than STCG 52,428
Education Cess @ 3% 1,573
54,001
Tax Deducted at Source 36,805
Interest U/s.234A -688
Interest U/s.234B -1,376
Interest U/s.234C -636 2,700

Self Assessment Tax 19,896

The interest which i calculated is correct or not. if it is wrong what is the correct interst amount for the assessment year 2008-09

VIVEK BINDAL

VIVEK BINDAL (Expert)

08 May 2009 The correct Calculation is :-
(If the due date of Return filing is 31st July)
Interest U/s 234A: Rs. 1720/-
Interest U/s 234B: Rs. 1376/-
Interest U/s 234C: Rs. 636/-

I hope this will serve your purpose.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

08 May 2009 If you have filed your return in the month of November 2008,the interest calculated by you is almost ok. Correct Amount of Interest, however, will be as under - (As per Rule 119A- You have to
ignore any amount for rounding off to Rs 100/. in Your case Balance Tax payable was Rs 17196/- Ignore Rs 96/ & calculate tax on Rs 17100/ only.

Interest U/s 234A 684
Interest U/s 234B 1368
Interest U/s 234C 633

The total tax payable as such would be 19881/
You could Pay Rs 19880/

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