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
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/-
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.
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