Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Interest on balance tax payable on salary income.

Save Share

This query is : Resolved

narendraksoni (Querist)
Follow

11 July 2013 On comutation of tax liability on salry income, i found that TDS has short deducted by my employer ( TWO). Now I have to pay balance tax payable on my salary income, please suggest whether itnterest is liable , if yes,% and period of interest.
Regards

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

11 July 2013 Yes. Interest u/s.234B & Sec.234C will apply Section 234 B : Interest payable for default in payment of advance tax.interest @ 1% per month is payable on the amount of income tax paid after the end of the financial year. Section 234 C : Interest payable for deferment of advance tax Interest is payable @ 1% for 3 months on the amount of shortfall in payment of advance tax became due on 15th June (applicable only to Corporate assessees), 15th September (all assesses) and 15th December (all assessees) and interest @ 1% on the amount of shortfall in payment of advance tax became due on 15th March (all assessees). Interest calculators are available in files section you can download and use the same

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now