Interest on income tax for employee

This query is : Resolved

Prasad Naidu (Querist)
Follow

11 July 2013 Can i know percentage of interest on income tax.

one of the my employee suppose to pay income tax for the F.Y 2012-13 is Rs.1,00,000/- but we are deductiong from salary Rs.80,000/- for the F.Y 2012-13.

Now we are generated Form 16 and payable as showing as rs.20,000/-

Now employee wants to pay Rs.20,000/-. Is there any interest have to pay to department.
If, it is there, how much is the percentage and how to calculate the interest.

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

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

GIRISH K SATTI

R M Shekhaliya

prasanth kona

Yandamuri yesu raju

efiletax

Subscribe Now

Interest on income tax for employee

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Article Assistant

GST CONSULTANT

Accountant

GST CONSULTANCY

CA Final