Interest on income tax payable
This query is : Resolved
vipin singh
(Querist)
11 July 2016
Total tax payable for fy year 2016-17 : Rs. 19628
TDS deposited till 31 Mar 2016: Rs. 9677
Tax payable: Rs. 9951(Hasn't been payed yet)
Is interest @1% payable on Rs. 9951?
How much it would be 9951* 1% * 4 ? Please suggest?
TDS deposited till 31 Mar 2016: Rs. 9677
Tax payable: Rs. 9951(Hasn't been payed yet)
Is interest @1% payable on Rs. 9951?
How much it would be 9951* 1% * 4 ? Please suggest?
CMA Ramesh Krishnan
(Expert)
11 July 2016
You have to calculate the interest u/s.234B & 234C clearly. interest not only for this 4 months. the applicable tax need to be paid or or before 31st March. during the year incase any short is there for for advance tax that also will be calculated
vipin singh
(Querist)
11 July 2016
Thank you for the prompt response.
I read on another article that the salaried employees are not required to pay advanced tax if the tax liability is less than 10,000 and it could be deposited by 31 July without any penalty or interest. Please confirm.
I read on another article that the salaried employees are not required to pay advanced tax if the tax liability is less than 10,000 and it could be deposited by 31 July without any penalty or interest. Please confirm.
vipin singh
(Querist)
11 July 2016
Thank you for the prompt response.
I read on another article that the salaried employees are not required to pay advanced tax if the tax liability is less than 10,000 and it could be deposited by 31 July without any penalty or interest. Please confirm.
I read on another article that the salaried employees are not required to pay advanced tax if the tax liability is less than 10,000 and it could be deposited by 31 July without any penalty or interest. Please confirm.
01 August 2024
https://docs.google.com/document/d/1xD0YzSwXlx4aTHjL6L8WlLWoywRDK_Yeyh9X5Ca8Ip0/edit?usp=sharing
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