Interest u/s 234a, b ,c
This query is : Open
16 February 2012
for calculating interest.the tax payable should be rounded to ? for eg. its 25367 it should be roundedd off to ?
Thanks in advance
Thanks in advance
16 February 2012
Tax payable should be rounded off to the nearest 10. So, Rs. 24,367 shall be rounded off to Rs. 24,370.
CA. Pradeep Nayak
(Expert)
16 February 2012
For interest u/s 234A,B,C the tax shortfall amount is rounded off to the previous hundred. Tax is to be rounded off to the nearest rupee.
16 February 2012
so pradeep sir u mean the tax payable should be first rounded of to nearest rupee i.e 25367 to 25370 and for caln of interest 25370 now should be rounded off to Rs. 25300 ?
16 February 2012
for calculating interest u/s 234 a,b,c tax payable of Rs. 25370 should be rounded off to
19 February 2012
As per section 288B of the Income tax Act,1961 the tax payable shall be rounded of to the nearest multiple of 10 rupees. Therefore, in your case it should be rounded off to Rs.25,370.00
23 February 2012
for calculation of interest the tax payable of rs. 25370 should be rounded off to ? some say previous hundred ? is that right?
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