Interest u/s 234b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 October 2012
please calculate the interest u/s 234B
A.Y. 2011-12
Date of filing return 10.10.2012
total Tax 4709577
advance tax 15/03/2011 2500000
self assessment tax paid:
17/09/2011 474380
03/09/2011 280000
17/10/2011 297000
17/10/2011 923000
please help me...
A.Y. 2011-12
Date of filing return 10.10.2012
total Tax 4709577
advance tax 15/03/2011 2500000
self assessment tax paid:
17/09/2011 474380
03/09/2011 280000
17/10/2011 297000
17/10/2011 923000
please help me...
Dintakurthi Tirumala
(Expert)
12 October 2012
Is your required only 234B interest?
Interest payable according to the section 234B is 1% simple interest per month or part of the month from the date of 1st April to the date of payment of tax on the short fall of advance tax amount. So in your case short fall of advance tax is Rs.2209577 so you have to pay interest on this amount upto September i.e for 6 months i.e 6% interest and in September you paid part of the tax balance payable is Rs.754380 and now tax payable due is Rs.1455197 on this amount pay interest for OCtober i.e for one month i.e 1%(assumed total tax payable will be paid in October).
So total interest payable according to the section 234B is Rs.147127.
It may be changed according to the 143(1) process completion date by the CPC.
OM SAI SRI SAI JAI JAI SAI
Interest payable according to the section 234B is 1% simple interest per month or part of the month from the date of 1st April to the date of payment of tax on the short fall of advance tax amount. So in your case short fall of advance tax is Rs.2209577 so you have to pay interest on this amount upto September i.e for 6 months i.e 6% interest and in September you paid part of the tax balance payable is Rs.754380 and now tax payable due is Rs.1455197 on this amount pay interest for OCtober i.e for one month i.e 1%(assumed total tax payable will be paid in October).
So total interest payable according to the section 234B is Rs.147127.
It may be changed according to the 143(1) process completion date by the CPC.
OM SAI SRI SAI JAI JAI SAI
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