Interest u/s 234b,c
This query is : Resolved
01 July 2013
Suppose an assesse has a salary income of 5L.
He provided medical policy investment eligible u/s 80D of Rs.1L. He has not declared income under Other sources of 3L and investment eligible u/s 80C for Rs.50,000 to his employer. Now his employer deducted TDS on tax on 5L-1L=4L. But he files his Return showing taxable income as 5L-1L+3L-50,000=6.5L. Now how will interest u/s 234b,c effect me and on what amount. Pls show the calculations.
He provided medical policy investment eligible u/s 80D of Rs.1L. He has not declared income under Other sources of 3L and investment eligible u/s 80C for Rs.50,000 to his employer. Now his employer deducted TDS on tax on 5L-1L=4L. But he files his Return showing taxable income as 5L-1L+3L-50,000=6.5L. Now how will interest u/s 234b,c effect me and on what amount. Pls show the calculations.
02 July 2013
yes. it will be applicable based on your tax liability and comparing your tds in each quarter
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