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Intt.u/s 234b & 234c

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Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2012 MY I/TAX LIABILITY IS RS.44889 WHICH INCLUDE RS.1344 FROM BUSINESS SOURCE AND RS.44813 FROM LONG TERN CAPILAL GAIN.WHICH TOOK PLACE IN 29 SEP.2010. IN MY RETURN FOR A.Y 2011-12
I CALCULATE INTT. U/S 234B FOR EIGHT MONTHS (UPTO MARCH 2012) AND INTT.U/S 234C AS FOLLOW

UPTO 15 SEP. 2010 NIL ( as no liability for advance tax)

UPTO 15 DEC 2010 44889*60*3%
UPTO 15 MAR 2011 44889*1%
please tell me whether my calculation is correct

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

16 March 2012 Your 234B interest calculation is wrong it is 12% for twelve months not 8%. 234B will be charge on the balance of advance tax payable as on 1st April of the assessment year(i.e. Next day of the ending of the Financial Year) upto the date of payment of such balance tax. and as per section 234C interest calculation is correct. However you are liable for 234A interest @8% for eight months.
OM SAI SRI SAI JAI JAI SAI

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