Liability of advance tax and interest if no tds is deducted

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sushant (Querist)

27 July 2010 The query relates to one of my client:
Liability of advance tax and interest if no tds is deducted
he changed job in mid of the year
due to certain reasons the new employer was not provided details of earlier employment and salary thereof. the tds deducted by the new employer was less:
the total tax comes to 29000 out of which 17000 has been deducted as tds.
the balance of 12000 is to be paid as advance tax.
he is ready to deposit 12000 as tax before 31 july.
kindly advise if any interest will be applicable if yes how much

srinath

srinath (Expert)

27 July 2010 ya since less than 90% of the total tax payable is only paid interest u/s 234B and also 234C shall be payable

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)

27 July 2010 Agreed...interest under Sec 234B & Sec 234C is applicable if paid before July 31.

sushant

sushant (Querist)

28 July 2010 the quantum will be 1 % or 1+1= 2 % and for how many months...??
can u provide the exact calculation with details...
thanks in advance

srinath

srinath (Expert)

28 July 2010 u/s 234B interest is payable at 1% pm or part of the month from april til the date of payment

u/s 234C it would be 30% of the tax in september, 60% in december and full be march

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