Plz correct me (interest calculation u/s 234A,B,C)
This query is : Resolved
11 June 2011
https://www.caclubindia.com/forum/experts-plz-check-correct-148874.asp
11 June 2011
John,
In the calculation you have to take care of the following points-
1. Income has to be rounded off to Nearest multiple of Rs 10.
2. Return is in time No need to calculate
Interest U/s 234-A
3. Interest U/s 234B is correct.
(However, you have to take the figure Rounded off to 100 and any fraction of 100 has to be left. If Tax is 680 Calculate interest on 600 only.
4. Interest U/s 234C:
---------------------
Big Mistake done by you :
TDS has already been considered by you
for arriving the " Assessed Tax". Now you have to consider only Advance Tax, if paid any.
Income Tax=50000
TDS= 3000+4000+5000=12000
Balance Payable=38000
Calculate 30% of 38000. It is 11400.
From this you need not to deduct 3000.
Simply calculate interest of 11400/
You will get the matching tax liability in this way.
If still you can't find the correct liability , send a PM to me, under the subject " How to attach an excel file with your reply in CA Club" by specifying the procedure in 2-3 lines.
In the calculation you have to take care of the following points-
1. Income has to be rounded off to Nearest multiple of Rs 10.
2. Return is in time No need to calculate
Interest U/s 234-A
3. Interest U/s 234B is correct.
(However, you have to take the figure Rounded off to 100 and any fraction of 100 has to be left. If Tax is 680 Calculate interest on 600 only.
4. Interest U/s 234C:
---------------------
Big Mistake done by you :
TDS has already been considered by you
for arriving the " Assessed Tax". Now you have to consider only Advance Tax, if paid any.
Income Tax=50000
TDS= 3000+4000+5000=12000
Balance Payable=38000
Calculate 30% of 38000. It is 11400.
From this you need not to deduct 3000.
Simply calculate interest of 11400/
You will get the matching tax liability in this way.
If still you can't find the correct liability , send a PM to me, under the subject " How to attach an excel file with your reply in CA Club" by specifying the procedure in 2-3 lines.
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