Reg: advance tax

Save Share

This query is : Resolved

Aashish (Querist)
Follow

27 June 2013 Dear experts please help
My tax liablity -120000
Advance Tax paid - 3000
Self assesment Tax - 82970

Will i get interest u/s 234B. if, yes how much.please help.

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

27 June 2013 Yes you will get interest 234B

Tax liability = 120000
TDS: nil

90% of 120000=108000

but advance tax paid 3000

so 234B applicable

if you are paying self assessment tax today today

=(120000-3000)*1%*3 months

Thanks & regards
Ganesh babu k

Message likes : 1 times

Aashish

Aashish (Querist)
Follow

27 June 2013 234C, and sir can u please explain the self assesment tax area alone, again

Thanks

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

27 June 2013 234C also applicable..

caluculate 234 C also basing on 30%,60%,100% rates ..

refer below article for understanding

https://www.caclubindia.com/articles/interest-u-s-234a-234b-and-234c-15276.asp

self assessment tax has to be paid after considering interest...if not paid earlier to be paid now..

you may try by filling ITR it will give exact interest so that you can pay rest of tax now.

Thanks & regards
Ganesh babu k

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now