tax calculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2010 sir plz help me in calculation of interest of assessee:
a partnrship firm-return filed in time for A/y 2009-10. But due to some mistake, i want to revise it now.
Revised Tax Payable Rs.870799 (incl cess)
Advance tax detail
15/9 2lacs
13/12 2lacs
14/3 3lacs
Self Assessmnt tax detail:
on 28-8-2009 paid Rs.171080/-
on 7-8-2010 paid Rs.7730/-
on 12-8-2010 paid Rs.7750/-
I have got confused over calculation of interest u/s 234B &234C.
Plz guide me in detail.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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13 August 2010 TOTAL TAX DUE 870,799.00
15.09 30% 261,239.70 200,000.00 61,239.70 1,837.19 3%
15.12 60% 522,479.40 400,000.00 122,479.40 3,674.38 3%
15.3 100% 870,799.00 700,000.00 170,799.00 1,707.99 1%
234C 7,219.56 TOTAL
234 B(5 MONTH) 8,539.95

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2010 sir my confuson is regarding 234B as my software is showing int. u/s 234B Rs.29019/-.
This amt. is being shown after i feeded the challans of Rs.7730 & 7750 paid in august 2010. in revised return i have inreased net income by Rs.46000. i have deposited 46000*30%. But now it is showing additional interest of rs.20470 payable.
plz guide

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2010 sir plz reply my query asap..its urgent
thnkx

CA Sanat Pyne

CA Sanat Pyne (Expert)
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14 August 2010 section 234B is to be calculated on the balance amount of tax outstanding as on 1 st april 2010 , i,e 170799/-
and interest will be paid upto august 2010
=170799*5%
8540.00
your total tax as on 31.08.2009=179339
out of which you have paid 171080/-
so now your outstanding is 8259/-
interest again will be calculated on this bal;ance for 12 months
8259* 12%
= 991
so total interest u/s 234b =991+8259
=9250

CA Sanat Pyne

CA Sanat Pyne (Expert)
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14 August 2010 in first calculation i have little mistake.
because i have considered the date all in year 2009.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2010 Sir i thnk u hv mentioned int. u/s 234B wrong. I should be Rs.9531. Sir u hv also not taken effect of int. u/s 234c of 7215.
Let me recall calculation acc. to me. Plz check it
tax payable 870799
Less Advnc Tax 700000
Net Payable 170799
Add int. u/s 234B 10397
(8540+[(186554-171080)*12%]
Add int. u/s 234C 7215
Total Payable 188411
Less Paid u/s 104A 186560
Payable 1851

PLZ CHK DIS CALCULATION & REVERT TO ME ASAP.

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2010 SIR 1 MORE THING GOT IN MY MIND I.E WHETHER 1ST INT. U/S 234B WHICH WE ARE CALCULATING IN AUGUST 2009, SHOULD IT BE CALCULATED ON 170799 OR 170799 + 7215(INT. U/S 234C)

IN PREVIOUS COMPUTATION WHICH I HV SEND U, 2ND TIME WHILE CALCULTING INT. U/S 234B FOR 1 YEAR I HAVE ADDED INT. PAYABLE U/S 234B & 234C. pLZ GUIDE

CA Sanat Pyne

CA Sanat Pyne (Expert)
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14 August 2010 NO FIRST INTEREST OF 234B WILL BE CALCULATED ON TAX OUTSTANDING IT DOES NOT INCLUDE 234C.
BUT AFTER THAT WHEN YOU HAVE PAID S A T THEN YOUR TOTAL TAX DUE IS (TOTAL TAX + INT-S A T)
AND ON THAT AMOUNT YOU HAVE TO PAY 234B AGAIN.

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