234a, 234b and 234c

Tax queries 1973 views 7 replies

PPT ON 234A, 234B AND 234C


Attached File : 149668 884941 ppt on 234abc.ppt downloaded: 537 times
Replies (7)

Here I am atttaching a file to calculate Interest on 234A 234B &234C..

Hope it usefull to all....

 

THANK YOU SANJAY BHAIYA FOR THE PPT EXPLANING IN VERY SIMPLE WORDS.....CONTINUE SHARING.


THANK YOU TO SANKET ALSO FOR ADDING VALUE BY SHARING THE INTEREST CALCULATOR....CONTINUE SHARING

thnx sir 4 dis gud thought...

Thanks for sharing the PPT and the calculator.

I have few doubts Sanjay on the PPT. In the 3rd page of PPT under 234B interest, you mentioned - 234B is payable if advance tax paid is less than 90% of the assessed tax. I was not clear about the definition of assessed tax, is it = total income tax liability - TDS.

That also means that even if TDS paid is more than 90% of the total income tax liability, interest under 234B is still applicable if there is a shortfall in the payment of advance tax. Is that correct ?

Thanks again.

 

@ Vaibhav--

1)  Assessed tax mean actual tax liability.

2) TDS is also a sort of advance tax, so if TDS deducted from you is 90% or more Sec 234B will not be applicable. Also appreciate advance tax to be paid is calculated after considering the TDS already deducted from you.

Thanks Sanjay for the clarification.

The reason I asked because recently I got a demand from the IT dept to pay interest u/s 234B for AY 11-12 even though TDS deducted was more than 90% of my total income tax liability. I hadn't paid any advance tax (other than TDS) though. Looks like IT dept miscalculated the interest u/s 234B. What do you think ? 

Appreciate your help.

Yes they do on number of occasions. Many times there calculation do not match with ours. But no problmes the same will be rectified upon submission of facts.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register