s.sowmya radha (Accounts Executive) (72 Points)
25 September 2012Our Company have remitted the Income Tax U/S 140A along with the interest u/s 234B up to August 2012.(5 months). Now the Tax has been increased. My query is Interest u/s234B is to be calculated for the balance tax for 6 months(up to september) or for the entire amount up to september.
Please reply.
its urgent.
Thank you.
CA Vishal Jain
(Chartered Accountant)
(137 Points)
Replied 26 September 2012
it is to be calculated on total amount for the period from april to date of deposit in august, for balance perid it is to be calculated on balance amount
Like if total tax payable is 1,00,000/-
self ass tax paid in august 60,000/- plus interest
Now you have to calculate interest on 1,00,000 for april to date of deposit and on 40,000 for the rest period
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