suppose I am a non corporate assessee.
my tax for the year is rs. 2,76,025 (inclusive of all cess excluding 234 A B & C)
advance tax paid- 28.09.2012- rs. 50,000 19.12.2012- rs. 50,000 06.05.2013- rs. 1,60,000
what will the amount of interest u/s 234 B if I file the return on 31.01.2014 ? and how is it calculated.
Amt pd on 6th may 13 is not Advance tax, it is self asst tax. So, 90% of tax was not paid in advance, so 234B is applicable
on Rs 176025(from Apr 13 to May 13)=3521
on Rs 16025/-(from Jun 13 to jan 14)=1282
Total Rs 4803
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