Dear sir,
Advance Tax paid on 17th Sep 2012 - 25 Lakhs, 15th Dec - 10 Lac, 15th mar - 35 Lac
how to calculate interest u/s 234c
Please advice me.
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Advance tax
Replies (2)
Dear Kavitha,
you need to also mention the actual tax liability for the year. Without that you can't compute interest under 234C? or can we assume that the total of advance tax paid was equivalent to total tax liability?
Assuming that the assessee is not a company, the 234C liability shall be around Rs 84,000
| Interest U/s 234C for Non-Companies | ||||||
| Slab | Tax | Deposited | Shortfall | Interest Rate | Interest | |
| 30% | 2,100,000.00 | 0.00 | 2,100,000.00 | 1% | 63,000.00 | |
| 60% | 4,200,000.00 | 3,500,000.00 | 700,000.00 | 1% | 21,000.00 | |
| 100% | 7,000,000.00 | 7,000,000.00 | - | 1% | - | |
| Total Interest | 84,000.00 | |||||
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