Calculation confusion for 234c interest

I read the articles on interest regarding the computation of interest in regards to 234C. but i still can't clearly understand them.

So can you please tell me with an example.

A person has a tax liability of 50,000 and is filing under 44AD for fy 2018-2019. but as the due date of 15 March has passed. now the taxpayer has to pay interest under 234C

So please can you show me how will the interest on 234C be calculated on it

Replies (5)

Period of  Amount on which

Rate of Interest

Period of Interest

 Amount on which interest is calculated

If Advance Tax paid on or before June 15 is less than 15% of the Amount*       

Simple interest @ 1% per month

3 months

15% of Amount* less tax already deposited before June 15

If Advance Tax paid on or before September 15 is less than 45% of the Amount*

 Simple interest @ 1% per month

3 months

45% of Amount* less tax already deposited before September 15

If Advance Tax paid on or before December 15 is less than 75% of the Amount*

 Simple interest @ 1% per month

3 months

75% of Amount* less tax already deposited before December 15

If Advance Tax paid on or before March 15 is less than 100% of the Amount*         

Simple interest @ 1% per month

3 months

100% of Amount* less tax already deposited before March 15

235 C will be applicable only till 31/3- end of the FY(PY). the advance tax paid after 15 march but on or before 31/3 will be liable for interest u/s 234c at the rate of 1% for 1 month.

so on advance tax payable of 50000, u/s 44ad, paid after 15 march before 31 march . shortfall as on 15/3 being Rs. 50000
234c int- 50000*1%*1m. = Rs.500.

According to this calculator https://www.finotax.com/income-tax/intt234-calculator

The interest paid under 234C on the whole fy 2018-2019 will be 2525

Is this correct

i checked their int computation of 2525. It is applicable when you are a assessee other than 44AD assesse.

Hey Ajay another question

Is only 234C interest applicable on tax payer under 44AD who are paying within 15 March 2019 - 31 March 2019

Or 234A and 234B is applicable, asking because i tried e - offline utility and it is also adding interest under 234A and 234B

Regarding the calculation

If my taxliabilty is 20000. my interest on it under 234C would be 20000*1% = 200

Is 200 the only interest applicable for 234C

 

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