CALCULATION OF INTEREST UNDER SECTION 234 A B & C

TAXABLE INCOME IS 388980

INCOME TAX - 31796

ED CESS - 954

TOTAL TAX - 32750

234 SEC IS NOT ATTRACTED TILL NOW

IT WILL BE AFTER 30 SEPT

THE ABOVE CALCULATION WAS WRONG

RIGHT ONE IS

TAXABLE INCOME IS 416980 &

TAX PAYABLE IS 9396

DHEERAJ SIR CALCULATE AGAIN 

TAX PAYABLE IS WRONG & SECTION 234 B & C IS APPLICABLE 

Taxable Income is: -Rs.416985/-

Upto Rs.160000/- No Tax and on Balance amount of Rs.256985/- Tax amount is as follows: -

@ 10%: -25698/-

Cess: -771/-

Total Tax Liability is Rs.26469/-

So 234 B is not applicable  as more than 90% has been paid and also 234C is not applicable

Are we using slabs for AY 10-11 or 11-12?

Assuming it is AY 10-11 Tax payable comes to 38519 ( Male below 65 assumed)

234B is attracted because 28,000 is less than 90%.

234C too. No 234A unless the return is filed after the due date.

I am using slabs for AY 2011 - 12

If we use the Slabs for AY 2010 - 11 then the tax liability will be 38500/-

234A: -Assuming that Return has been filed within the Due date. Hence 234A will not be applicable

234B: -Need to Find out as to when the Balance tax was paid.

234C: -Interest Amount is Rs.245

Int As per 234 C

                  -  

Amount

Amount of Tax

            38,500

Adv

            28,000

Tax to be Paid

            10,500

Before Sept 15

Before Dec 15

Before March 15

30%

60%

100%

Advance Tax to be Paid

     11,550

       23,100

             38,500

Advance Tax Paid

10000

20000

28000

Shortfall

       1,550

         3,100

             10,500

No of Months for Int Cal

3

3

1

Rate of Int

1%

1%

1%

Int Amount

            47

              93

                  105

Total Int

                245

A partnership firm under audit 44 AB has a total tax due for the AY 2010-11 of Rs.813934.  TDS amount is Rs. 168389 and advance tax paid is as follows.  

14/9/2009 - Rs. 190000

15/12/2009 - Rs. 200000

15/3/2010 - Rs. 250000

As per calculation, interest u/s 234B works up to NIL.

How much interest will the firm have to pay u/s 234C?

Is there a tax calculator available for the same?

Plz find attached the calculation: -