I did not understand , how i calculate the advance tax for a. y 2009 - 2010
can any tell me slab or Percentage?
thanks & regards
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calculation of U/s 234C Intrest
Replies (4)
211. [(1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by-
(a) all the companies, who are liable to pay the same, in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table I below :
Table I
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|
Due date of instalment |
Amount payable |
|
|
On or before the 15th June |
Not less than fifteen per cent of such advance tax. |
|
|
On or before the 15th September |
Not less than forty-five per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment. |
|
|
On or before the 15th December |
Not less than seventy-five per cent of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments. |
|
|
On or before the 15th March |
The whole amount of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments; |
(b) all the assessees (other than companies), who are liable to pay the same, in three instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table II below :
Table II
|
|
Due date of instalment |
Amount payable |
|
|
On or before the 15th September |
Not less than thirty per cent of such advance tax. |
|
|
On or before the 15th December |
Not less than sixty per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment. |
|
|
On or before the 15th March |
The whole amount of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments : |
Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act.]
Hi,
An example of 234C Interest payable in case of an individual.
Interest is payable on Assessed tax. Assessed tax means the tax payable after giving effect to Surcharge (if any), Education Cess, Seconday and Higher Education Cess less TDS and Advance tax.
Example attached as well for your reference
| Taxable Income | 299,000 | |
| Tax due there on | 14,900 | |
| Surcharge | Nil | |
| EC & SHC @ 3% | 447 | |
| Tax & EC Payable | 15,347 | |
| Less : TDS | 5,000 | |
| Advance Tax | 2,000 | |
| Balance Tax Payable | 8,347 | |
| Interest U/s 234C | 309 | |
| Net Tax Payable | 8,656 | |
| Interest Calculation for Individual & HUF | ||
| 30% of 8347 @ rate of 1% multiplied by 3 months | 75 | Sep 08 to Nov 08 - 30% should have been paid on 15th Sep |
| 60% of 8347 @ rate of 1% multiplied by 3 months | 150 | Dec 08 to Feb 09 - 60% should have been paid on 15th Dec |
| 8347 @ rate of 1% for full year | 83 | Mar 09 - Minimum 90% should have been paid on 15th Mar |
| Total Interest Payable U/s 234C | 309 | |
| Interest Calculation for Corporates | ||
| 15% of 8347 @ rate of 1% multiplied by 3 months | 38 | Apr 08 to Jun 08 - 45% should have been paid on 15th Jun |
| 45% of 8347 @ rate of 1% multiplied by 3 months | 113 | Sep 08 to Nov 08 - 45% should have been paid on 15th Sep |
| 75% of 8347 @ rate of 1% multiplied by 3 months | 188 | Dec 08 to Feb 09 - 75% should have been paid on 15th Dec |
| 8347 @ rate of 1% for full year | 83 | Mar 09 - Minimum 90% should have been paid on 15th Mar |
| Total Interest Payable U/s 234C | 422 | |
Mr.Mokind Sawant
and
Mr.Tinku
While calculating interest the sum on which we have to calculate interest has to be rounded off to the nearest hundred rupees by ingnoring the last two digits. If we have to calculate interest on Rs.1,25,135/- we have to round offf the sum to Rs.1,25,100/- only as per the provisions of Rule 119A of Income-tax Rules, 1962.
Best Wishes
Sathikonda
Mr. Balaji RK
Please read my submission.
Best Wishes
Sathikonda
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