I am self employed professional. For year 2010-2011, my total tax is calculated is Rs 74,000 and I paid Rs 20,000 on 1st Dec 2009 as advance tax.. now i am paying my remaining tax on 3rd May, please tell me how much interest i have to pay..? Is there any penalty?
And how this interest is calculated.
you have pay interest u/s sec. 234 b 700 and 234c 1190
dear rohit
According to my calculation (as explained below) , Interest u/s 234c will be Rs. 1,938/- & u/s 234B , it will be Rs. 1,080/-.
Interest u/s 234c:
upto 15th sep : 74000*30%*3% = 666
upto 15th dec: ((74000*60%) -20000) *3%=732
upto 31st march: (74000-20000)*1% = 540
1,938
Interest u/s 234B:
from 1st april to 3rd may(for 2 months) : (74000-20000)*2% = Rs. 1,080/-
Regards
CA Roopa Chhabra
dear rohit
According to my calculation (as explained below) , Interest u/s 234c will be Rs. 1,938/- & u/s 234B , it will be Rs. 1,080/-.
Interest u/s 234c:
upto 15th sep : 74000*30%*3% = 666
upto 15th dec: ((74000*60%) -20000) *3%=732
upto 31st march: (74000-20000)*1% = 540
1,938
Interest u/s 234B:
from 1st april to 3rd may(for 2 months) : (74000-20000)*2% = Rs. 1,080/-
Regards
CA Roopa Chhabra
i dont think there will be any penality
karthi
Chirag P Shah & Co. Chartered Accountant
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