Income tax querry for a.y 2011-2012

Tax queries 925 views 7 replies

I am filing return for F.Y 2010-2011.As my some books were held by sales tax department i was unable to file return.

Also i am liable for advance tax but havent paid same.

Now my total income for the year is coming to 319280.

On which i have to pay tax of 16406(including education cess).

Now the problem arising is calculating interest with section 234 B

Now since i havent paid a single rupee as advance tax.I am liable for interest under section 234 A,234 B and 234 C.

I checked this site.

https://www.investmentyogi.com/interest-calculator.aspx

Now problem is what my ca article calculated and the one which on site mentions  difference is coming under section 234B.

According to my ca article.He calculated as 16400*7%=1146.

Whereas the site gives a figure of  3116.

Section 234A and and section 234 C figure is correct.

 

I am confuse which is correct.The one of the article or the other of site.I wanted to pay the sum by today or tomorrow as if it passes into next month again my interest will rise.

Also am i liable fr penalty of 5000 for late filing of return?

The article says since you paying 234A thats the same which is part of the penalty.

Replies (7)

sohil calculation of interest u/s 234B Rs.1146 is 100% Correct..

So the figure

15928  on 319280(excluding education cess)

478 (education cess)

16406(total)

492(interest under 234 A)

1146(interest under  234B)

605(interest under 234 C)

18650 (total tax liable)

Correct ?

234B interest calculation is 16400*7%=1148 instead of 1146...otherwise diffrence of Rs. 2..correct Interesrt &  figures will be absolutely correct after correction

Ya thanks its 1148 i misquoted that.

 

Only stuff is will i be penalise for late filing or its on the It discretion?

No sohil penalty u/s 271F is not levied..because penalty levied if return file after end of the relevant assessment year in your case if return file after 31.03.2012 then penalty shall be levied for RS. 5000

Thank you sir for the prompt and helpfull reply.

All my doubt got solved .

And  yes happy diwali to you sir. 

 

Thanks,same to you sohil..your welcome for more queries.


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