interest on income tax

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hi friend plz tell if in the given below case we hve to pay interest on income tax or not under section 234a,b,c, if yes how much?

Assesse= Female

Total income tax payable=156845

lessTDS=                              155473

Payble=                                1372

Now plz tell how much tax with interest we hve to pay before 31/07/2010

Replies (5)

no interest payable b coz net tax liab. is less then 10000 U/S 234C

but u hav to pay int. on 1372 @ 1% p.m. from 1-4 till u paid it U/S 234A

section 234A deals with interest on delay in filing of return. if you file before 31/07/2010. then no interest @ 1%per month or part thereof will be levied.

section 234B levies interest on shortfall of payment of advance tax.if you pay atleast 90 % of your tax liability by way of advance tax. after considering tds. no interest @ 1% per month or part thereof will be levied.from april1 to filing of return

section 234C deals with deferment of advance tax ,ie if advance tax by way of instalment is paid less than 30 %, 60%,100% before 15th sept,15thdec &15th mar respectively then interest @ 1 % per month or part thereof will be levied 

so no interest in your case.simply pay the self assessment tax

 

but 234 a is for default in furnishing return, but i am filing my return before due date 31/7/2010

Dear Kundan Singh

 

You have not mentioned the proper detail of TDS whether it is on salary income, interest income or capital gain.

 

Find attached file will help you to calculate the amount if interest u/s 234 A/B/C.


CCI Pro

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