Hi,
I am a salaried employee and my tax is deducted by my employer. Apart from this, I had additional income (through international stock options, which do not qualify under short/long term equity in India) I received this amount in Jan 2011.
Do I have to pay interest for this amount under sections 234b/c? If so, what should be the time frame for the interest calculation?
Thanks,
Balaji
if you are having tax liability by more than Rs. 10000, then you will be charged Interest u/s 264B & C and this has to be paid before filing Return along with Self Assessment Tax..
Int is equal to 1% pm of Tax Liability
For better calculation, you can download ITR 1 or else, put your particulars and click on calculate tax liability.. It will calculate everything automatically....
For you reference I am attaching calculation sheet that I made for self... :)
you can edit colored cell (password 1234) .... :)
Your transaction will arract provisions of 234B & C if liability is more than 10000 rs. it will be calculated for 1st apr.11 to july 11 if u will deposite tax in this month. rate will be 1.5% per month or any part there of.
CCI
Pro
CAclubindia
