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Interest U/S 234C

Shaman (CA) (27 Points)

07 November 2007

HI,

can any one tell me exactly how to calculate Interest U/S 234C for capital gains for a Individual.

To compute the liablity of advance tax up to 15-09 100% capital gain tax to be taken or 30%

Aslo in case of capital gain tax if total capital gain tax is submitted as advance tax till 31st March than is interest applicable or not??

Kindly reply soon with details section & reference of example if any.

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9 Replies

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 07 November 2007

see files section

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 07 November 2007

download from: /files_display_search_results.asp?search_txt=234

KAAPIL (COACHING ) (11717 Points)
Replied 07 November 2007

Thanks Sampat Sir for guidance.

Shaman (CA) (27 Points)
Replied 27 November 2007

Hi, thank you very much for the such useful excle sheets. But surprisingly all sheet start calculations from Tax liability. My query is that whether tax on capital gains has to be submitted 100 in the quarter it is due? Like for Interest u/s 234C to calulcate shortfall of Installment dont i have to take it to consideration the capital gains under variour quarter endings. Like from 01/04 to 15/09, than from 16/09 to 15/12, than from 16/12 to 15/03 , & from 16/03 to 31/03. all sheets given on the site does not provide any place to enter this details. So is it like that for 234C interest capital gain in various quarters is completely irrelevant? Please reply urgent.

AMIT KUMAR CHAUDHARY (CA) (159 Points)
Replied 28 November 2007

YOU SHOULD STUDY ADVANCE TAX ON CAPITAL GAINS INCOME UNDER HEAD ADVANCE INCOME TAX FROM WHERE YOU WILL BE ABLE TO KNOW THAT THE ADVANCE TAX CAPITAL GAINS SHOULD BE DEPOSIT ON OR AFTER DATE OF ACCRUED & CAN DEPOSIT FULL OR IN PARTS IN ADVANCE TAX INSTALLMENT BUT AFTER ACCRUAL OF CAPITAL GAINS.

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ravi adabala (advocate) (29 Points)
Replied 25 November 2008

Originally posted by :Shaman
"	HI, can any one tell me exactly how to calculate Interest U/S 234C for capital gains for a Individual. To compute the liablity of advance tax up to 15-09 100% capital gain tax to be taken or 30% Aslo in case of capital gain tax if total capital gain tax is submitted as advance tax till 31st March than is interest applicable or not?? Kindly reply soon with details section & reference of example if any.	"

ravi adabala (advocate) (29 Points)
Replied 25 November 2008

Originally posted by :Shaman
"

Hello shaman

Capital gain also includes in the income of the assessee(here individual). Only 30% of advance tax to be paid as on dt 15-09-every year. Not 100%.

Include capital gain with regular income and less any tds. For Capital gain a separate tax rates will be applicable. Accordingly calculate tax liability .

ravi adabala