Interest under 234b & c for salary emloyee on salary income

Total Income :                     659722

Deduction :

u/s 80C :                             132000

u/s 80TTA :                          10000

                                       -------------------

Taxable Income                  : 517722

Tax Payable :                        29400

Interest u/s 234 B :     1070

Interest u/s 234 C :      790

                                       -----------------

Total tax & Interest :               31260

TDS :                                      8000

                                        ----------------

Tax payable :                         23260

Total Tax liability : 29400

TDS                   :  8000

                         --------------

Tax payable      : 21400

 

Calculation of Interest Payable u/s 234 B

(21400 * 1% * 5 months) = 1070 

 

Calculation of Interest Payable u/s 234 C

Advance Tax Payable upto 15th Sep 2014(30%) = 6420

Interest : ( 6420 * 1% * 3months ) = 192

Advance Tax Payable upto 15th December 2014 (60%) =12840

Interest : (12840 * 1% * 3months) = 384

Advance Tax Payable upto 15th March 2015 (100%) = 21400

Interest : (21400 * 1% * 1 months) = 214

 

Total Interst u/s 234c (192+384+214) = 790

 

234 C sould be rs.956. And he is liable to pay interest as he is salary employee?

234 C sould be rs.956. And he is liable to pay interest as he is salary employee?

Vishal ....234C wrongly calculate. Total Assessed Tax- 29400 Upto 15 sep- 30% of 29400=8820 Minus paid upto 15 Sep 8000 Balance= 820 Interest - 820*1%*3month=Rs 25 Upto 15dec- 60% of 29400= 17640 Minus paid upto 15 Dec 8000 Balance- 9640 Interest- 9640*1%*3months=Rs. 289 Upto 15 March- 100% of 29400 Minus paid Upto 15Mar 8000 Balance- 21400 Interest - 21400*1%*3months=Rs.642 Total Interest -956 Major issue is not calculatin. I am searching why should he pay as section not said anything for salary person?

Hello, Section -234C applicable to all assessee (Corporate Taxpayer & Non- Corporate Taxpayer).

Hello , I m correct, 
How to calculate interest for deferment of advance tax under section 234C

Assessee liable to pay advance tax is required to pay it in various instalments. If such instalments are not paid before the due date as mentioned in section 211 of income tax act 1961 then simple interest under section 234C at the rate of 1% per month or part of the month is payable for a period of 3 months for every deferment, except for the last instalment of 15th March where it will be 1% for one month.

Table below shows how interest under section 234C is calculated for deferment of advance tax.

Due date of instalment	Period of interest	Amount on which simple interest @ 1% is to be paid
		For Companies	For other than Companies
15th June	3 months	15% of tax due on returned income minus advance tax paid up to due date	Not applicable.
15th September	3 months	45% of tax due on returned income minus advance tax paid up to due date	30% of tax due on returned income minus advance tax paid up to due date
15th December	3 months	75% of tax due on returned income minus advance tax paid up to due date	60% of tax due on returned income minus advance tax paid up to due date
15th March	One month	100% of tax due on returned income minus advance tax paid up to due date	100% of tax due on returned income minus advance tax paid up to due date

thnks Mr.Vishal Goel