Interest under section 234b and 234c

3817 views 4 replies

Hi ,

My total tax payable for this AY2011-2012 = 13618

TDS decuted by my employer =13078

I saw later in july that I have to some tax liability , should  i pay any interest on this tax payable as the date 15-03-2011 (last date of payment of advance tax)  has already passed .

Please help me to know what will be the interest payable under 234a,234b,234c ? 

Any rules how to caluclate this will aso offer great help .!!

Replies (4)

No interest will be charged against late deposition of tax rs 539

INTERST

234C -NIL

234-B  540*1%*4 = Rs. 22 MONTH IF RETURN IS FILE UPTO 31.7.2011

234A no interest if return is file upto 31.07.2011

Interest U/s 234A is payable only when you have not furnished the return of income within due date, ie 31.07.2011

Interest U/s 234B is payable when the assessee has failed to pay advance tax or paid less than 90% of assessed tax. 

Interest U/s 234C depends on your advance tax payment dates. ie,

       the assessee has to pay 30% of tax due on or before 15th September

       60% of tax due should be paid up on or before 15th December

       and balance on or before 15th march.

Interest U/s 234 C  will be 1% per month simple interest  on the amount of short fall from tax due on returned income. 

Since TDS from my salary was more than 90% and Siince i am not liable to pay advance tax  ,I think under sec 234b,234c there should be any income pending .

All the TDS deductions have been deducted in the third quarter but before 15th march more than 90% of  my tax assesed was paid off.

So by these rules am i liable to pay any interest under sec 234b,234c

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