Please Help Guys???

Others 718 views 5 replies

HI Everyone .

Please help me out. Can anyone just tell me how to calculate Interest U/s., 234B and C  in cases where the Income tax officer has made an addition. For Ex. : Total Taxable Income at the original filing time was 6,00,000/- and the case was selected for scrutiny and addition of Rs. 40,000/- was made. At the time of filing assessee paid Rs. 2000 as interest for 234-B and 700/- For Interest 234-C. So now after taking into consideration the addition made by ITO we have to pay interest till date in case of 234B . so how to calculate . does anybody have a calculator for that. Whether 234C will change or not. Please help me out how to calculate or else provide a calculotor. 

 

Thanks 

Regards 

Rakesh

Replies (5)

   Reply guys

Kindly refer to the file attached herewith and learn how to compute the interest

Income tax calculator with interest u/s 234ABC

by pankajadv

https://www.widgetbox.com/widget/income-tax-calculator-with-interest-us-234abc

Interest under 234C will not change, since the interest under this section is on returned income only and not assessed income.

 

However, 234B will have to be paid on the assessed tax.

Attaching the steps to compute interest under this section

Agree with Mr.G.K.

Interest u/s 234B should be paid on the assessed income i.e.income after the addition....

I think the amount of tax payable would have been mentioned in the order itself.....


CCI Pro

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