Hi pls tell me how to calculate 234C interest
if my total tax liability for a year is 117000 and no Tax has been paid by me for currently year.
Menu
Regarding Int U/s 234C calculation
Replies (4)
Interest under section 234C is imposed when there is a delay in payment of an instalment of advancetax. You pay interest under Section234C if, Advance Tax is paid on or before 15th June is less than 12% of Assessed Tax. Advance Tax is paid on or before 15th September is less than 36% of Assessed Tax.
can u pls send me calculation of above example assuming no advance tax paid
1. Sec 234C deals with the deferment of advance tax. Apply 3 % on 15% 45% and 75% each on the tax liability and on the entire amount apply 1% (for march month alone ).
2. You will arrive at an interest amount of Rs. 5908.50 exactly. You verify your answer with mine.
Please correct me if the above solution has an alternative view.
answer is correct pls send the solution at pranavaggarwal53 @ gmail.com
Recent Threads
- STCG & LTCG Rate changes in the middle of FY 2
- Exemptions under New Tax Regime
- ITR-2 Payment Made but Status Not Updated
- Need help for ITR filing
- ITR Updated returns. Time limit for filing
- ITR 2 Processed and Refund Credited to Bank
- Freelancer or Salaried
- LTCG Tax and Indexation on Debt Mutual Funds Sold
- Section 45(5A) and 194IC with carry forward of tds
- Paid tax amount, CIN generated and challan downloa
Related Threads
CAclubindia
