if a company make advance tax which is less than 90% for what period the interest will be charged u/s 234 C
divva
(Industrial Trainee @ Ashok Leyland)
(348 Points)
Replied 27 June 2012
There is nothing below 90% for company. If amount paid --
Interest Payable if Rate Period Amount on which its payable
On or before 15th June is < 12% Simple Interest of 1% pm 3 Months 15% (a-b)-c
On or before 15th Sept is < 36% Simple Interest of 1% pm 3 Months 45% (a-b)-d
On or before 15th Dec is < 75% Simple Interest of 1% pm 3 Months 75% (a-b)-e
On or before 15th Mar is < 100% Simple Interest of 1% pm ----- 100% (a-b)-f
a = tax on total Income declared in ITR
b = tax deducted/collected at source
c = Advance tax paid on or before 15th June
c = Advance tax paid on or before 15th Sept
c = Advance tax paid on or before 15th Dec
f = Advance tax paid on or before 15th March
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 27 June 2012
Agree with Divya
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 27 June 2012
Yup..agree with Divya.
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