Hi,
I had 2 form 16 to merge, and file the return and have to pay the balance Tax amount after merge.
I had calculated for tax for 470382 taxable income with already paid total tax of 34594, as 54620,
but in some of the sites using the tax calculator they are adding up an interest or penalty, am not getting how is it getting calculated?
I had given it to an auditor he had put 3% as penalty, but its also not matching,
Can you please help in this case.
Thanks in advance,
First of all tell, for which assessment year you are calculating tax payable ?? give some details on your salary, TDS deducted by your employer etc.
Had calculated tax for the year 2007-2008, to file the returns now, I need to get some info on the interest or penalty if any.
Taxable amount = 470382, TDS deducted=34594 and total tax I had calculted came upto 54620(already subtracted 34594), Is there a 1% interest to be paid from April to June
Under Section 234 B & 234 C Interest would be levied @ 1% per month or for part of the month considered as whole. Interest would be for not paying Advance Tax under Section 234 B.
For Further queries mail @ mihirshah @ mzs.co.in
PLS GIVE ME A THIS DETAILS INTEREST ON PENALTY
CAclubindia
