TAX LIABILITY

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A Senior citizen has tax liability of Rs. 21218/- 

& advance tax paid is 18000/- on 11 mar 2011 ? 

 

what is the tax liability after caculating interest under section 234 b & 234 c ?

Replies (1)

hi Sunny,

Total interest u/s 234B & 234C will be Rs.702

Computed as follows

 

interest u/s 234b and c will be as follows

(assuming payment is made on or before 30 june 2011)

interest u/s 234B

 

3218 * 1%*3

97

interest u/s 234C

1%*3 months*30% of 21218

191

1%*3 month*60% of 21218

382

1%*1 month*21218-18000

32

Total Interest u/s 234B & C

702


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