WHAT IS THE AMOUNT OF INCOME TAX PAYABLE

Originally posted by : DEOL SUNNY
	what is amount of tax payable  for the financial year    2009-10  for  an individual prop.if amount  profit is                                                 545229 & deduction is                                                              lic                                                             61661 ppf                                                           25000 tution fee of two child                            14500   mediclaim                                              5796.00     advance tax detail is  10000                               sep 10 10000                                dec 14 8000                                  mar  15

Profit-545229

Less:80c-100000

Less:80D-5796

Total Income:439433

Tax Liability:439433-300000=139433

                    =14000+(139433*20%)

Tax Amount Payable=41890

what is amount of interest under section 234 a b & c  

if   we  fill return on 20 th july

Tax liability=41890

Add:E.c=838

Add:SHEC=419

Total:43143

Less:Advance Tax=28000

Add: Interest:

U/s234B=604

U/s234c=412

Total Tax Payble=16159.

Correct me if i m Wrong......

Rs.15857 including interest of 714u/ 234b & 234c

Hi krutesh,

Is the tax payable of Rs.15857 Correct if the return is filed on 20th July......??

Yu are correct except  in 234C calc.,

Due Date         Advance tax payable      Cumulative Advance Tax paid           Difference       Inerest @ 1% p.m

15th Sep          30% * 43143=12943                        10000                                    2943              88  (3 months)

15th Dec          60% * 43143=25886                        20000                                    5886             177(3 months)

15th Mar          100% * 43143=43143                       28000                                  15143            151(1 months)

Total Interest u/s 234C = Rs. 416.