Will I be liable to pay interest 234 B & C

Respected  Maharishi
 

YES YOU WILL BE LIABLE FOR FOR PAYMENT OF INTEREST U/S 234 (A/B/C).

The attached file will help you in the calculation of interest u/s 234 A/B/C. Just fill your data in the highlighted cells and required calculation will automatically be done.

Hi Akhil, Thanks for all your help.

Maharishi

Sec 234A-late Filing of return only in case when u r liable for payment of tax - "No tax No Interest"

Sec 234 b N c regarding payment of advance tax which less than 90% of ur tax liability n advance tax payment default as per act and when person total tax liabilty more than or equal to Rs 10,000/-  its apply also in case when ur TDS deducted.

Mr Maharishi, You will not be liable to pay Interest u/s.234A/B/C.

SECTION 234A : Interest for late filing of return i.e. after due date.In this case you are not liable as for A.Y. 2010-11 the due date will be 31st July.

SECTION 234B: Interest for default in payment of Advance Tax . In this case you are not liable as per the information provided by you, It seems that your tax liability does not exceed Rs 10000/- and also being a salaried employee TDS being deducted regurlarly, so you are not liable to pay advance tax on other income and so no interest will be levied.

SECTION 234C: Interest for deferment of Advance Tax . In this case since you are not liable to advance Tax the question of Interest U/s.234C does not arise. 

Thanks Namita -Maharishi