17 September 2011
WHETHER ACCESS OF 30% ADVANCE TAX DEPOSITED IN THE MONTH OF SEPT , FIRST INSTALLMENT , THEN AS PER SECTION 234C INTEREST ON INCOME TAX PAYABLE, IN THAT CASE CAN WE CLAIM INTEREST CREDIT IN THE NEXT INSTALLMENT OR LATER. AT THE TIME OF INTEREST CALCULATION OF U/S. 234C. FOR EXAMPLE , OUR TOTAL TAX PAYABLE AS ON 31ST MARCH, 2011 , RS. 7,00,000/- OUT OF THAT 30% RS. 2,10,000/- PAYABLE ON 15 SEPT., BUT WE HAVE DEPOSITED RS. 3,00,000/- IN THAT HOW WE WILL CALCULATE THE INTEREST.
17 September 2011
The law does not permit as you presumed in the query. However the excess over 2,10,000/- can be adjusted against the 2nd installment of advance tax, meaning thereby you need to remit only Rs.3,30,000/- on or before 15th December.
17 September 2011
sir , rs. 3,30,000/- on or before 15th Dec. we payable only 60 % of rs. 700000/- ( rs. 300000/- already deposited ) rs. 420000 - 300000 = rs. 120000/- only , please clear if anywhere I am wrong. we will be thank full.
CAclubindia
