Can you please explain me how interest

This query is : Resolved

Ramesha.M (Querist)
Follow

20 November 2012 Net Tax-39274
TDS - 7822

Balance Tax 31452

Interest u/s 234C - 1160
Advance tax - not paid

for the A.Y.2012-13
return filled for the month of sept2012
can you please explain me how interest calculation amount caluated i.e u/s 234C

Gayathri Devi

Gayathri Devi (Expert)
Follow

20 November 2012 Calculation of Interest u/s 234 C

Total Tax Payable = 39274
Less :TDS = 7822
Balance Tax Payable = 31452
30% on 31452 = 9436 * 1%*3 = 283
60% on 31452 = 18871 * 1%*3 = 566
100% on 31452 = 31452 * 1%*1 = 315
Total = 1164
Rounded off u/s 288 B = 1160

Ramesha.M

Ramesha.M (Querist)
Follow

20 November 2012 Dear Madam

I understood Thank you so much

Regards

Ramesha.m

Upgrade to CAclubindia Pro. Subscribe Now!