Int. on i.tax payable

This query is : Resolved

anckoora (Querist)
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18 July 2012 Dear Sir,

In FY 2011-12, our firm made Taxable Income of Rs.217 lacs. Tax calculation is as under :

67,05,300/- I.Tax @ 30.90 on 217 lacs
2,68,212/- Int u/s 234-B on 6705300/-
@1%p.m. for 4 months (Apr to
July-12) Because we will
file ITR on 30.07.2012.
60,423 Int u/s 234-C for short
fall ( in adv tax)in
I Installment
1,20,829/- Int for shortfall in II
67,139/- Int for shortfall in
third inst.
-------------
72,21,903/- Total Tax Payable
=============

LESS :
1,00,000/- tds cLAIM
15,00,000/- aDV tAX 14.9.11
15,00,000/- Adv Tax 14.12.11
16,00,000/- Adv Tax on 12.3.12
Nett Tax Payable is 25,21,903/-

Pl. check whether my above calculation is correct ?
Also guide me whether Int charged u/s 234-B @ 1% on total tax payable till 31.7.12 is O.K.? If yes, then does this mean that we have to pay all tax payable on 1st april 2012 itself ? If not paid then I.T.Dept charges Int @1% on this full tax payable amount. Then what about Adv Tax 3 installment that we have paid.??

Pl. guide...

thanks in advance.
anckoora

HRIDAYNATH PATRA

HRIDAYNATH PATRA (Expert)
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19 July 2012 Dear Friend,

I do not agree with your calculation. The correct calculation is as follows:-

Interest u/s 234B would be Rs. 80,212
Interet u/s 234C would be Rs. 63,391

Total Tax Payable would be Rs. 21,48,903; thus you can save Rs. 373,000

If you need any clarification pls contact me at hriday.patra@yahoo.co.in