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.??
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