Interest Calculation

This query is : Resolved

ILAKYA (Querist)
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23 November 2010 Hi

Kindly send me the formulas for calculating interest u/s.234A, 234B and 234C of the Income Tax Act.

Thanks

Ilakya

Aditya Maheshwari

Aditya Maheshwari (Expert)
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23 November 2010 search in files section.

Gayathri Devi

Gayathri Devi (Expert)
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23 November 2010 234 A is applicable if the returns had been filed lately i.e after the due date of filing the returns
Tax amount including Surcharge if applicable & Education cess and after deductiond TDS & Advance tax & self assessment tax @1% for everymonth still the date of filing the returns

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Gayathri Devi

Gayathri Devi (Expert)
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23 November 2010 Se 234 B will be applicale if the advance tax is paid less than 90 % of the net tax payable

It is calculated @ 1% per month on the net payable from end of the previous year to date of filing the returns