Interest of tax

This query is : Resolved

Arun Fernandes (Querist)
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07 May 2009 Status : Individual Previous Year Ended: 31.03.2008
Assessment Year : 2008-2009
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Gross Salary - 503,551
Less: Exemption U/s 10 56,850 Less: Professional Tax 1,945 Gross Total Income 444,756

Deductions Under Chapter VIA Under Section 80C
Life Insurance Premium 103,018
Provident Fund 16,128

119,146
Restricted to 100,000
-
Total taxable income 344,756
or
344,760
Tax on Income other than STCG 52,428
Education Cess @ 3% 1,573
54,001
Tax Deducted at Source 36,805
Interest U/s.234A -688
Interest U/s.234B -1,376
Interest U/s.234C -636 2,700

Self Assessment Tax 19,896

The interest which i calculated is correct or not. if it is wrong what is the correct interst amount for the assessment year 2008-09

VIVEK BINDAL

VIVEK BINDAL (Expert)
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08 May 2009 The correct Calculation is :-
(If the due date of Return filing is 31st July)
Interest U/s 234A: Rs. 1720/-
Interest U/s 234B: Rs. 1376/-
Interest U/s 234C: Rs. 636/-

I hope this will serve your purpose.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 May 2009 If you have filed your return in the month of November 2008,the interest calculated by you is almost ok. Correct Amount of Interest, however, will be as under - (As per Rule 119A- You have to
ignore any amount for rounding off to Rs 100/. in Your case Balance Tax payable was Rs 17196/- Ignore Rs 96/ & calculate tax on Rs 17100/ only.

Interest U/s 234A 684
Interest U/s 234B 1368
Interest U/s 234C 633

The total tax payable as such would be 19881/
You could Pay Rs 19880/

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