13 August 2010
sir plz help me in calculation of interest of assessee: a partnrship firm-return filed in time for A/y 2009-10. But due to some mistake, i want to revise it now. Revised Tax Payable Rs.870799 (incl cess) Advance tax detail 15/9 2lacs 13/12 2lacs 14/3 3lacs Self Assessmnt tax detail: on 28-8-2009 paid Rs.171080/- on 7-8-2010 paid Rs.7730/- on 12-8-2010 paid Rs.7750/- I have got confused over calculation of interest u/s 234B &234C. Plz guide me in detail.
13 August 2010
TOTAL TAX DUE 870,799.00 15.09 30% 261,239.70 200,000.00 61,239.70 1,837.19 3% 15.12 60% 522,479.40 400,000.00 122,479.40 3,674.38 3% 15.3 100% 870,799.00 700,000.00 170,799.00 1,707.99 1% 234C 7,219.56 TOTAL 234 B(5 MONTH) 8,539.95
Querist :
Anonymous
Querist :
Anonymous
(Querist)
13 August 2010
sir my confuson is regarding 234B as my software is showing int. u/s 234B Rs.29019/-. This amt. is being shown after i feeded the challans of Rs.7730 & 7750 paid in august 2010. in revised return i have inreased net income by Rs.46000. i have deposited 46000*30%. But now it is showing additional interest of rs.20470 payable. plz guide
14 August 2010
section 234B is to be calculated on the balance amount of tax outstanding as on 1 st april 2010 , i,e 170799/- and interest will be paid upto august 2010 =170799*5% 8540.00 your total tax as on 31.08.2009=179339 out of which you have paid 171080/- so now your outstanding is 8259/- interest again will be calculated on this bal;ance for 12 months 8259* 12% = 991 so total interest u/s 234b =991+8259 =9250
14 August 2010
Sir i thnk u hv mentioned int. u/s 234B wrong. I should be Rs.9531. Sir u hv also not taken effect of int. u/s 234c of 7215. Let me recall calculation acc. to me. Plz check it tax payable 870799 Less Advnc Tax 700000 Net Payable 170799 Add int. u/s 234B 10397 (8540+[(186554-171080)*12%] Add int. u/s 234C 7215 Total Payable 188411 Less Paid u/s 104A 186560 Payable 1851
PLZ CHK DIS CALCULATION & REVERT TO ME ASAP.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
14 August 2010
SIR 1 MORE THING GOT IN MY MIND I.E WHETHER 1ST INT. U/S 234B WHICH WE ARE CALCULATING IN AUGUST 2009, SHOULD IT BE CALCULATED ON 170799 OR 170799 + 7215(INT. U/S 234C)
IN PREVIOUS COMPUTATION WHICH I HV SEND U, 2ND TIME WHILE CALCULTING INT. U/S 234B FOR 1 YEAR I HAVE ADDED INT. PAYABLE U/S 234B & 234C. pLZ GUIDE
14 August 2010
NO FIRST INTEREST OF 234B WILL BE CALCULATED ON TAX OUTSTANDING IT DOES NOT INCLUDE 234C. BUT AFTER THAT WHEN YOU HAVE PAID S A T THEN YOUR TOTAL TAX DUE IS (TOTAL TAX + INT-S A T) AND ON THAT AMOUNT YOU HAVE TO PAY 234B AGAIN.