234 secntions calculations

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vinod kumar

vinod kumar (Querist)
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17 July 2012 hi can any body give me clear clarification for 234a,b,c with examples

Guest

Guest (Expert)

17 July 2012 its very easy to calculate interest u/s 234 A, B, and c... take one eg...

234A(INTEREST FOR NON filling of return)
Assessee is liable to pay advance tax if his total tax liability is more than Rs. 10000/- annualy. he need to pay advance tax quarterly
due dates amount of advance tax
15th sept. 30%
15th Dec 30%
15th mar balance.

if any one failed to deposit advance tax than he need to pay simple interest @ 1% per month or a part of month..from the due date of filling return to the actual date of furnishing of return

Guest

Guest (Expert)

17 July 2012 234B(INTEREST FOR NON PAYMENT OF ADVANCE TAX)
when assessee is liable to pay advance tax , has failed to pay such tax...interest is payable on assessed tax.

simple interest @1% for every month or parft of month.

period : from april 1 of the A.Y. to the date of determination of total income under sec 143(1)

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