Amt of interest u/s 234c not computed correctly at tax site
This query is : Resolved
24 June 2018
Dear Sir
I thought I should check my working with the tax calculator link at income tax site, but the interest computed under section 234C and 234B is very high. The Assesse has income above 50 Lac with marginal tax benefit. Please help.
On a tax liability of Rs. 1,522,508 , tax deducted was Rs. 1,376,931 by 31st March 18, Thus assessed Tax become Rs. 145,578, In my working interest under Section 234A is Rs. NIL, Section 234B is Rs.4365, Section 234C Rs. 7350,
but as per income tax site tax calculator the interest under section 234C is Rs. 76881.
Regards
Puran Dangwal
I thought I should check my working with the tax calculator link at income tax site, but the interest computed under section 234C and 234B is very high. The Assesse has income above 50 Lac with marginal tax benefit. Please help.
On a tax liability of Rs. 1,522,508 , tax deducted was Rs. 1,376,931 by 31st March 18, Thus assessed Tax become Rs. 145,578, In my working interest under Section 234A is Rs. NIL, Section 234B is Rs.4365, Section 234C Rs. 7350,
but as per income tax site tax calculator the interest under section 234C is Rs. 76881.
Regards
Puran Dangwal
25 June 2018
Hi
Yes it includes Cess.
As per your computation, what should be the tax liability under section 234A-234C
Regards
Puran Dangwal
Yes it includes Cess.
As per your computation, what should be the tax liability under section 234A-234C
Regards
Puran Dangwal
25 June 2018
As per Your above said values and If it's AY 2018-19 then Sec 234B only applicable as per Your value Rs. 4365.
Sec 234A & C is not applicable...
Sec 234A & C is not applicable...
25 June 2018
Check whether you have correctly provided the TDS deduction details in the ITR as is available in form 26 AS.??
25 June 2018
Hi
Section 234A not applicable, I agree as return will be filed before 31st July 18,
But as I said assessed(unpaid) tax as on 31st of March 18( mainly on FD) is Rs. 145,578, Section 234B and 234C both applies. please correct me if I am wrong.
Regards
Puran
Section 234A not applicable, I agree as return will be filed before 31st July 18,
But as I said assessed(unpaid) tax as on 31st of March 18( mainly on FD) is Rs. 145,578, Section 234B and 234C both applies. please correct me if I am wrong.
Regards
Puran
25 June 2018
Without details you can get common Replies and answers...
If you want exact solution then You must give details then only You can get exact solutions from our experts....
Otherwise no one can found your reply from Your mind...
If you want exact solution then You must give details then only You can get exact solutions from our experts....
Otherwise no one can found your reply from Your mind...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Application of 115BAC
- Gst Sales of FY 2023-24
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
