Calculation of interest
This query is : Resolved
26 August 2008
Nishaji,
Better to go through the provisions form the act or any other material, it is very difficult to explain it here. However, the following example may help u i guess:
Suppose, my Total Income is Rs 3,25,000/- pa and i file return today i.e on 26-08-2008
Tax + Cess thereon will be Rs 47,895/-
Int u/s 234A:
1% pm or part thereof from the due date to the date of filing retun i.e. 1%*47800*1month = 478
Int u/s 234B:
1% pm or part thereof from the first date of financial year end (1-4-8) to the date of payment of tax(26-8-8)
1%*47800*5 months = 2390
Int u/s 234B:
For deferrment of advance tax
47800*30%*1%*3+47800*60%*1%*3+47800*100%*1%*1 = 1769
Better to go through the provisions form the act or any other material, it is very difficult to explain it here. However, the following example may help u i guess:
Suppose, my Total Income is Rs 3,25,000/- pa and i file return today i.e on 26-08-2008
Tax + Cess thereon will be Rs 47,895/-
Int u/s 234A:
1% pm or part thereof from the due date to the date of filing retun i.e. 1%*47800*1month = 478
Int u/s 234B:
1% pm or part thereof from the first date of financial year end (1-4-8) to the date of payment of tax(26-8-8)
1%*47800*5 months = 2390
Int u/s 234B:
For deferrment of advance tax
47800*30%*1%*3+47800*60%*1%*3+47800*100%*1%*1 = 1769
26 August 2008
Pl.sms ur mail id at 9425176510,so, that I can provide u interest calculator in excel.
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