interest on I tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2010 please inform me how & when we calculate Intt. on Ad.I Tax , what is the Rate of Intt. please give me Example,

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2010 Interest u/s 234C is to be calculated if the advance tax hasn't been sufficiently paid within the due dates.

Due dates and the amount required to be paid for

Companies

June 15th - 15% of Net tax

Sep 15th - 45% of net tax

Dec 15th - 75% of Net tax

March 15th - 100% of Net tax

Other assessees

Sep 15th - 30%

Dec 15th - 60%

Mar 15th - 100%

If the advance Taxes are not paid within the due dates,

then for the deffecient amount interest will be charged at 1% per month

i e , 3% for all the defeciencies upto march

and for the defeciency in march advance tax has to charged @ 1% only

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