01 October 2012
Query of private company for A.Y 2012-13. Tax liability for the year 2,20,787. TDS 73,705. Advance tax paid on 12.03.2012 1,35,000. Due date & date of return filing 30.09.2012. What will be the interest payable. Please tell with calculation.
01 October 2012
Since return has been filed in time there will not be interest u/s 234A. Further since 90% of tax liability after TDS deduction has been paid no interest u/s 234B also applicable. So u need to pay only interest u/s 234C. For the calculation please see interest calculator in files section.
01 October 2012
Thanks Aditya. I agree with your views. But in ITR 6 in computation of income tax sheet when I clicked compute tax tab then it shows interest u/s 234b also. Please explain.
CAclubindia
