Interest U/s 234B & 234C

This query is : Resolved

sushil upadhayay (Querist)
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10 July 2008 Tax on total Income = Rs 377513
TDS deducted=Rs.366078

what will be the interest to be paid u/s 234b & 234C in case of Individual.Please provide along with necessary calculations

CA Anand Sarda

CA Anand Sarda (Expert)
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11 July 2008 Both the sections are not applicable in ur case.
Since tax liability is to be determined after deducting the TDS amount.

and after deducting TDS amount, if u have paid more 90% of the Tax liability including TDS amount, then sec 234 B wont apply.

sushil upadhayay

sushil upadhayay (Querist)
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11 July 2008 Tax on Total Income Rs.377,513/-
Less: TDS deducted Rs.366,078/-
Balance Payable Rs. 11,435/-

Interest u/s 234 B Rs. 456/-
Interest u/s 234 C
1- 103
2- 206
3- 114 Rs.423/-

Total interest Rs. 879

As per sec 234B interest is payable if advance tax paid is less than 90% therefore, here Advance Tax Paid is Zero.

Further, 234C is for shortfall of advance tax installment.

Pls tell whether the above calculations are correct and if not please provide the same urgently,

Thanks & Regards

Sushil

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