Interest u/s 234b
This query is : Resolved
18 October 2011
Hi
Please provide the calculation Interest U/s 234B for the given data.
Tax Payable (Net of TDS) (A)- Rs. 29,48,500
Advance Tax Paid (B) - Rs. 9,00,000
Net payable (A-B) - Rs. 20,48,500
Self Asst. Tax Paid: Rs. 7,00,000 (13/04/2011 - 2.50 Lakhs, 3/6/2011 - 2.50 Lakhs & 12/9/2011 - 2.00 Lakhs)
Balance Self Asst. Tax paid on 28/09/2011 (13.48 Lakhs).
Whether we have to consider the part payment of self asst. tax of 7.00 lakhs for interest calculation??
regards: Saida
Please provide the calculation Interest U/s 234B for the given data.
Tax Payable (Net of TDS) (A)- Rs. 29,48,500
Advance Tax Paid (B) - Rs. 9,00,000
Net payable (A-B) - Rs. 20,48,500
Self Asst. Tax Paid: Rs. 7,00,000 (13/04/2011 - 2.50 Lakhs, 3/6/2011 - 2.50 Lakhs & 12/9/2011 - 2.00 Lakhs)
Balance Self Asst. Tax paid on 28/09/2011 (13.48 Lakhs).
Whether we have to consider the part payment of self asst. tax of 7.00 lakhs for interest calculation??
regards: Saida
18 October 2011
INTERST CALCULATION U/S 234B
TOTAL INTEREST=2048500*6%=122910
TOTAL INTEREST=2048500*6%=122910
sannagovindappa.G
(Expert)
18 October 2011
self assessment tax not consider. generally self assessment tax is paid once in your case how its three times its not clear u r query
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18 October 2011
Hi Mr. Vishal - Thanks for the info
Whether we have to consider the part payment of self asst. tax of 7.00 lakhs for interest calculation??
Hi Mr. Govind,
- To avoid last minute burden, some of the companies pay Self Asst. tax on monthly basis. This is one of the case & paid total 4 installments...
Self Asst. Tax Paid: Rs. 7,00,000 (13/04/2011 - 2.50 Lakhs, 3/6/2011 - 2.50 Lakhs & 12/9/2011 - 2.00 Lakhs)
regards: Saida
Whether we have to consider the part payment of self asst. tax of 7.00 lakhs for interest calculation??
Hi Mr. Govind,
- To avoid last minute burden, some of the companies pay Self Asst. tax on monthly basis. This is one of the case & paid total 4 installments...
Self Asst. Tax Paid: Rs. 7,00,000 (13/04/2011 - 2.50 Lakhs, 3/6/2011 - 2.50 Lakhs & 12/9/2011 - 2.00 Lakhs)
regards: Saida
18 October 2011
Hi
Please provide the calculation Interest U/s 234B for the given data.
Tax Payable (Net of TDS) (A)- Rs. 29,48,500
Advance Tax Paid (B) - Rs. 9,00,000
Net payable (A-B) - Rs. 20,48,500
Self Asst. Tax Paid: Rs. 7,00,000 (13/04/2011 - 2.50 Lakhs, 3/6/2011 - 2.50 Lakhs & 12/9/2011 - 2.00 Lakhs)
Balance Self Asst. Tax paid on 28/09/2011 (13.48 Lakhs).
Whether we have to consider the part payment of self asst. tax of 7.00 lakhs for interest calculation??
regards: Saida
Please provide the calculation Interest U/s 234B for the given data.
Tax Payable (Net of TDS) (A)- Rs. 29,48,500
Advance Tax Paid (B) - Rs. 9,00,000
Net payable (A-B) - Rs. 20,48,500
Self Asst. Tax Paid: Rs. 7,00,000 (13/04/2011 - 2.50 Lakhs, 3/6/2011 - 2.50 Lakhs & 12/9/2011 - 2.00 Lakhs)
Balance Self Asst. Tax paid on 28/09/2011 (13.48 Lakhs).
Whether we have to consider the part payment of self asst. tax of 7.00 lakhs for interest calculation??
regards: Saida
CA. Ashish Bihani
(Expert)
18 October 2011
As Vishal have rightly calculated, its 1,22,910/-
And Rs.7 lacs cannot be deducted for calculation of interest under section 234B.
And Rs.7 lacs cannot be deducted for calculation of interest under section 234B.
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