Interest u/s 234b

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saida (Querist)
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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

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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18 October 2011 INTERST CALCULATION U/S 234B

TOTAL INTEREST=2048500*6%=122910

sannagovindappa.G

sannagovindappa.G (Expert)
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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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saida

saida (Querist)
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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

saida

saida (Querist)
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CA. Ashish Bihani

CA. Ashish Bihani (Expert)
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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.

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