RAKESH JAIN (RETIRED COMPUTER PROFESSIONAL) (369 Points)
30 December 2011Dear Sir,
Can somebody help me in calculating manually 234A,234B & 234C penalities in the following case/example?
Tax to be paid: Rs. 100000
Advance tax paid:
Before Sept 15: Rs. 20000
Before Dec 15 : Rs. 30000
Before Mar 15: Rs. 40000
Balance tax to pay Rs. 10000 along with 234A,234B & 234C penalties on 15 Jul. Can this be paid while filing return
online on 15 Jul through IT department website?
Your help will be highly appreciated. Thaknig you. Best regards, RAKESH
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 30 December 2011
IN YOUR CASE YOU WILL LIABLE TO PAY INTEREST OF RS. 700 UNDER SECTION 234C., THEREFORE YOUR TAX LIABILITY UPTO 31.07.2012 WILL BE RS. 10700.
RAKESH JAIN
(RETIRED COMPUTER PROFESSIONAL)
(369 Points)
Replied 30 December 2011
So there will be no liability under 234A & 234B? Sorry for asking this - why?
Also. kindly suggest if I file the tax return online through IT Department website, will it give me a chance to pay the penalty (Rs. 700) & balance tax (Rs. 10000) at the time of filing return?
Thanking you. Best regards. RAKESH
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 30 December 2011
SEC 234A WILL BE APPLIED WHEN YOU FILE THE RETURN AFTER 31.07.2012
SEC-234B IS NOT APPLICABLE BEACUSE YOUR ADVANCE TAX PAY IS NOT LESS THAN OF 90% OF THE TOTAL TAX LIABILITY
RAKESH JAIN
(RETIRED COMPUTER PROFESSIONAL)
(369 Points)
Replied 30 December 2011
Thanks a lot for your very helpful reply. Best regards, RAKESH
CAclubindia
