SUNNY (STUDENT CS) (377 Points)
10 June 2010
if the tax amount id 14533 & tds deducted is 3682
then balance tax payable is 10851.00
if i fill return after 20 june 2010
then on which amount interest will be calculated under section 234 b
it will be conducted on 10851 or 14533.00
& what will be the amount under section 234 b
SRINIVASA MURTHY
(Asst Manager (Finance))
(186 Points)
Replied 10 June 2010
interest will b calculated on Rs.10851/-
it will b calculated @ 1% simple interest p.m or part of month on the defulated amount till date of determination of totatl income u/s 143(1) r date of regular assessment
ajay lohiya
(article)
(69 Points)
Replied 10 June 2010
Amount on which int. calculated is 10851 & amount of int u/s 234b is 24.08i.s.it`s charged from 1st April to till the date of filing of return
PRATEEK
(ACA)
(102 Points)
Replied 10 June 2010
As per the income tax act 1961 if the net tax payable exceeds Rs 10000 then the provision of advance tax would be applicable.
Since in this case the net tax payable is Rs 10851.00 then interest u/s 234a,234b &234c would be levied
the amount of interest u/s 234b would be 1% per month or part thereof from 1st of april of the A.Y Till the last date of filling of income tax return
interest u/s 234a would be 1% per month or part therof from the date following the last date of filling income tax return to the date of filling income tax return(payment of tax) or completion of assesment whichever is earlier.
RAJEEV
(article)
(156 Points)
Replied 10 June 2010
234b is lies on payment of advance tax after return filing date.
there is no interest lies on late filing of return. there is only penelty u/s 137(4).
i think u r asking a that u have paid the advance tax after return filing date then interest of u/s 234 b is lies on.
interest shall be on Rs.10851.interest shall be 1% p .m or part of the month.
there is also interest u/s 234A .
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 10 June 2010
Interest will be calculated On Rs.10851.
CA,CS, ICWA Inter MANOJ KEDIA
(Working With Educomp)
(99 Points)
Replied 10 June 2010
Interest Will be calculated on 10851 rs & will be payable from 1st april to till date of pay of tds
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 10 June 2010
Dear,
If i am wrong, Please rectify me,
U/s 234B Interest will be charge on Rs.10800/- not Rs.10851/- from April to date of payment of Tax
Thanks
TRILOCHAN
chetan Loknathka
(student)
(102 Points)
Replied 12 June 2010
Interest will be calculated On Rs.10851.
simple interest rate 1% permonth
CAclubindia
