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amount of interest

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

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10 Replies

Shobhit (CA, CS) (100 Points)
Replied 10 June 2010

10851

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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

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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

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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.

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