SUNNY (STUDENT CS) (377 Points)
19 August 2010IN AUDIT CASE PROP FIRM TOTAL PROFIT IS 522781.00
& DEDUCTION IS UNDER SECTION 80C = 100000.00
& UNDER SECTION 80 D = 5796.00
& ADVANCE TAX DETAIL IS
15 SEP = 10000/-
15 DEC = 10000/-
15 MAR = 8000/-
TOTAL 28000/-
WHAT IS BALANCE TAX AFTER CALCULATING INTEREST UNDER SECTION 234 A B & C ?
Dheeraj
(Learner)
(1100 Points)
Replied 19 August 2010
TAXABLE INCOME IS 388980
INCOME TAX - 31796
ED CESS - 954
TOTAL TAX - 32750
234 SEC IS NOT ATTRACTED TILL NOW
IT WILL BE AFTER 30 SEPT
Dheeraj
(Learner)
(1100 Points)
Replied 19 August 2010
Dheeraj
(Learner)
(1100 Points)
Replied 19 August 2010
THE ABOVE CALCULATION WAS WRONG
RIGHT ONE IS
TAXABLE INCOME IS 416980 &
TAX PAYABLE IS 9396
SUNNY
(STUDENT CS)
(377 Points)
Replied 19 August 2010
DHEERAJ SIR CALCULATE AGAIN
TAX PAYABLE IS WRONG & SECTION 234 B & C IS APPLICABLE
Dhiraj Bagri
(Manager - Finance & Accounts)
(174 Points)
Replied 28 September 2010
Taxable Income is: -Rs.416985/-
Upto Rs.160000/- No Tax and on Balance amount of Rs.256985/- Tax amount is as follows: -
@ 10%: -25698/-
Cess: -771/-
Total Tax Liability is Rs.26469/-
So 234 B is not applicable as more than 90% has been paid and also 234C is not applicable
Rahul
(Student)
(112 Points)
Replied 28 September 2010
Are we using slabs for AY 10-11 or 11-12?
Assuming it is AY 10-11 Tax payable comes to 38519 ( Male below 65 assumed)
234B is attracted because 28,000 is less than 90%.
234C too. No 234A unless the return is filed after the due date.
Dhiraj Bagri
(Manager - Finance & Accounts)
(174 Points)
Replied 29 September 2010
I am using slabs for AY 2011 - 12
If we use the Slabs for AY 2010 - 11 then the tax liability will be 38500/-
234A: -Assuming that Return has been filed within the Due date. Hence 234A will not be applicable
234B: -Need to Find out as to when the Balance tax was paid.
234C: -Interest Amount is Rs.245
Int As per 234 C
-
Amount
Amount of Tax
38,500
Adv
28,000
Tax to be Paid
10,500
Before Sept 15
Before Dec 15
Before March 15
30%
60%
100%
Advance Tax to be Paid
11,550
23,100
38,500
Advance Tax Paid
10000
20000
28000
Shortfall
1,550
3,100
10,500
No of Months for Int Cal
3
3
1
Rate of Int
1%
1%
1%
Int Amount
47
93
105
Total Int
245
DilipKumar V Kotak
(Chartered Accountant)
(31 Points)
Replied 01 October 2010
A partnership firm under audit 44 AB has a total tax due for the AY 2010-11 of Rs.813934. TDS amount is Rs. 168389 and advance tax paid is as follows.
14/9/2009 - Rs. 190000
15/12/2009 - Rs. 200000
15/3/2010 - Rs. 250000
As per calculation, interest u/s 234B works up to NIL.
How much interest will the firm have to pay u/s 234C?
Is there a tax calculator available for the same?
Dhiraj Bagri
(Manager - Finance & Accounts)
(174 Points)
Replied 01 October 2010
Plz find attached the calculation: -
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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