IN 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 ?
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
THE ABOVE CALCULATION WAS WRONG
RIGHT ONE IS
TAXABLE INCOME IS 416980 &
TAX PAYABLE IS 9396
DHEERAJ SIR CALCULATE AGAIN
TAX PAYABLE IS WRONG & SECTION 234 B & C IS APPLICABLE
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
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.
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
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?
Plz find attached the calculation: -
CAclubindia
