rate of interest @ 1% is per month not annually.
Computation of advance tax
Page no : 2
Swapan Kr. Pal
(Service)
(30 Points)
Replied 07 July 2012
Hi,
The total interest will be Rs.1257/-
Illustration as follows:-
| Declared Income | Tax Payable | Adv. Tax | Payable Tax | Paid Tax | Short Fall | Interest |
| 1182860 | 365504 | 15% | 54826 | 48800 | 6026 | 181 |
| 30% | 109651 | 97600 | 12051 | 362 | ||
| 30% | 109651 | 158850 | -49199 | |||
| 25% | 91376 | 20000 | 71376 | 714 | ||
| 1257 |
Thanks with regards,
Swapan Kr. Pal
9831481897
Karan Mehta
(Article Clerk)
(42 Points)
Replied 14 July 2012
Hello Everyone!!
The problem i m facing is that one of my clients has paid advance tax on 16th march. Should that be reckoned as the advance tax before 15th or not??
I m using a renowed software in which dates of 16th, 17th & 18th are being considered as paid before 15th march. Is there any such concept of 3days??
Please do help!!
Thanks in advance.
Recent Topics
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
- Rectification to decrease income in SCHEDULE OS
- Can Statutory Auditor of a subsidiary become concu
Related Threads
CAclubindia
