I am filing return for F.Y 2010-2011.As my some books were held by sales tax department i was unable to file return.
Also i am liable for advance tax but havent paid same.
Now my total income for the year is coming to 319280.
On which i have to pay tax of 16406(including education cess).
Now the problem arising is calculating interest with section 234 B
Now since i havent paid a single rupee as advance tax.I am liable for interest under section 234 A,234 B and 234 C.
I checked this site.
https://www.investmentyogi.com/interest-calculator.aspx
Now problem is what my ca article calculated and the one which on site mentions difference is coming under section 234B.
According to my ca article.He calculated as 16400*7%=1146.
Whereas the site gives a figure of 3116.
Section 234A and and section 234 C figure is correct.
I am confuse which is correct.The one of the article or the other of site.I wanted to pay the sum by today or tomorrow as if it passes into next month again my interest will rise.
Also am i liable fr penalty of 5000 for late filing of return?
The article says since you paying 234A thats the same which is part of the penalty.