How is interest under sec 234A calculated?
6 Replies
(Guest)
Kindly refer to file attached herewith
Attached File : 31 interest.pdf downloaded: 254 times
Kirti Bhauka
(CA Final - Student)
(109 Points)
Replied 12 November 2010
Calculating Int U/s 234A is very simple.
It is calculated @ 1% p.m. for each month delayed in filling the return after the due date.(Even half a month is considered as full month.)
Due date
for all individuals - 31/07
Tax audit / partners of tax audit firms : 30/9
Hope the explanation is clear. . . !!
Kirti Bhauka
(CA Final - Student)
(109 Points)
Replied 15 November 2010
1% of total tax liability......
i.e. after adding the Edu Cess on the tax computed as per the slab rate and also after adjusting the TDS (if any).
Jay Shah
(Article)
(60 Points)
Replied 02 December 2010
1% of total tax payable less advance tax less TDS less rebate less mat credi available
CA Yogesh
(CA)
(77 Points)
Replied 23 December 2010
When an assessee fails to submit their return within due date i.e.31st July of 30th Sept.,then interest u/s 234A is calculated as 1% on NET TAX PAYABLE upto the date of filing for per month or part of month.
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