Sorabh Gupta (Manager ( Taxation )) (877 Points)
25 May 2009Dear All
I have a query............ If salaried employee deposit self asst. tax after the end of financial year say after 31st March 2009 ( Deposit Tax on other income) & also deposit interest on such late payment of tax then uder which section it covered ?????????????
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 25 May 2009
Dear Sorabh,
a Individual can deposit the Tax after year end also till he files his return on 31st July there is no problem of doing this.
The Interest which he deposits comes under section 234 B & C
Interest for defaults in Payament of Advance Tax. - 234B
Interest for Deferment of Advance Tax. - 234C
Sorabh Gupta
(Manager ( Taxation ))
(877 Points)
Replied 26 May 2009
Dear Praveen
Its means , he should deposit interest under 2 section i.e. 12% P.A. u/s 234B & 12% P.A. u/s 234C
Is it ......... ??????????
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 26 May 2009
Attached herewith a xl sheet for ur perusal
u can use it to calculate the interest u/s 234b c
Sorabh Gupta
(Manager ( Taxation ))
(877 Points)
Replied 26 May 2009
Praveen
Thanks for your reply................But i need calculation in case on salaried assessee ........Lets say assessee forgots to declare his other income to company due to this company doesn't make deduction on such income & assessee have to deposit tax on such income so inthat case what is the calculation of interest & under which section......
CAclubindia
