Mitul Mirani (Employed in CA Firm) (50 Points)
21 September 2012Please help me to calculate interest liability u/s 234A, 234B & 234C
Assessee : Individual
A.Y. 2012-13
Income Tax liability : RS 12,728 for A.Y. 2012-13
TDS : 0
Advanced tax paid : 0
Due Date for filing of IT return : 31/08/2012
Please explain me how to calculate interest liability u/s 234B & 234C
CA Naresh Pareek
(Practicing Chartered Accountant)
(170 Points)
Replied 21 September 2012
perhaps this ile will solve your problem
Bala Pullaiah B
(Salaried)
(179 Points)
Replied 22 September 2012
| Interest U/s 234C is | ||
| 30% of Tax liability | 3818.4 | 114.552 |
| 60% of Tax liability | 7636.8 | 229.104 |
| 100% of Tax liability | 12728 | 127.28 |
| Interest U/s 234C | 470.936 | |
| Interest U/s 234B | 12728*1% X No. of Months |
Due Date for Filling the return is 31-07-2012, but this is extended up to 31-08-12. If you are not having any Carry forward losses etc or any specific deduction then, you need to file the return with in the due date. If you want to do the correction of the return, If you file your return with in due date you can correct upto 31/3/13. Even now you may file the return.
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