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query on advance tax & self asst tax

SUNNY (STUDENT CS) (377 Points)

23 March 2010

in assement year 2009-10 MY TAX LIABILITY IS 1RS 1560/-

& NO ADVANCE TAX IS PAID

how much interest i have to pay on 1560/-?

which section is applicable her 234A, 234B, 234C ?

& WHAT IS THE LIMIT FOR EACH SECTION ?

PLEASE TELL ME

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11 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 23 March 2010

Only interest u/s 234A liable due to delay in return filing for 8 months @ 1% p. m. totalling to 8% of tax outstanding

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SUNNY (STUDENT CS) (377 Points)
Replied 23 March 2010

thanks but what are the limits for calulating 234 b & 234 c

ABHINAV SURELIA ( CA & CS) (92 Points)
Replied 23 March 2010

interest under section 234a (late filling of return from due date to date of filling, interest @ 1% per monthor part there of)

interest under section 234b ( non payment of tax, inerest @ 1% applicable from 1st day of april of the related financial year)

interest under section 234c ( defferment in payment of advance tax)

calculation

u/s 234a ( 1560*1%*8)

u/s 234b (1560*1%*12)

u/s 234c

there are 3 due dates for an individual assessee

15th sept. tax payment sholud be 30% of tax liability

15th dec. tax payament should be 60% of tax liability

31st march tax [ayment should be 1005 of tax liability

so calculation u/s. 234 c comes to

468*1%*3months

936*1%*3 months

1560*1% *1 month

SUNNY (STUDENT CS) (377 Points)
Replied 23 March 2010

but my tax liability is under 5000/-

so i think section 234 b & 234 c is not appilicable

only 234 a is applicable

manikandan.J (Accounts Manager) (363 Points)
Replied 23 March 2010

please do the simple way to slove this problem however the your tax liability Rs.1560

it is attract only section 234A only delay in return filing last date in filing retun 31st july 2009 howeveryou consider interest following way Aug09 to till march 2010 it is aplicble interest in Section 234A delay in return filing 1560*8 delay only 8 months simple do this. Rs.5000/- amount crossed means applicable both section in Advance TAx default 234B and 234C

there is no need for apply section 234B and 234C

mani

further queries

mail ID jmoneykandan @ gmail.com

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Richa (B.Com, CA Final Stdnt) (113 Points)
Replied 23 March 2010

Yes Sunny only 234(A) is applicable on your tax,i.e. late filing of return. 1% p.a.

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 23 March 2010

Abhinav bhai, what was the need for all the calculations...

I mean, i think the amount specified by sunny is less than Rs. 5000, so only section 234a is applicable for not fililng return by due date, not section 234b or c

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