Dinesh (qd) (26 Points)
30 July 2008Hi Guys,
Can anybody please tell em about section 234a,B and C in bit detail. I am salaried person and switched company this year. My detals are as follow:
Total taxable income from salary=== 750408.
Tax paid(TDS) ====140758
Tax payable===179347.
Now I want to understand how much interest I should pay under section 234C.
Regards
Rushikesh
(Chartered Accountant - Manager Finance)
(2375 Points)
Replied 30 July 2008
These sections are respectively for default in filing of return, default in payment of advance tax and deferrement in payment of advance tax.
The interest is payable @ 1%per month
There is a Interest calculator in the Shared Files section, please refer to that
Sneha R. Gujrathi
(Chartered Accountant)
(97 Points)
Replied 30 July 2008
mihir
( CA Final, Articleship)
(57 Points)
Replied 30 July 2008
Interest under section 234C is levied because you default in paying Advance Tax. Since your tax liability remain after TDS being adjusted you need to pay interest @ 1% on the amount of Tax Liability
Lalit Sharma
(Chartered Accountant)
(30 Points)
Replied 30 July 2008
Dear Sir,
TDS deposited by employer in April and July 2008 will be considered as TDS for calculating interest u/s 234 B and 234 C ?
Vijender Singh
CAclubindia
