A Senior citizen has tax liability of Rs. 21218/-
& advance tax paid is 18000/- on 11 mar 2011 ?
what is the tax liability after caculating interest under section 234 b & 234 c ?
1 Replies
KARAMVEER SINGH
(CA Final )
(26 Points)
Replied 17 May 2011
hi Sunny,
Total interest u/s 234B & 234C will be Rs.702
Computed as follows
interest u/s 234b and c will be as follows
(assuming payment is made on or before 30 june 2011)
interest u/s 234B
3218 * 1%*3
97
interest u/s 234C
1%*3 months*30% of 21218
191
1%*3 month*60% of 21218
382
1%*1 month*21218-18000
32
Total Interest u/s 234B & C
702
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