Senior citizen has tax liability of21218/-
& advance tax paid is 18000/- on 11 mar 2011 ?
& BALANCE TAX IS 3218/-
what is the tax liability after caculating interest under section 234 b & 234 c ?
2 Replies
Harpreet
(* * * * * *)
(1670 Points)
Replied 21 May 2011
If the above tax pertain to FY 2010-11 and you are filling the ITR by today itself then interest amount is Rs. 1053/-
Divya K S
(CA)
(289 Points)
Replied 21 May 2011
According to my calculation in this case, interest u/s 234B will be Rs. 64 @ 1% p.m for 2 months, if the tax is paid in this month. And interest u/s 234C will be Rs. 605. Hence the total interest liability will be Rs. 669.
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