Calculation u/s 234 b
pooja dedhia
(Querist) 13 May 2012
This query is : Resolved
how to calculate 234 b on the following detail for the A.Y.2011-12?
total tax libility:-18,66,292
adv tax paid 14-09-2010--- 600,000
15-12-2010---600,000
SELF ASSESSMENT TAX PAID--
30-04-2011--600,000
28-07-2011--55,000
28-09-2011--23,070
DUE DATE FOR FILING --30-09-2011
DUE DATE FOR FILING---30-09-2011
PLEAE GUIDE ME IN REGARDS TO ABOVE CALN OF 234 B?
Suhail A.Siddiqui
(Expert) 13 May 2012
IT IS ACADEMIC QUESTION. SINCE YOU KNOW EVERY THING YOU MAY CALCULATE 234b INTEREST
Shonee Kapoor
(Expert) 13 May 2012
Nothing more to say.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Shonee Kapoor
(Expert) 13 May 2012
Nothing more to say.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
R.K Nanda
(Expert) 13 May 2012
Academic query.
A V Vishal
(Expert) 13 May 2012
Is it an Individual or a corporate.
A V Vishal
(Expert) 13 May 2012
Section 234B – Interest for defaults in payment of Advance tax
(A) Where in any financial year, an assessee who is liable to pay advance tax u/s. 208 has failed to pay such tax or the advance tax paid by such assessee is less than 90% of the assessed tax, the assessee shall be liable to pay simple interest @ 1% for every month or part of a month.
(B) The period for which interest is payable would be the period from the first day of April next following such financial year to the date of determination of total income u/s. 143(1). However, if regular assessment u/s. 143(3) is completed, then interest is chargeble up to the date of regular assessment.
(C) The amount on which interest shall be calculated shall be the amount equal to the assessed tax or on the amount by which the advance tax paid falls short of the assessed tax.
C. P. CHUGH
(Expert) 20 May 2012
The Calculation as desired are given below :
Total Tax assessed : 1866292
LESS ADVANCE TAX
14-09-2010 600000
15-12-2010 600000
1200000
666293
INTEREST PAYABLE
INTEREST U/S 234B 9590
INTEREST U/S 234C 6662
16252
682545
SELF ASSESSMENT TAX U/S 140A
30-04-2011 600000
28-07-2011 55000
28-09-2011 23070
678070
TAX PAYABLE 4475
INTEREST CALCULATION U/S 234B
Period of Default (April 1, 2011 To April 30, 2011)
1 * 1% * 666200 (666293) = 6662
Period of Default (May 1, 2011 To July 28, 2011, Period Included Upto July 31, 2011)
3 * 1% * 79600 (79617(666293-586676(600000-6662[234C]-6662[234B]))) = 2388
Period of Default (August 1, 2011 To September 28, 2011, Period Included Upto September 30, 2011)
2 * 1% * 27000 (27005(79617-52612(55000-2388[234B]))) = 540
INTEREST CALCULATION U/S 234C
IIIrd : 1 * 1% * 666200 (666293 (1866293-1200000)) = 6662
