Web26 mrt. 2024 · Therefore, as per Section 234B, you must pay penalty interest on your assessed tax amount of ₹80,000 minus the ₹50,000 advance tax you paid. Hence, your penalty equals to ₹ (80,000 – 50,000) X 1% X 5 = ₹1,500. Scenario B - You paid no advance tax at all: Your penalty would be ₹80,000 X1% X 5 = ₹4,000. Web12 feb. 2016 · TAX DUE ON RETURNED INCOME XXXX. COMPUTATION OF INTEREST U/S 234C FOR LATE PAYMENT OF ADVANCE TAX ( IN CASE OF COMPANY ASSESSEE) (A.) RATE 1 % PER MONTH SIMPLE INTEREST. PERIOD 3 MONTH. AMOUNT 30% OF” TAX DUE ON RETURNED INCOME” (LESS:- ADVACE TAX PAID …
Section 234B: Interest on Delayed Payment of Advance Tax
Web9 feb. 2024 · The interest leviable under section 234B will be calculated for three months i.e April, May, and June being part of the month. The interest amount will be Rs 900 (Rs … Web5 apr. 2024 · Calculation of Interest under section 234C when the taxpayer is not opting for presumptive income under section 44AD. If the amount of advance tax is less than 15% of the amount paid on or before 15th June. The rate of interest will be charged @ 1% per month for three months. the royal tenenbaums watch free online
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Webhe will be liable to pay interest under section 234A. Interest will be levied at 1% per month or part of the month. The due date of filing the return of income is 31st July and the … Web31 jan. 2024 · ITD has fixed the due dates to pay advance tax.According to Section 208 of the Income-tax Act, the assessee has to calculate advance tax and pay if his tax Liability of a particular Financial Year is INR 10,000 or more.Failure or shortfall in the payment of advance tax attracts interest @ 1% per month or part of it under section 234B of Income … Web17 mrt. 2024 · Based on these details, interest u/s 234C can be calculated as follows: NA Though there is a shortfall of INR 1,475, interest u/s 234C will not be applicable as Mr A has paid a minimum of 36% as advance tax by 15th September 2024 (INR 16,380 : INR 45,500*36%). *In the 3rd instalment, there is a shortfall of INR 3,125. tracy m spencer