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Income Tax - Frequently Asked Questions (FAQs) |
FAQs on interest under section 234A, 234B, 234C and 234D |
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How to calculate interest under section 234C? |
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Ans.
When is interest payable?
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Period of interest
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Amount on which interest shall be payable
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If the advance tax paid on or before June 15 is less than 12% of the assessed tax
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3 months
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15% of assessed tax less tax deposited on or before June 15
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If the advance tax paid on or before September 15 is less than 36% of the assessed tax
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3 months
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45% of assessed tax less tax deposited on or before September 15
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If the advance tax paid on or before December 15 is less than 75% of the assessed tax
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3 months
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75% of assessed tax less tax deposited on or before December 15
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If the advance tax paid on or before March 15 is less than 100% of the assessed tax
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1 month
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100% of assessed tax less tax deposited on or before March 15
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