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Calculate Interest u/s 234 A, 234 B and 234 C
Individuals, HUFs, Firms, etc.

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Section 234 A : Interest payable for default in furnishing the return of income

Where the return of income for any assessment year is furnished after the due date or is not furnished, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month for the period commencing on the date immediately following the due date upto the date of furnishing the return (in cases where return is furnished after the due date) or upto the end of the Assessment Year (in cases where no return is furnished) on the amount of shortfall in total income tax payable by the assessee.

In simple words, interest @ 1% per month is payable on the amount of income tax paid after the due date for filing of the return.

Due Dates for Filing of Returns

For non corporate (Individuals, HUFs, Firms, Co-operatives & Local Authorities) assessees whose accounts are required to be audited30th September 2013
For salary earners and other non corporate assessees whose accounts are not required to be audited31st July 2013

Section 234 B : Interest payable for default in payment of advance tax

An assessee who is liable to pay advance tax has failed to pay such tax or where the advance tax paid by such assessee is less than ninety per cent of the assessed tax, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month for period from the date on which the payment of advance tax became due on the amount of shortfall in the amount of advance tax paid.

In simple words, interest @ 1% per month is payable on the amount of income tax paid after the end of the financial year.

Section 234 C : Interest payable for deferment of advance tax

Interest is payable @ 1% for 3 months on the amount of shortfall in payment of advance tax became due on 15th June (applicable only to Corporate assessees), 15th September (all assesses) and 15th December (all assessees) and interest @ 1% on the amount of shortfall in payment of advance tax became due on 15th March (all assessees).

Please note that in case of salaried employees, the advance tax liability is to be computed on the income other than salary income. TDS deducted by the employer is not to be adjusted against this liability.

Enter data in applicable bordered cells
AIncome Tax Details
1Select Due Date for filing of Income Tax Return
2Enter Total Tax Liability for the Assessment Year
3Enter Income Tax paid upto 31st March 2013
4Amount of shortfall in tax payment upto 31st March 2013
5Month of Payment of Shortfall
BCalculation of Interest Payable u/s 234 A
1Number of months for which interest is payable on shortfall amount @ 1% per month
2Interest Payable under Section 234 A
CCalculation of Interest Payable u/s 234 B
1Number of months for which interest is payable on shortfall amount @ 1% per month
2Interest Payable under Section 234 B
DCalculation of Interest Payable u/s 234 C
1Advance Tax Payable upto 15th September 2012 (At least 30% of Total Tax Liability)
2Income Tax deductible / collectible at source on income included in D.1 above
3Income Tax paid upto 15th September 2012
4Shortfall in Advance Tax payment
5Interest Payable u/s 234 C (1% per month for 3 months on shortfall, if Total Tax Liability is more than Rs. 10,000/-)
E1Advance Tax Payable upto 15th December 2012 (At least 60% of Total Tax Liability)
2Income Tax deductible / collectible at source on income included in E.1 above
3Income Tax paid upto 15th December 2012
4Shortfall in Advance Tax payment
5Interest Payable u/s 234 C (1% per month for 3 months on shortfall, if Total Tax Liability is more than Rs. 10,000/-)
F1Advance Tax Payable upto 15th March 2013 (100% of Total Tax Liability)
2Income Tax deductible / collectible at source on income included in F.1 above
3Income Tax paid upto 15th March 2013
4Shortfall in Advance Tax payment
5Interest Payable u/s 234 C (1% per month for 3 months on shortfall, if Total Tax Liability is more than Rs. 10,000/-)
GTotal Interest payable u/s 234 C
HTotal Interest payable u/s 234 A, 234 B and 234 C