182 Rs balance tax to pay - how to calculate interest under 234C if I pay the balance tax now?

Question

182 Rs balance tax to pay considering my SB and FD interests. I've following questions - 1. Do I need to pay interest on this? 2. As per information available on web, I think yes and it is 1% and under section 234C. Please confirm. 3. Do I need to calculate cumulative interest or plain interest for last 4 months(April, May, June and July), which equals 182 x 1% x 4 months?

Answer 1

There is no interest payable if payment is made on or before July 31, 2009. Interest will start from August 1, 2009.

Articles on India Taxes: http://www.mytaxes.in

Answer 2

follow JSS

Answer 3

Interest under Section 234 C depends upon the amount of tax on your taxable income. If the taxable income exceeds 5000 u have to pay interest (if advance tax is not paid on due date)

for detailed info about Advance Tax and Interest

http://calculatetax.blogspot.com/

http://taxation-suchithra.blogspot.com/