958(Income Tax) What is the penalty for not paying advance taxes? Video Link - https://youtube/watch?v=BOguQ_66KEQ Of hoooooooooooo, sowwie , ab kya kar saktey hai , yah sikhana hi padega ab , so lets do it ! Continuing our same case , previous year 2013 14 ,assessment year 2014 15 aur wahin gisapita FD interest income of 10 lakhs! God bhi bore ho gaya hai , main aap log ka haal samaj sakta hoon , The bank has deducted TDS at the rate of 10 % u/s 194 A whereas tax applicable is 1.33 lakhs as per income slabs Ab revenue bolta hai baap , ki amlan advance main bhar dey 0.33 warna chorunga nahin , Nahin karta , joh ukhadna hai ukhaad! (1) 234 B ----- September ko jaakey bhara main Unpaid taxes = 0.33 delay from the year = april , may june ---september - 6 months Penal interest = 0.33 x 1 % x 6 months (2) 234 C - yah ley ek aur bouncer 30 % of 0.33 = 0.11 penal interest component 1 = 0.11 x 1 % x 3 months (september ka hyda , october and november ) 60 % of 0.33 = 0.20 Unpaid taxes 0.20 Penal interest = 0.20 x 3 months x 1 % For 15th march installment , 100 % of due taxes = 0.33 Paid = 0 So unpaid taxes = 33900 So penal interest = 0.33 x 1 month ( because 15 days is part of month considered to be a month ) x 1 % Now add , penal interest 1+2+3 = total penal interest because of underpayment of advance taxes Itna hi nahin doston , 234 A bhi laga diya Due date for filing was 31st July i filed in september ...so there was delay of 2 months Unpaid taxes were 0.33 lacs Under 234 A , penal interest = 1 % x 0.33x 2 months Hope you enjoyed , Tata , Amlan --I did my education so that the world gets educated with me . I will shatter every ego which comes in my way into so many pieces that each piece will fail to recognise itself !
Posted on: Wed, 17 Sep 2014 15:52:46 +0000