Computation of different kind of interest payable by an assessee as per the fault is given u/s 234A or 234B or 234c of the Income Tax Act . If a tax payer files return late and he was suppose to pay tax , a penal interest u/;s 234A is imposed. Further , a tax payer is supposed to pay tax in advance if the liability to pay tax on estimated income exceeds Rs 10,000. This is provided in section 208 of Income Tax Act. It is further provided that if the tax payer has the tax liability of amount in excess of Rs 10000 and does not pay 90 % of tax liability before 3st March , he /she will be laible to pay interest u/s 23$B. Similaraly , it has been provided that not only 90 % of advance tax should be paid by the tax payer, the tax has to be paid in accordance of quarterly schedule. If not, interest u/s 234C shall be charged.
The computation of interest is tedious and depends on lots of conditions. So here is one calculator which is built for you to compute interest u/s 234A, 234B & 234C .
Readers are requested to give feedback on this calculator’s fault and error , as this calculator is in Beta stage of development.