01 July 2013
Suppose an assesse has a salary income of 5L. He provided medical policy investment eligible u/s 80D of Rs.1L. He has not declared income under Other sources of 3L and investment eligible u/s 80C for Rs.50,000 to his employer. Now his employer deducted TDS on tax on 5L-1L=4L. But he files his Return showing taxable income as 5L-1L+3L-50,000=6.5L. Now how will interest u/s 234b,c effect me and on what amount. Pls show the calculations.