Itr 4 calulation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2016 Hey,
My assessee is a SENIOR CITIZEN having taxable income of Rs. 428210/-
Hence his Tax payable would be 12821
Less Rebate (12821-2000) RS: 10821/-
Now the cess in ITR is getting Calculated as 385.
As per my calculation it must be 10821*3% = 325/-
Can you Pls tell me why is the Cess amount shown as 385?
P.S- all other details are correctly filled in the ITR

Expert : Anonymous

Expert : Anonymous (Expert)

09 September 2016 Dear User, Please refer the rule of interest calculation.

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2016 Sir,
What has Interest Calculation to do with Education Cess?

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Amol S Joglekar

Amol S Joglekar (Expert)
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09 September 2016 No, it should be 216 + 108 = 324
just check with the link...it is showing it correctly

http://www.incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx

ACA Anurag

ACA Anurag (Expert)
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09 September 2016 Dear user,

Bye mistake we misinterpreted it as interest. Actually in your case it's calculating cess on gross income of 12821.

Kindly check it as actual cess would be 324 and net liablity would be 11145/-

We have checked the same.

Hope your query is resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2016 Thankyou very much :)

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2016 But what do i do for the Wrong Calculation in ITR?

Amol S Joglekar

Amol S Joglekar (Expert)
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09 September 2016 redownload the ITR..... Or if you are using software, ask the dealer to rectify the same.

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Expert : Anonymous

Expert : Anonymous (Expert)