Please confirm interest amt on late filling

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2013 Dear Sir,

actually i have refund for financial year 12-13 but have not file my Income tax return my total gross billng is 5.50 lacs and received 4.95 lacs balance 55 k is tds deducted.
(1)-i want to know what will be interest amt.in i file my return before 31st aug-13.
(2)n what will be tax amout theireon.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 August 2013 Your gross billing is Rs. 5.5 lakhs. You will also show expenses which will bring down your income. Your tax liability will be less than Rs. 25,000. You are entitled to refund for the balance amount.

Since you have paid all taxes BEFORE filing the return, interest will NOT be levied.

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2013 thanks Sid sir,
i still have doubt about my interest component should i show interest amount in interest column for late filling of return in my form IV.
my client has deposited tds on behalf on me and i have me form 26AS.
i want to show my minimum amount of tax and maximum amount of refund because i m not taking any deduction.what will be maximum amt.to be shown in refund column.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 August 2013 1. As I said INTEREST is NOT applicable. You
DO NOT have to pay any interest.

2. First compute your total income as follows:

Gross Receipt
Less: Expenses

On this amount calculate the tax liability.

Refund = TDS - Tax Liability

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2013 Thank you,sir.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 August 2013 You are welcome. You should use the thanks button to convey your thanks.