Due date of payment of tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 March 2012 Whether due date for filling return which are 31st July & 30th September are also the due dates for payment of tax.
Or for payment of tax it is 31st March?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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09 March 2012 Normally, the tax liability should be deposited by way of TDS or advance tax. The last inslatment of advance tax has to be paid on or before 15th March.

However, if the liability is not settled by way of TDS or advance tax, then the same should be deposited by way of self assessment tax BEFORE filing the return.

However, interest u/s 234B & 234C shall be levied for default in payment of advance tax.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2012 Suppose I made self assessment after 31st march in which my tax liability is coming 20000/-. Now Advance Tax date is over.
can i still take 80C benefits so that my tax liability becomes zero?

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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10 March 2012 Yes, you can take the benefits of all deductions & exemptions. Not depositing advance tax does not lead to disallowance of deductions & exemptions.

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Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2012 Thank You Siddhartha Sir for your advices.

I want to know another thing. Regarding the first query, you replied that if a person does not pay advance tax at the respective due dates, then he will be charged interest on the tax amount liability. But if the said individual bring the tax liability amount to zero by investing in schemes u/s 80C etc after 15th march but before 31st july then whether he would be liable for any interest? And if yes, then on which amount?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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10 March 2012 If the amount of tax payable is NIL (achieved by making investments and bringing the income below the exemption limit), then interest will NOT be levied.

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Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2012 thank ou very much Sir.