10 September 2011
One my Client, who is of Male Catagory but the office calculated his tax as Female Catagory. Actual Tax is Rs. 4994 & TDS is 1905, now Balance Tax Payable is Rs. 3089/-. How much Interest should be paid if pays in Sept, 2011 ? But somehow the mistake is observed by me though he did not filed his Return as Income is below 5.00 Lacs. Plz suggest. My E-mail : mhlaskar@gmail.com Thanking u Sir.
11 September 2011
In case of income below 5 lakhs return filing is not necessary BUT IN YOUR CASE TDS IS NOT DEDUCTED FULLY SO YOU SHOULD PAY THE TAX AND FILE THE RETURN.
Assumed that it is for AY 2011-12
Total Taxable Income is208490/- Than Income Tax 4849/- Ed. Cess & Sch Ed. Cess 145/- Interest 60/- Total 5054/- Less TDS 1905/- Payable 3149/-
IF PAID IN SEPTEMBER 2011 Total Interest Payable60/-
Abhishek Ranjan Singh ARS Solutions email2ars@gmail.com +91 9022838615
13 September 2011
I think she has to file his return since his total tax liability is not deducted by the employer and remitted to the government account. For not filing the income tax return the following conditions has to be satisfied.
This exemption is available to Individual assessee only (He may be resident or not) Exemption is available for Assessment year 2011-12. Total Income(after deduction 80C to 80U) of Individual must be up to Five Lakh Rupees only. Income must be earned from Salary and/or Saving Bank Interest up to Rs 10000/- .Pension is also covered under salary head. Individual must have reported his pan to his employer. He has Earned salary only from one employer during the year. He has reported his income from saving Bank Interest to his employer for TDS deduction purposes. Employer has deducted the tax on his Full income,salary plus interest {if any},and tds has been deposited in Govt account by the employer. No refund is Due to assesse . Individual has received Form 16 From the employer ,which mention PAN, Income detail and Tax deducted and deposit detail. If all the above conditions are satisfied then you can are exempted to file Income tax return for Financial year 2010-11.
Regarding Interest. No interest under section 234B and C since total tax liability is less than 5000. How ever she has to pay interest u/s 234A for two months @ 1%pm. ie rs.60
13 September 2011
@ Deepak First of all assess is male not she and question is about filing the return and about INTEREST amount. Check my calculation. is it right?
AND IT IS ALWAYS BETTER TO FILE THE RETURN SEE THE FOLLOWING TWO LINKs
14 September 2011
You are right. Assessee is male. That was my mistake. Regarding return filing and interest calculation, I'm agree with you. I just given a detailed explanation
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