14 July 2013
I am an assessee who file ITR 1 online. After feeding in all relevant data, the calculation sheet shows a net tax payable by me of Rs. 20/- for the A.Y. 20130-2014. Do I have to pay this tax before filing the ITR 1 ?
14 July 2013
Tax can be rounded off to Rs.10 as per section 288B meaning thereby if the tax payable is more, pay before filing the return since section 140A(1) says so. If not paid then you becomes an 'assessee in default'{see section 140A(3)} and penalty attracts under section 221(1) of the Income tax Act,1961.
CAclubindia
