14 July 2016
Dear Sir I am working in central govt. org. I have shown my income from salary and the Interest on Fixed Deposit in Income from Other Sources when I add the Interest on F.D It is showing I have to pay some tax after consumed my TDS. I came to know that to pay tax using with 280 challan Self Assessment tax radio button. Now my question is I have to pay any Interest?
15 July 2016
Interest is to be paid for late from 1.4.2016. You can calculate this from Tax AY 2016-17 utility calculator available at Income Tax web site site. Check whether your tax is below 2000 or not as it will be zero tax under section 87A deduction applicable to all resident Indians.
CAclubindia
