Self assessment tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2014 Sir,
After submission of efiling for AY 14-15, I came to realise that I was supposed to pay some extra tax on bank interest received on FY 13-14 as my interest falls 20% slab and my bank deducted 10% from it.

In that case

1) what I am supposed to do? should I wait for their reply or I pay the tax vide challan-280?

2) If I pay the tax then how to revise the efiling?

3) And also write me the procedure to calculate the tax on interest on 20% slab when 10% is already deducted by bank.

Regards,

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 July 2014 Yes you should pay the Tax and file revised return. Since the original return was filed within due date you can file revised return u / s 139 ( 5 ).

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 July 2014 1st of all fill the ITR with details of income, all the deductions, TDS and tax paid. Select revised return. Calculate tax. It will automatically calculate the remaining amount of tax payable. Then pay tax through ITNS 280 and submit revised return.

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Rupesh Jain

Rupesh Jain (Expert)
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02 July 2014 you can file revise return if you file return on or before due date. otherwise you have to wait for notice.

for tax calculation you have to calculate your estimated income and tax thereon and TDS deduct from the total tax due amount after if your tax become due then you can pay in ITNS 280 and fill information when filing return.