11 July 2017
Dear expert, Greeting I am filling my colleague's IT Return.He is a salaried person having no other source of income other than salary and bank interest.When I download his 26AS, there is 24000+ something interest and 2400+ TDS deducted on it.From his office accurate TDS deducted as shown on Form-16 .His GTI is 700000/- that means he comes under 20% tax slab.On computing his tax there is a shortage of deducted tax (TDS). Please guide me on (1)Which challan, I use 280 or 281 (I think 280, Please correct me) (2)Which major head i.e. 020 or 021 and minor head i.e.100,300 or 400 should I use? (3) Is there any interest, penalty how to calculate this on Rs.4457/- (If I deposit tax as lump sum amount of 5000+ is it okay or not, Please correct me ) (4)Either I deposit this tax Online or through bank challan (to reflect on 26AS immediately) Thanks, in advance Sunil Jadhao
12 July 2017
1. Please use challan ITNS 280 2. Major Head - 0021 & Minor Head - 300 3. You can deposit Rs. 5000/- as lumpsum. Since amount due does not exceed Rs. 10,000/- there is no need for interest and penalty as long as you make the payment before the due date of filing the return & upload the return before said date. 4. If you pay it by cash, home cheque of a bank, or online i think all of these should reflect more or less the same time. If deposited via a cheque from a bank other than the bank in which tax is being deposited it will take a few more days to reflect.
CAclubindia
