Shortage of income tax (tds)
This query is : Resolved
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
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.
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.
Message likes :
1 times
12 July 2017
Thank You Very Much, Sir, On Your Immediate Response.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
