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Tax liability for revised return

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07 March 2013 Hello Experts,

I have query regarding my tax liability,

Assessment Year.. 2012-13
Individual
Original Return Filing Date 22/05/12
Tax Payable Nil

Now i want revised my return and my Total Taxable Income is 192750.

My First question was that Is it possible to revised return by online (E-filing)as i originally filed return physically.

My Second Question was What are the final tax i need to pay including any interest and penalty.

Thank a ton in Advance.


07 March 2013 To your first question how original return filed on that way only you have to revised return i.e for your case you can't file revised return through e-filing i.e should be file physically.


To your second yes, you are liable for interest u/s 234B & 234C. And no penalty has to pay.

OM SAI SRI SAI JAI JAI SAI

07 March 2013 Thanks a ton But 234B and 234C attract me in my case?? As Advance tax provision didn't attract me. Will you please reply it.


07 March 2013 If your case advance tax provision doesn't attract then section 234B and 234C interest also not applicable. In you case question you didn't provided regarding your income details and under which section basis you calculated income and how you liable for income tax etc..... so i suggest you section 234B and 234C are applicable.

So if advance tax liability provision not attract you then need not to pay 234B & 234C Interest.

OM SAI SRI SAI JAI JAI SAI

08 March 2013 Kindly tell me final tax liability as Advance tax is only applicable if tax liability exceed Rs 10,000.

08 March 2013 Yes, If the total tax liability exceeds Rs10,000 then advance tax liability will arises. But for some cases there is exemption to payment of advance tax for those who offering their income under section 44AD is exempted to payment of advance tax.

OM SAI SRI SAI JAI JAI SAI



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