I am confused about when is a person required to pay interest with self assessment tax. For example, some salaried person has tax due to salary:Rs18400 and tax due to interest in Fixed deposit and savings account, Rs7000. (Fixed deposit got matured in August, 2011). TDS was deducted for Rs18400 by employer and he wants to pay rest Rs7000 as self assessment tax in August 2012 (due date for efiling is now 31Aug, 2012). Can he do that with or without interest (234A,B,C)? Second, it appears that 30% of total tax (due to salary+interest income) had not been deposited by sept (as TDS, by employer), 2011, so will 234A be applicable? Anything else need to be considered? Please suggest. Thanks.
1 Replies
Vishwas V Rao
( Chartered Accountant)
(239 Points)
Replied 13 August 2012
It would be without interest. Section 234A would not apply provided you pay the tax amount within 31 August 2012.
Further, 234B and C would not apply as you are not liable for advance tax as tax payable is less than 10,000.
Lastly, employer not paying TDS to the credit of Government does not make a difference. Even if you look into the recent amendment (ie, in FB 2012), you would have to pay TDS in case of non-deduction. Thus if it is deducted and not paid, it is not the concern of the payee.
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