GD (X) (55 Points)
04 April 2012Hello,
I have some tax balance still payable to IT dept as TDS deducted from salary was not enough. While filling up challan 280, I am using the code 400 for Tax on Regular Asessment.
Under the head Income Tax, can someone please confirm that it is correct to enter value = Balance Tax only = (Total Tax Liability - TDS)?
Thanks,
Gayatri
CA Tousif Ahmed
(Proprietor)
(175 Points)
Replied 04 April 2012
Hi Gayatri,
If your tax liability is more than the tds deducted from salary then you can pay balance tax under challan No.280 under the head Self Assessment Tax (300)
Balance Tax Liability = total tax liability - TDS + Interest u/s 234(If applicable)
CAclubindia
