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Itr-1 filling from online

Madhu (Team Member) (155 Points)

22 June 2014

Hi,

I am filling ITR from online (https://incometaxindiaefiling.gov.in). While filling from online TAX STATUS field status as TAX REFUNDBLE. I would like to know, on what basis this status getting updated as TAX REFUNDBLE. As per form 16, i don't have any refund.

Regards,

Madhu

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18 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 22 June 2014

you can continue filing your return. it is not a problem. it is just that you dont have to pay any tax and i guess there is no option for "nil tax balance" thats why it is getting update with "tax refundable" status.

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Madhu (Team Member) (155 Points)
Replied 22 June 2014

Hi,

Having NIL TAX BALANCE status. Shall i go ahead with this status.

I would like to ask one more query, while filling ITR Total Interest u/s 234B & Total Interest u/s 234C calculating. I hope this field will calculate for late filling. Why it's calculating even though filling early.

Regards,

Madhu

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 22 June 2014

interest u/s 234b/c are related to advance tax payments. if it is being calculated then it means that you total tax liability is more than 10000 and 100% tax had not been deducted by way of tds or paid by way of advance tax. you might have paid the balance tax through self assessment tax challan that is why it is being calculated.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 22 June 2014

if you have all the tax including interest u/s 234b/c then you can go ahead and file your return with NIL TAX BALANCE status.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 22 June 2014

plss correct... if you have paid all tax**.......

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Madhu (Team Member) (155 Points)
Replied 23 June 2014

Hi,

I am salaried employee. Employer deducted 15450 from my CTC and made payment to government.

Could you concisely expaln on below reply.

Regards,

Madhu

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 23 June 2014

please give me some more details so that i can explain the provisions more properly. i would like to know that have you paid any self assessment tax before filing of return. if yes, then give details of amt. paid and date of payment.

Madhu (Team Member) (155 Points)
Replied 23 June 2014

Hi,

I have not paid any advance tax by self assessment tax route. Just employer deducted TDS and paid to government.

Regards,

Madhu

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 23 June 2014

okkk... then leave it. i will be explaining you the provisions. sec 234b interest is calculated when your total tax liab. is more than 10000 and adv. tax instalments are not paid according to the limits specified (i.e. in your case it would be 30% of total tax upto sept, 60% of total tax upto dec. and 100% of tax upto march). 234c interest is calculated if tax paid upto march is less than 90% of total tax payable. interest in both sections are calculated @ 1% from the date of default.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 23 June 2014

i have not mentioned the exact dates and the period of default. you can google for more details........... or provide me with details of your income, tds and deduction, so that i can help you with its calculation.

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Madhu (Team Member) (155 Points)
Replied 23 June 2014

Hi,

How SEC.234(B) & (C) fields calcuating on ITR utility because this tool cannot identify slab payments (i.e 30% up to secp, 60% up to dec, 100% up to mar ). Whichh fileds are using to calculate sec.234(B) & (C) figures.

Regards,

Madhu

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 23 June 2014

these sec. do not need any info other than your tax payable amt. this amount is ditributed in 30/60/100% and then cross-matched with your details in 26AS. and accordingly they calculate amt. i have not been able to verify its correctness so i wont say it is correct everytime.