vipinesh (accountant) (26 Points)
21 July 2008hi,
just wanted to know what is the last date of depositing self assessment tax? I need to file income tax return for assessment year 2008-09 and tax liablity is more than the TDS my employers have deducted. If I submit the self assessment tax before 31 jul 08 does that attract any interest also?
Please suggest...
CA Annie
(Chartered Accountant )
(747 Points)
Replied 21 July 2008
Yes, if ur total tax payable exceeds Rs. 5000, interest will be attracted under Sec. 234 B and C if you have not payed the required percent of advance tax.
vipinesh
(accountant)
(26 Points)
Replied 22 July 2008
| Originally posted by :Annie | ||
| " | Yes, if ur total tax payable exceeds Rs. 5000, interest will be attracted under Sec. 234 B and C if you have not payed the required percent of advance tax. | " |
Hi,
My Total tax payable is 67,000 while I have already paid 52,000 as TDS. Does remain 15,000 attract interests? At what rate?
CA Annie
(Chartered Accountant )
(747 Points)
Replied 25 July 2008
Yes it will attract interest. You might have to pay a small amount as interest: (approx Rs.540) under sec 234c
Please read these sections:
234B.(1) Subject to the other provisions of this section, where, in any financial year, an assessee who is liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions of section 210 is less than ninety per cent of the assessed tax, the assessee shall be liable to pay simple interest at the rate of 2[one per cent.] for every month or part of a month comprised in the period from the 1st day of April next following such financial year [to the date of determination of total income under sub-section (1) of section 143 3[and where a regular assessment is made, to the date of such regular assessment, on an amount] equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of the assessed tax.]
In this section, "assessed tax" means the tax on the total income determined
under sub-section (1) of section 143 and where a regular assessment is made, the tax on the total
income determined under such regular assessment as reduced by the amount of,—
(i) any tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income;
234C. (1)2[Where in any financial year,-
(b) the assessee, other than a company, who is liable to pay advance tax under section 208 has failed to pay such tax or,-
(i) the advance tax paid by the assessee on his current income on or before the 15th day of September is less than thirty percent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than sixty percent of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of 4[one per cent] per month for a period of three months on the amount of the shortfall from thirty percent or , as the case may be, sixty percent of the tax due on the returned income;
(ii) the advance tax paid by the assessee on his current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of 4[one per cent] on the amount of the shortfall from the tax due on the returned income:]
Sunil Kumar Shrivas
(Job)
(232 Points)
Replied 17 September 2008
Can anyone tell me the last date of income tax return i.e. 30th sept 2008 is expandable.
CAclubindia
