Self assessment tax & advance tax questions

the Fm in his 2011 Budget, has exempted small businessess from paying advance tax & the full tax is requried to be paid at the time of assessing the final liability in the A.Y.  However if your business is subjected to Tax Audit, then you shud have paid teh advance tax on the specified dates.  The Interst u/s 234b & 234C wud be as follows:

From the above liability of Rs. 41512, the advance tax paid on 15th March would be deducted.  any TDS would also be deducted.  If any balance is remaining then the self-assessemetn tax is to be paid before filing the return.  If there is excess tax paid, then a refund can be claimed.

@ Giridhar

Thanks for telling me that Fm in his 2011 Budget, has exempted small businessess from paying advance tax & the full tax is requried to be paid at the time of assessing the final liability in the A.Y.

So, I am assuming that I do not have to pay any interest because no auditing is required.

But, I have another confusion now. You have calculated tax amount on 7,00,000 to be 40,000 only... but on https://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx

I get a total above 70,000 to be paid as tax for the assessment year 2012-13 on an income of 7,00,000.

Does your income include long-term capital gains.  I dont know how u r getting the tax liability of 70k,  as for income for above 5lacs, the amount of 5 lacs has to be deducted from the taxable income & tax @ 20% is to be calculated on the balance amount. please check if you have netered your taxable income correctly. I think this shud not have happened.

Dear Mr. Giridhar S

how can you calculated tax on taxable income Rs.7L, as per income tax slab rate for AY 12-13, tax will Rs.74160/- as

upto 1.80 L - NIL

1.80 - 5 L - 10%

5 - 8L - 20

8 L Above - 30%

appart from that 3% EC&HEC Will be added

Regards,

Bablu Kumar Jha 

Agreed with Mr. Bablu Jha.. Your tax liability is Rs.74,160.