aryam (SSE) (62 Points)
10 July 2012In form 16 I have
Income - 790230
Tax paid -92747 (all include)
From bank I have interest earned 21020
TDS -2102
So I thik, after combine of above items, it look like I need to pay 3387 extra
Is it correct and how much interest I need to add in it, is it 1 % per month?
Thanks for response
-Aryam
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 10 July 2012
Hi Aryam. Attached is the file in whihc your tax is being calculated. dont know how you ahve got the tax of 3387. As per my calculation there is an refund due to you.
Does the amount of tax 92747 paid as shown above includes also the TDS on bank fd's of 2102. if that is the case then you are required to pay tax
Didn't you make any tax savings for 80C.
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 10 July 2012
|
Income from Salary (Chapter IV A) |
790230 |
||||||||
|
|
|
|
|
|
|
||||
|
Salary |
|
|
790230 |
|
|
||||
|
|
|
|
|
|
|
||||
|
Income from Other Sources (Chapter IV F) |
21020 |
||||||||
|
|
|
|
|
|
|
||||
|
Interest From Bank |
|
|
21020 |
|
|
||||
|
|
|
|
|
|
|
||||
|
Gross Total Income |
|
|
|
|
811250 |
||||
|
|
|
|
|
|
|
||||
|
Total Income |
|
|
|
|
811250 |
||||
|
Round off u/s 288 A |
|
|
|
|
811250 |
||||
|
|
|
|
|
|
|||||
|
Tax Due |
|
|
95375 |
|
|||||
|
Educational Cess |
|
|
2861 |
|
|||||
|
|
|
|
98236 |
|
|||||
|
T.D.S. |
|
|
94849 |
|
|||||
|
|
|
|
3387 |
|
|||||
|
Round off u/s 288B |
|
|
3390 |
|
|||||
|
Deposit u/s 140A |
|
|
3390 |
|
|||||
|
Tax Payable |
|
|
0 |
|
|||||
No need to pay Interest if you file before 31st July.....
Kajal Rai
(Commerce)
(61 Points)
Replied 11 July 2012
Refer to the attached file for tax calculation & tax payment.
You need not pay any interest on the tax amount (untill & unless you are paying tax & filing your return before 31st July,2012).
Also, don't forget to add your 'Interest income from saving bank a/c's' to the 'Income From Other Sources' head.
If you have made any investments, like : U/s.80C (LIC, PPF, PF included as deduction in salary, NSC, etc.), U/s.80D (medicliam), U/s.80G (donations), etc.; you will be eligible for deductions for the invested amount (limits applicable).
This might reduce your tax payment or you may not have to pay tax at all.
Feel free to ask again if there's still doubt.
aryam
(SSE)
(62 Points)
Replied 12 July 2012
Thanks for reply
790230 is after deduction of 80C ( 1L)
So I will pay 3390 before 31 July, so that no need to pay interest.
Thanks to all, great reply.
CAclubindia
