When to pay tax on interest income?

Tax queries 417 views 3 replies

Darsh

Officer

45 Points Joined March 2011

Hello friends,

I have salary income and interest income from bonds/company deposits. TDS has been deducted on salary income.

I have not paid any tax till date on interest income. My bonds are of more than 5 L value and hence are visible in last year's form 26AS under AIR Transactions. So I need to pay tax on its interest income to avoid getting notice.

My question is when and how do i have to pay tax - before 31-3-14(end of fin year in which i got interest) or 31-7-14(last day of filing return)?

Also how do I pay tax online?

I have searched a bit and found that I have to pay tax before 31-3-14 and aschallan no 282 > 0024 Interest tax > 300 self asssesment tax. is this correct?

Pls confirm.

Thanks.

Replies (3)

Manoj Mehta

Head Of Department (Accounts & Finance)

1479 Points Joined March 2009

Dear Sir,

The concept is called as advance tax.

You have to assess your total income and calculate tax on it as per the income tax slabs.

Secondly you can pay taxes online by internet banking. very easy steps. Please fill all details very carefully. (Specially PAN no.)

i Hope answer will help you or you can put a p.m to me.

Regards

CA Saroj Kumar

Keen to learn something new every moment

2588 Points Joined June 2010

dear its not advance tax concept ....advance tax concept is arise in caee where ur tax in income is more then 5000/- then u need to do deposit advance tax .but here the case is diffrnt. ....if ur salary income and interest income is grater then badic exemption limit then u hve to pay tax...as date u mentioned....