Please Help: Income Tax
Posted Date : 20-Jul-2011 , 01:35:56 pm | Posted By Sanjeev Verma
Hi,
Reference to my IT Return filing, I have following query:
# I worked in 2 organizations during FY 2010-11.
# I did not provide my previous employment tax computation details to new employer
# TDS deducted by my employers during FY 2010-11 are as follows:
Employer 1 - 46125.00
Employer 2 - 53323.00
# Based on my all income tax details, I have paid self assessment tax with following details:
3/15/2011 - 40000.00
3/15/2011 - 18417.00
3/27/2011 - 50000.00
3/31/2011 - 3400.00
7/16/2011 - 7420.00
Total Self assessment Tax paid for FY 2010-11 is 119237.00
Query - Do I need to pay any interest on self assessment tax paid while filing my return in July-2011 ?
Query - Does self assessment tax is same as Advance tax ?
Reference to my IT Return filing, I have following query:
# I worked in 2 organizations during FY 2010-11.
# I did not provide my previous employment tax computation details to new employer
# TDS deducted by my employers during FY 2010-11 are as follows:
Employer 1 - 46125.00
Employer 2 - 53323.00
# Based on my all income tax details, I have paid self assessment tax with following details:
3/15/2011 - 40000.00
3/15/2011 - 18417.00
3/27/2011 - 50000.00
3/31/2011 - 3400.00
7/16/2011 - 7420.00
Total Self assessment Tax paid for FY 2010-11 is 119237.00
Query - Do I need to pay any interest on self assessment tax paid while filing my return in July-2011 ?
Query - Does self assessment tax is same as Advance tax ?
Category : Income Tax | Answers : 1 | Comments : 1 | Hits : 450
Answers
Answer By: CA Rajnish
Answering your 1st question-as per IT Act interest u/sec.234A for late filing of return to due date will not apply if return file within 31-7-2011,next u/s 234B for deposited advance tax is less than 90% of total tax calculated upto 31march and in ur case it will also not apply that u and ur employer have deposited tax upto 31march is Rs.211652 and total tax liability is 218982.Now the u/sec.234C for deferred pyment of tax will apply on you as total tax deposited upto 15.03.11 is rs.158162 that should 100% of total tax.it requires to deposit tax upto(individual case)15sept.30%/upto 15 dec.60% and upto 15 march 100% of total tax calculated.Now u calculate your TDS and which u deposited the tax amount within this period separately and compare with % of total tax of that period.Now if there is shortfall upto 15 sep./15 dec./15 march comeout that figure and the interst rate is 1% per month which will calculate for 3 month/3 month amd 1 month respectively.If u provide the correct amount of TDS month wise of ur employer then i calculate the correct amount of Interest that u have to pay.Next answer-Advance tax is that which is deposited upto 31 march and after that it is self assessment tax.
Comments
Sanjeev Verma
21-Jul-2011 , 03:39:24 pmThanks Rajnish for your immediate help !! Here is my TDS details Empolyer - 1 Apr-10 - 6214 May-10 - 7773 Jun-10 - 7773 Jul-10 - 7773 Aug-10 - 7773 Sep-10 - 7260 Empolyer - 2 Dec-10 - 13949 Jan-11 - 13949 Feb-11 - 13949 Mar-11 - 11476 Self Assessment Tax paid 3/15/2011 - 40000.00 3/15/2011 - 18417.00 3/27/2011 - 50000.00 3/31/2011 - 3400.00 7/16/2011 - 7420.00 Query - Please advice total interest applicable ?