Of the total tax of Rs. 69,292, only 32, 898 is deducted through TDS, because of two different organizations being deductors at different durations for the assessment year, 2012-13. Is it alright to pay the difference? or if I have to pay interest at what rate should I pay the interest? Is there any other penalty? Thanks for your time.
1 Answers
As pending tax is more than Rs 10,000 and its more than 10% of total taxes, you would need to pay interest penalty on pending income tax u/s 234B and 234C.
Under section 234B, 1% interest per month would be charged for 5 months (April-Aug 2012) on round off of remaining tax (Rs 36,400). That would be Rs 1674.
Under section 234C, interest would be charged for late payment of advance taxes. 30% tax should have been paid by 15th Sept, 60% by 15th Dec and 100% by 15th march.
Shortfall in Sept = 30% of (69292-32898) = 10918. Interest penalty = 1% x 3 x 10918 = Rs 328
Shortfall in Sept = 60% of (69292-32898) = 21386. Interest penalty = 1% x 3 x 21386 = Rs 655
Shortfall in Sept = 100% of (69292-32898) = 36394. Interest penalty = 1% x 1 x 36394 = Rs 364
Total penalty u/s 234C = Rs 1347
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