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Suppose TDS is already deducted on salary drawn and tax is already paid. Now, recently got some additional income, but that was before March 31. But was unable to pay tax for that. To calculate what amount of tax to pay now, should we consider the (taxable income that was used for TDS)+additional income? Also, since the last date for tax elapsed, how should the penalty be calculated? 1% of which amount? And to show the additional income, is the bank statement xerox copy sufficient? asked Jul 17 '12 at 15:06 by menaka 1●1 |
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You need to first compute total income tax on taxable income. Whatever is the remaining tax amount (after deducting TDS) should be paid before income tax return filing. If pending tax liability is below Rs 10,000 there is no interest penalty liability. Else interest would be payable u/s 234B and C. 1% per month is payable for each 234B and 234C section as penalty. Income tax return form also computes interest penalty automatically. answered Jul 18 '12 at 11:39 by Pankaj Batra 5.2k●3●20 |