Itr v received but not processes and tax pending

This query is : Resolved

Akhil Malik (Querist)
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23 November 2012 Hi,

Due to multiple employments in one financial year, I had tax pending which I realised only when filing returns in July. I have already sent signed ITR V and its status is showing as received(in November) but not yet processed.

Do I wait for my ITR to get processed and then pay tax as per IT department (it may include penalty) or shall I go ahead pay the tax and re-file returns.

Pankaj Gupta

Pankaj Gupta (Expert)
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24 November 2012 You should deposit the balance tax together with interest and then revise the return without waiting for cpc processing status. Because as you said that tax is still payble, therefore you will receive a demand order from cpc. Hence its better to deposit the tax at earliest without waiting for the demand order.

Akhil Malik

Akhil Malik (Querist)
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24 November 2012 thanks Pankaj!! can you point me to any resource that I can use to calculate intrest

Pankaj Gupta

Pankaj Gupta (Expert)
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24 November 2012 Pls at first tell me that how much tax is still payable?

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Akhil Malik

Akhil Malik (Querist)
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10 December 2012 Hello Pankaj,

I apologize for late reply. I have about 18500 tax pending.

I would like to know:

1. How do I calculate total tax including penalty, cess etc.

2. Income tax payment: what challan number do I use for this?

3. Revised Returns: Do I still use the ITR 1 for this?

--Akhil Malik

Pankaj Gupta

Pankaj Gupta (Expert)
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11 December 2012 * INTEREST SHALL BE PAID UNDER SECTION 234B(1).
* REGULAR SELF ASSESSMENT CHALLAN SHOULD BE USED.
* USE ITR-I OR II FOR THE PURPOSE.USE SECTION 139(5) INSTEAD OF SECTION 139(1), THAT IS SET BY DEFAULT IN THE EXCEL FORMAT.

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