Payment of excess tax
This query is : Resolved
25 July 2014
tds on salaries is fully paid/deducted but tds on fixed deposit deducted at 10% rate. But net salary falls in 20% deduction slab,leading to shortfall in tax payment.which form(280/281/282) is needed to pay the remaining amount before last date of itr filing.??
26 July 2014
if the employee is paying himself, the form to be used is Form 280.
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26 July 2014
Yes you need to pay the remaining amount as Self Assessment Tax vide ITNS 280. Please be careful while mentioning AY in challan.
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26 July 2014
in the above case scenario type of payment will be under self assesment tax(300) or tax on regular assesment (400)??
pls can u guide a short explaination on when do we use payment mode as
1.) advance tax(100)/
2.)self assesment tax(300)/
3.)tax on regular assesment(400)
pls can u guide a short explaination on when do we use payment mode as
1.) advance tax(100)/
2.)self assesment tax(300)/
3.)tax on regular assesment(400)
26 July 2014
In the above case type of payment will be elf assessment Tax.
1) Advance Tax- When we make payment of advance Tax within the financial year. But salaried Individual not required to pay advance tax as the same is deducted by employer in the form of TDS. Employee only require to disclose their other income to their employer.
2) Self Assessment tax- It is paid when the advance tax or TDS is less then the actual tax liability on self assessment basis.
3) Tax on regular Assessment- This code is selected when payment is made after receiving a demand notice from the Income tax Department.
Hope its clear now.
1) Advance Tax- When we make payment of advance Tax within the financial year. But salaried Individual not required to pay advance tax as the same is deducted by employer in the form of TDS. Employee only require to disclose their other income to their employer.
2) Self Assessment tax- It is paid when the advance tax or TDS is less then the actual tax liability on self assessment basis.
3) Tax on regular Assessment- This code is selected when payment is made after receiving a demand notice from the Income tax Department.
Hope its clear now.
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26 July 2014
if you are paying for AY 2014-15, it would be self assessment tax now.
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