1 re diff in the tax payable
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2012
My form 16 has a difference of 1 (one) rupee in the calculation of tax paid and the actual tax my company has deducted (tax payable). I realized this while filling the ITR form. The accounts person says this happened because of the Form 16 takes the nearest whole number. I was advised to reduce the taxable income by Re 2 and file the return. This makes the tax payable and the tax paid equal.
Is this correct. If not how can I pay that 1 rupee and refile the tax.
Regards,
Abhilash
Is this correct. If not how can I pay that 1 rupee and refile the tax.
Regards,
Abhilash
29 July 2012
Yes you should reduce the income by Rs. 2 and file the return.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2012
Ok, thanks. Appeciate the prompt response and thank you for the help.
I was not sure if I can reduce the total taxable income and its implications. Did not want to take a chance while with Tax related items.
One more question. If I want to pay that 1 rupee tax, how can I do that?
I was not sure if I can reduce the total taxable income and its implications. Did not want to take a chance while with Tax related items.
One more question. If I want to pay that 1 rupee tax, how can I do that?
30 July 2012
You can pay it online.
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