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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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30 July 2012 You can pay it online.

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