How to pay pending income tax

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2012 I was working in 2 concerns during 2011-12. The first concern i worked for about 5 month. In the second concern i reported the salary which I got from first concern. The socond concern has correctly deducted the tax & given form-16.
Recently i got form-16 from first concern. They have not deducted tax.But due to a mismatch in emoulements i have given less figure than what is in form-16 of first company. So now as per calculation i have to pay around 14,000 as tax.
Kindly clarify how to pay this amount? If it has to be paid by challan 280 what major & minor heads it falls?
also as i have not paid before 31st march whether i have to pay any fine for this?
if fine / interest is to be paid what is the amount / rate of fine?
Advance thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

30 June 2012 You have to pay Income Tax, Interest U/s 234-B and U/s 234-C and on this total amount you have to pay educational cess @ 3%.
.
Tax can be paid online or in SBI, BOB or any other Bank accepting challans for Govt Collection.
.
Manually, you have to fill up Challan No ITNS 280, by ticking Applicable Tax -as Income Tax other than Companies and Type of Payment -as Self Assessment Tax.
.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)

30 June 2012 Dear Author,
You will have to pay the balance liability of tax while filing of the return.
According to Section 192, An employer may, at the time of making any deduction, increase or reduce the amount to be deducted under this section for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the financial year, Accordingly,I strongly beleive that Section 234C does not have implication over income from salary.

Further, section 234B is also not applicble for salaried employee. The assessee only becomes liable to pay the tax directly under Section 191 of the Act and does not become liable to pay interest under Section 234B of the Act.

Case law referred-
HIGH COURT OF UTTARAKHAND, AT NAINITAL
Income Tax Appeal No.26 of 2009
Director of Income Tax International Taxation,
Versus
M/s Maersk Co. Ltd.
With
Income Tax Appeal No. 27 of 2009
Director of Income Tax & another. .……… Appellants
Versus
M/s Maersk Co. Ltd. .………. Respondent.
With
Income Tax Appeal No. 28 of 2009
Director of Income Tax & another. .……… Appellants
Versus
M/s Maersk Co. Ltd. .………. Respondent.
With
Income Tax Appeal No. 29 of 2009
Director of Income Tax & another. .……… Appellants
Versus
M/s Maersk Co. Ltd. .………. Respondent.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now