Income tax to be paid for last year

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 April 2012 Hi,

I need to revise my IT return filled for A.Y. 2011 - 2012, filled before 31st July 2011. This revision is because as I have noticed that, I have forgotten to declare some part of my income and tax calculated does from that income would be around Rs 2,000/-. Following which I wanted to know,

1) Do I need to add 1% simple interest from Aug 2011 to Apr 2012 (i.e. now) for each month on the above amount? The total amount hence that I need to pay as pending IT would be Rs 2,000 + Rs 180 (1% interest for 9 months).

2) or I need to pay the same Rs 2,000 only as income tax without any interest?

G.N.SENTHILKUMAR

G.N.SENTHILKUMAR (Expert)
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23 April 2012 Definitely you have to pay the tax alongwith interest. Otherwise the dept will calculate interest at the time of assessment and the int will be more...? Better pay interest now itself.

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2012 Thanks for the reply Senthil. One point that I forgot to add was that,

TDS was deducted from my salary and this is some part of bank interest and STCG that I missed. So the total income tax payable is Rs 2,000 only for that year besides my TDS. In that case also do I need to pay interest on this amount? Since this amount (Rs 2,000/-) is less than Rs 10,000/-?

e.g. if my TDS deducted was Rs, 1,00,000/- then while filing my revised return the total tax due is shown as Rs 1,02,000/-. In that Rs 1,00,000/- was already paid as TDS and Rs 2,000/- is what is due.

Thanks again.

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