Insurance commission income

This query is : Resolved

Vinay Dubey (Querist)
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25 September 2013 Sir,
I am salaried person as well as my other income from Insurance commissiom and i am in 30% slab.
My Insurance commission 244786/-p.a.and insurance company already deducted TDS @10% Rs.24478/-, when i clubbed both income in return (as salry and insurance)then TDS more than from dedution from employer ans Insurance company.

For Example-

My Taxable salary income Rs.1147204/- TDS @30% Deducted by Employer Rs.174160/-

Insurance Commission income Rs.244786/- TDS @10% deducted by hdfc life insurance co. Rs.24478/-

Total deduction of TDS Rs.198638/-
if i clubbed in return then TDS 247597/-

Diff.is 48960/-

My quary is, will i deposit diffirance amount Rs.48960/-?

Please advice urgently.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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25 September 2013 Your total tax liability after clubbing of both incomes is Rs.255025(including education cess) so you have already TDS deduction of Rs.198638 so the difference of Rs.56387 has to be paid by you as self assessment tax along with the interest u/s 234A,234B and 234C, approximately the interest under such sections is Rs.6587 So you totally has to pay Rs.62974 as self assessment tax( i calculated interest upto September 2013) and assumed your return of income is for A.Y 2013-14.

OM SAI SRI SAI JAI JAI SAI

Vinay Dubey

Vinay Dubey (Querist)
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26 September 2013 Thank u so much sir for your valuable reply

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