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Interest calculation

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This query is : Resolved

Srinivasan (Querist)

24 June 2011 As a salaried employee with some income from bank interest, I filed my e-return showing self assessment tax paid on interest earned less TDS deducted. I got ITR V ack but it showed some interest payable and net amount I have now paid the said interest also online , to close the matter. Now , to have a final ITR V ack without showing any balance due from me, should I file a revised return ? If so, under which section? OR is it sufficent that I paid off the interest and my compliance is completed. Pl advise.

Rahul Vora

Rahul Vora (Expert)

27 June 2011 Actually, in case of e-returns, after you have filled up the ITR, you have to click on 'Calculate Tax' The tax is calculated and you get the figure of tax, if payable. You have pay that amount of tax. You might have missed this.
Anyway, now you have to file a revise return. All will remain same, only you have to mention the addl self assessment tax paid.

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