Interest on self assessment tax???

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2016 Dear All,
I have received F&F from my employer for Financial Year 2015-2016 but on that F&F he did not deducted TDS of Rs. 18,600.00
This mistake came to his notice afterwards and he suggested me to pay this Tax online.

When i logged in to Income Tax Website for payment of Self Assessment Tax for A.Y. 2016-2017, site showed me a message that "Financial Year can not be smaller than Assessment Year" that is Financial Year 2015-2016 is not yet ended therefore you can not make payment for Assessment Year 2016-2017.

So this means to me that now i can pay this tax amount only after 01.04.2016

So my query is that when i will file my ITR in July then whether any Extra Interest will come on this Tax Amount.
Or can i pay this Tax as Advance Tax??

CA Prateek Garg

CA Prateek Garg (Expert)
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17 March 2016 Since amount of TDS is more than Rs. 10000/- hence you have to pay it as advance tax. Deposit it before 31st March as advance tax for A.Y. 2016-17.

However your employer still may have to face the consequences for non deduction.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 March 2016 1. Applicability of interest depends on the total 'tax due'.

2. Can pay now as advance tax but can't escape from interest subject to the above.

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