Interest on self assessment tax???

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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)

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)

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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