Salary income + interest income

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pfcollect (Querist)

20 July 2012 I have salary Income on which Employer deducted Full TDS.on checking 26AS some more interest income on which TDS deducted .It was deducted @10% whereas I fall in category of 30% if added both Salary & interest above 8 lac.What shall I do?

B Parasuram

B Parasuram (Expert)

20 July 2012 Ideally you should have estimated the interest income and then declared to your employer so that they would have deducted tax accordingly.

Now all you need is to calcuate the tax based on your income ( Interest income ) and pay the balance tax under self assesment right away.

You may also be required to check on interest u/s 234 b / 234 c for advance tax defferrment.

If required any further help for computation etc please do contact me.

pfcollect

pfcollect (Querist)

20 July 2012 Sir,Thanks
My salary Income was7.54 Lac on which TDS alingwith Edu cess Rs. 85,362 deducted and paid to IT by employesr but on Interest Income of Rs.49K bank has deducted Tax Rs.5.5K[@10% on giving PAN ].Shall I apply 30.9% on interest Income and Pay remaining 20.9% thru SA Challan 280?

CA RICHA BADALIA

CA RICHA BADALIA (Expert)

20 July 2012 Sir,
You have to pay tax according to the tax slab .You can take credit of the TDS deducted on salary and interest and can deduct it from the gross tax liability,the balance amount is net tax payable.

Message likes : 1 times

CA Manikandan.A.V

CA Manikandan.A.V (Expert)

23 July 2012 Calculate your total income comprising of
1. Income from Salary : XXXX
2. Income from other Source : XXX
Gross Total Income : XXXX
(-) Chapter VI A deductions : XXX
Total Income : XXXX
Tax payable as per slab : XXX
(-) TDS on salary : XXX
Tax payable : XX
(+) interest u/s 234B/234C : XX
Self Assessment Tax : XX

Message likes : 2 times

Naresh Dharia F.C.A.

Naresh Dharia F.C.A. (Expert)

07 August 2012 Although u may have filed the return of income for the year 2011-12 by paying the tax burden on the additional income...Advisable to pay advance tax in Sept , Dec. so as to avoid any last minute tax payment...in future years

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