Tax due for fy 2011-12 and fy 2012-13

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 November 2014 Dear Sir/Madam,

I had fixed deposits in bank and bank deducted tax on interest from fixed deposits at 10%. But I fall into the 20% slab bracket. So I have to pay tax of 10% with interest/penalty. I had interest of 14673 for FY 2011-12 and 25339 for FY 2012-13 from my fixed deposits. Can you please suggest me how to submit the tax challan and the details to be filled under 234A,B,C columns for the amounts mentioned above.

Thanks!

Regards,
Prashanth

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

26 November 2014 the rate apply by bank is correct as per sec 193 and u need to include such int in ur final computation and if there is tax payable then deduct the tds already deducted by bank to reduce urliabiity

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2014 I understated that I need to pay the remaining Tax. But I am not sure what should be the amounts for 234A,B,C (interest). Also will there be any penalty? I have already filed the IT returns for those financial years.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

27 November 2014 no need to pay any int as already u have filed the returns and wait till dept issues the intimation for same in case if there is no tax liability on ur side.

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