Tax rate

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This query is : Resolved

M S UMESH (Querist)

06 June 2016 My taxable income from employment is Rs.577,053. On his TDS of Rs.33,157.00 has been done.
My income from from Bank Fixed deposit interest is Rs. 23,268.00 on which TDS of Rs. 2,328.00 has been done. Am liable to pay any further tax? Kindly clarify

CA ABHAY GUPTA

CA ABHAY GUPTA (Expert)

06 June 2016 yes you have to pay rs 10,930 as self assessment tax...

CA ABHAY GUPTA

CA ABHAY GUPTA (Expert)

06 June 2016 but if you have deduction u/s 80C of Rs 150000 then

CA ABHAY GUPTA

CA ABHAY GUPTA (Expert)

06 June 2016 figure will change...tax will be change according to ur investment figure in 80 C or other section

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

06 June 2016 If taxable income after all deduction is Rs. 577053 + taxable interest 23268 Total will be 600321. On that amount tax will be Rs. 46416 and tds total is (33157 + 2328) Rs. 35485. So Pending tax liability as said by Abhaysir is right. You have to pay payable tax as self assessment tax and file income tax return.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

06 June 2016 TDS on FD is deducted 10% but you falls under 20% Slab Difference Tax along with Education Cess to be Paid under Self Assessment Challan-280

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