Wrong calculation made by itd on short ded

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Natasha Mourya (Querist)

23 August 2014 I m a bit confused on justification report, Tax on short deduction calculated by ITD for FY 2012-2013 on 24Q_Q4:- Below mentioned...

Computed Taxable Income:- 14816260
TDS Rates (as per Act):- 30%
Surchage & Edu cess as per ITD 1961 :- 5%
TDS to be Deducted(Rs.) restricted
upto Amount Paid/Credited :- 4491187

Above tax computed by ITR which is totally different as per slab rate for FY2012-2013 on Individual male.
How department has calculated 5% surcharge & 30 TDS rates???????????

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

25 August 2014 As per my calculation Tax Liability is coming to Rs 4403124. Dont know how 4491187 has been calculated. Its not matching if calculated @30%+5%. Calculation of department seem to be wrong.

Natasha Mourya

Natasha Mourya (Querist)

26 August 2014 Yes, I spent a lot of time over it to know calculation made by ITD. This calculation is a bit matched if we calculate TDS on Domestic Company having taxable income more than 1 crore. That's why I asked you, Incorrect TDS was filled previously. I got this calculation on Justification report, at the end I made correction as per our calculation...see notice again if it is mismatched by ITD calculation....thx a lot..

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