Calculation mismatch - tax calculator and online efiling

ITR Filing 1139 views 6 replies

Jay

Manager

27 Points Posted on 10 July 2013

Hi,

I am employed in a private company. Tax on salary is deducted by company as TDS. I also have Fixed deposits in bank. I fall in the 20% bracket so TDS on salary is done @ 20% but Bank interest TDS is done @ 10%

When I calculate tax ussing the tax calculator on incometaxindia.gov site it shows ~14K tax payable but when I fill the details online efiling, it shows tax payable = ~16K

Data Below

Taxable Income From Salary - 748480
Tax Deducted - TDS - 82087
Income from other sources - 145676
Tax Deducted - TDS - 14570
Tax Payable (as per tax calculator)- 15440
Tax Payable (as per efiling online)- 16620

What should I do in this case?

Replies (6)

Sachin Rajput

account exe

593 Points Posted on 10 July 2013

Income from Salary	748480

other income	145676
Gross total income	894156

Less Deducation u/s80 TTA
Less Deducation u/s 80C
Less Deducation u/s 80D

Taxable income	894156

Tax payble on Rs. 894156	108831
Education cess	3265
Less TDS(16 & 16A)	96657
Tax payble	15440

Jay

Manager

27 Points Posted on 10 July 2013

Thanks, for the reply Sachin.

But the online efiling shows more tax. What should i do? should i pay as per calculator? but then I might me asked to pay balance tax later.. How do i get it resolved?

Mihir

Wealth Manager

5293 Points Posted on 10 July 2013

Check the numbers you have entered in the excel once again. It could only be a typo error.

Jay

Manager

27 Points Posted on 11 July 2013

On observing the excel sheet carefully, i found that some interest is being added

Interest payable u/s 234 B

13b

616

Interest payable u/s 234 C

13c

570

Is it an error? What should I do to resolve this error?

Jay

Manager

27 Points Posted on 15 July 2013

When my taxes are being deducted at source, these taxes should not be leivied right? Pls help me understand why these taxes were added.

A K Jain

Service

160 Points Posted on 15 July 2013

If self assessment tax is more than Rs 10000,then there will be penalty as per section 234 B & C if payment is done after 15th March. U have to pay these charges as per calculation in e-filing.