How much interest should I pay

Hi,

You can calculate your income tax at  www.payit.in

Regards

Saleemoddin

www.mimir.in

sir,

your employer has already deducted 99736/-, first you calculate the tax liablity on your total income if that 99736/- is less than is your taxliabilty you should pay tax along with 1% rate of interest. that tds deducted amount can be adjusted agianst the capital gain tax.

Mr. Dinesh

There is 3 types of Interest 234A, 234B and 234C. first U have to calculate your income tax liablity as what Mr. Kumar told than only U will be able to calculate yr interest, without that nothing can be done.

Surana, Chennai

9952967237

Hi Surana/Kumar,

  Thanks for the update.

  My only tax liability pening is Rs.4291.2/- as short term capital gain tax.(i.e 10% of  42912). Include surcharge of 3%( 4291 * 3% = 129) total tax liability is 4420. This is after adjusting the TDS.

  As per my knowledge, since total tax liability is less than 5000 I need to pay only under privision 234(a). I need not pay under 234(b) and 234(c). Please correct me If I am wrong.

 So as per 234(a) I have to shell out 4420 * 1% * 10 = 442/- as interest on the condition that I will file IT return by may 2009 end. 10 factor comes in the equation because it will be 10 months from due date of IT file return by may end.

I had already paid an amount of 5492 on march 30 2009 as tax and interest amt for pending tax liability of Rs 4220 based on my own calcuations through information available via internet.

Since I paid extra amount I may get refund of 5492 - (4420 + 442) = 630.

Please correct me if I am wrong.

Yours Truly

Dinesh

There a provision in 234B that yr AT tax is less than 90% U hav to pay simle interest 1% per month starts from 1 April of  the A.Y. and 234 C int. will charged  on the 3 installments if sh fall ias there after adj TDS as per provision in installments. It is advisable to file yr. Return. deott. has there own siftware for calculation tax & int.