Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

how much tax to pay

17 January 2019

if i am earning 5lacks 20 thousand per year and i have 1lakh 50 thousand nsc purchase on same year .so how much tax i have to pay and also please show percentage calculation

Reply
Follow
Share

10 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161201 Points)
Replied 17 January 2019

Tax Rs. 6000/- plus 4% cess.... as taxable income comes to 3.70 lakhs. ...(5% over 1,20,000/)

2 Like

pathak mihir (189 Points)
Replied 17 January 2019

so total 6000 plus 4 % of what ...how much total to pay please explain

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 17 January 2019

6000+(4% cess on 6000)=6240/-...plus if any interest chargable u/s 234A 234B 234C

2 Like

pathak mihir (189 Points)
Replied 17 January 2019

234abc??? how much and what it will be

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 17 January 2019

There are 3 different interest under section 234 :

Delay in filing of Tax Returns – Section 234A

Delay in payment of Advance Tax – Section 234B

Deferred Payment of Advance Tax – Section 234C

Interest is charged 1% p.m.

pathak mihir (189 Points)
Replied 17 January 2019

so if interest charged 1 percent what is total payable amount?

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 17 January 2019

SIR...INTEREST PAYABLE AMOUNT WILL DEPEND ON TIME DELAYED IN FILING RETURN ..THAT IS FROM DUE DATE OF FILING RETURN TO DATE ON WHICH YOU FILE THE RETURN....SECTION 234A

pathak mihir (189 Points)
Replied 18 January 2019

so what is due if i invest in jan 2019 to file for period april 2018 to march 2019

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 18 January 2019

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000
or more, shall pay his tax in advance, in the form of “advance tax”.

Due dates of advance tax payment.
By 15th June 15%
By 15th Sept. 45%
By 15th Dec. 75%
By 15th March 100%
All assessees
(other than the
eligible
assessee as
referred to in
Section 44AD
or section
44ADA)