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Income tax

Sirisha (Accountant) (56 Points)

31 March 2016

Respected Sir

My total annual income is Rs. 379500/- among this my PF contribution is 19626/- so my total income is 3795000-19626=359874. my question is that our organization has not been deducted any TDS from my salary from April-2015 TO March-2016. please guide me what to do know regarding TDS and Income Tax Returns. and also explain me how to calculate TDS on salary.

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5 Replies

Jagdish (CA CS activities) (215 Points)
Replied 31 March 2016

Shrisha,

You had to paid the advanced tax as per below shedule :

On or before 15 September 2015 – not less than 30% of tax payable for the year
On or before 15 December 2015 – not less than 60% of tax payable for the year
On or before 15 March 2016 – not less than 100% of tax payable for the year.

Simple interest at one percent for every month or part of the month is payable on assessed tax minus advance tax paid, if any, from April 1st of the following financial year to the date of determination of total income under Section 143(1), or the date of regular assessment, if it is made. For the purpose of calculation , any fraction of a month is deemed to be a full month.

ANAND (CA) (133 Points)
Replied 31 March 2016

You organisation should have deducted 359874-250000= 109874*10%= 10987/12= 916/month. Since they havent you may pay tax yourself considering any other deduction that you may claim under 80C.

Abhimanyu Sharma (18 Points)
Replied 31 March 2016

Hi, thanks for the query, hope u got your answer from the kind help of fellow CCIiens As an additional help apart from above if you wish to invest some money you should do it today itself reason is, if you invest an amount as per sec. 80c you can reduce your tax liability below 10000/- and by doing this you can avoid the liability to pay Advance tax for the year, because Adv. tax is not payable by assesses whose total tax liability is below 10000/- this way you can save few money by avoiding intt. u/s 234B n 234C....n yes how likes to pay interest even a penny.... no one...right.... :) also if you dont want to invest any money you should pay tax asap.... Now for future, tell your employer to deduct tax other wish he will be attracting penalty and if he does not deduct TDS pay tax by yourself as advance tax as per above explained pattern to avoid interest. Much thanks for reading n do write back in case needed.

Abhimanyu Sharma (18 Points)
Replied 31 March 2016

Suggested.....open ppf a/c with bank n depost around 11000-15000/- into it todat on 31/3/2016 this way you would save money save tax and save interest too. Thanks.