Income tax

Hello

 If  you will file the return before 31.07.2009 then paid the self assessment tax on the whole income. if your tax liability comes more than Rs. 5000 then you shall be liable to pay interest u/s 234B AND 234C.

The due date for your return is 31.07.2009. Make computation of total income from all sources and calculate the tax and if tax payable is more than Rs. 5,000/- interest u/s 234B & 234C is applicable.

hey i have a format for calculating interest .

Check this out.

a)How and where to pay the tax considering all the taxable income?

Ans: U have to file the appropriate return within the due date( 31-07-2009) to the Jurisdicational AO. Or else u can also efile it and send the ack to bangalore.

b) I f I want to pay the tax late, that is in this year later,  is it possible if so what is the penaly if any & how to do it ?

Ans: Yes. It is possible. But, u have to pay the tax with interest component as per sections 234A, 234B and 234C