Hello,
I have a small query. I was employed with two organizations during the last financial year. In the second organization, I didnt declare Form 12. And in both the organizations I availed 80C&80CCF exemption for 1.2lacs. Now when I consolidate both the form 16 there is a Tax liability on my side. I understand that I will have to pay the Tax ASAP but wanted to know how much is the interest that I need to pay along with the IT. Can someone please help me?
Thanks in Advance.
Vaibhav
are you asking in terms of current AY:2011-12???
interest would be payable only if your current tax payable exceed Rs.10,000/- (Interest u/s 234C) . if it doesn't, then there is no question of interest.
no dhawal is not tottaly correct you would be liable to interest u/s 234A 234B 234C all of them for
234A : applicable only if you dont pay taxes by july 31st i.e last day for fiing returns .
234B if advacne tax i.e TDS less than 90% of total tax laibility then the diffrence of them* 1%pm. if you pay taxes now 2% i.e april and may 2011, or else as you delay 1% pm extra for every month or part of month even for 1 day of a month also.
234 C (tax liability*30F%-TDS deducted upto september 2010)*3%
(tax liability *60%-TDS deducted up to december 2010)*3%
(tax laibility *100%-TDS deducted up to march 2011)*1%
agreed.
but i had answered assuming that he would file his returns before July 31st ..
agree with mr. NIMIT
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