Hi, I quit job last year mid-september, I am pursing my PG but I also receive stipend. My over all income for the year 2012-2013 ( including stipend) is 3.5lakh.
My previous empolyer deducted 6897 as TDS until september 2012, Since then I have not paid any amount as tax. As for my stipend, I recieved 1.3 lk until 31st March, 2013. From 1st Apr to September, my income is 2.1 lakhs as from the previous employer's FORM 16 and I am not eligible for any tax exemption. I understand that I should be paying more income tax. But I'm not sure how much more, as advance tax rules and self assesment tax is confuses me. A penalty is also levied @ 1% Simple interest for defaulting amount, am I correct? Also I am not sure how and where to pay the excess amount. Any help will be highly appreciated.
As per my calculation, the over all excess amount that I should pay comes close to 8450/-. Is this correct?
Thank you,
Rauzce
CAclubindia
