Income Tax with Penalty & interest

Tax queries 1037 views 1 replies

Hello,

I am salaried employee, have received form 16 from employer and was about to file the returns. I observed that after taking into consideration the "income from Savings account & Fixed Deposits", the total tax which I am suppose to pay is falling short by 2375 Rs.

i.e. I need to pay 2375 Rs. more as tax. (Even though I paid some self assessment tax on 15th March, the tax deducted by bank on Savings & FD income was at the rate 10%. Since I'm in 30% tax bracket, So I need to pay remaining 20% on that income.)

Now, my question is: Since the deadline for paying advanced tax was 15th March and I still have to pay 2375 as tax, how much should I actually pay including penalty and interest for late payment. Please help me with the calculation

 

Thanks

Replies (1)

Enclosing file will help to calculate the amount of ineterest in your case.


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