Incomplete TDS

Hi,

I am a software profesional. I joined a new company on Dec 2010. Till Nov-2010, my previous company has deducted the TDS from my salary. When I joined the new company, I couldn't submit the tax working details from the previous company to the new company on time. So my current company did the TDS based on my income from Dec to March only. When I did a calculation on the Tax, I am supposed to pay more tax considering the income I had from my previous company. My current company is not ready to take my tax working document now because the submission date is over. What should I do ? How can I pay the rest of the amount ? When should I pay it... Please advice.....

Thanks
Mahesh

 

Replies (7)

U can pay it as a Self Assessement tax within due date of filing of Return which is 31st July for Indvls..

hello mahesh,

the rest amount payable as income tax can be paid either as advance tax or as self assessment tax

 

Advance Tax   -   if paid before 31st march

Self Assessment Tax   -    if paid after 31st march (with interest)

through Challan NO. 280

Hi Dheeraj,

Thanks for the details. Is provision for Advance tax still exist? Someone told me that Advance Tax is no more thr. I may be wrong.  If I pay after 31st March, what would be the percentage of interest charged ?

Thanks

Mahesh

 

You have to pay 90 % tax of your liability before 31st march and if there is left 10% amount you have to pay this to government before 31st july.

hello mahesh,

Deduction of TDS is compnay responsibility if they didn't deduct then u can pay the rest amount payable as income tax can be paid either as advance tax or as self assessment tax. Interest will be charge if ur libility left more than the Rs. 10000/-.

 

Advance Tax   -   if paid before 31st march

Self Assessment Tax   -    if paid after 31st march (with interest)

through Challan NO. 280

U can pay through Self Assessement Tax (Challan No. 280) through income tax site with in due date of filing the return  31st July, 2011.  

Dear Mr. Mahesh,

There are two options-

Pay Advance Tax  on or before 31/03/2011

or 

Pay S.A Tax at the time of filing of return

Useful payment of e-payment of taxes:

https://www.tin-nsdl.com/faqOLTASetax.asp

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