I am a central Govt servant and have received a notification for AY -2010-11 in Apr 2012. As per Form 16, my Tax amout comes to Rs 2,76,935 (Rs 2,68,869 + Rs 8,066 (Edn Cess)). The same was cut by my employer and is reflected in Form 16 as well as Form 26AS too. However the intimation notice states the tax amount as 2,85,411 +8562 (Edn Cess). A demand of Rs 21,580 has been raised including interest under S/234A (Rs 3,910) and 234 B (Rs 629) I do not know how this amount has been generated.
However on deeper study, i found that the difference in tax amount before edn cess comes to Rs 16,542 ( Rs 2,85,411- Rs 2,68,869). Since I am in 30 % tax bracket, i calculated the income on which this tax was calculated; and hence I divided this amount by 30 % and got the figure of Rs 55140/- which is incidently the amount I showed as Loss from House Property (Int on loan paid to the bank as well as loan taken from my father). This amount is also reflected in Form 16 since there is provision in my organization to declare income and losses other than salaries and the same gets reflected in Form 16.
What should I do.? Secondly this intimation does not state anything with reagrd to how to give reply/or contest or how to deposit tax etc.
CAclubindia
