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ITR-1 -- Section 14


(Guest)

Dear Friends, i am trying to file returns online and was using the ITR1 form and filled in all the details that was required and my company has deducted the TDS from my Salary and that is the only TDS for the last financial year. Also i have rental income from one house and FD interest which i have declared in 2,3 respectively.

I know that i have to pay tax for the above mentioned income (rental+interest income) but i found that in Section 14 which talks about "Total Interst Payable" which has like 5k in it. I am not sure how this is derived? Or is it something that interest i need to pay for unpaid tax (rent+interest income)


 5 Replies

Ninad Pandit (CA Final Student) (254 Points)
Replied 18 July 2010

give the entire details which u r filing in the ITR... like the salary amt, tds amt & the other income(hp income & fd int). i will check & let u know as soon as possible,ok...?


(Guest)
Originally posted by : nataraj

Dear Friends, i am trying to file returns online and was using the ITR1 form and filled in all the details that was required and my company has deducted the TDS from my Salary and that is the only TDS for the last financial year. Also i have rental income from one house and FD interest which i have declared in 2,3 respectively.

I know that i have to pay tax for the above mentioned income (rental+interest income) but i found that in Section 14 which talks about "Total Interst Payable" which has like 5k in it. I am not sure how this is derived? Or is it something that interest i need to pay for unpaid tax (rent+interest income)

Attached File : 16 2010 itr1 r14 ca.zip downloaded: 103 times

vkbothra (Learning ) (690 Points)
Replied 19 July 2010

dear sir,

your return (ITR - attached file) is showing interest just because you hadn't paid any advance tax. as per the rule, if your tax is more than 5000/- than you have to pay advance tax, in 4quarter, now you have a laibilities of Rs. 18899/-

;)


(Guest)

Dear VKBothra

Does this mean i need to pay advance tax for FD interest and Rent during the 4th quarter so that this penalty can be avoided? So suppose i have Fd+Rent income as 30,000 then since am in 30% tax bracket do i have to pay 10,000 as advance tax?

Thanks

Nataraj

vkbothra (Learning ) (690 Points)
Replied 19 July 2010

nope dear,

advance tax is applicable for everyone, even one who have only salary income and in your case you are having salary + rent + interest income. so the procedure of calculation of interest and income tax is right and rectifying my mistake that

if your tax is more than Rs. 10000/- than you have to pay advance tax in 4 quarter respectively,


1st quarter starts from 1 april - 30 june and last date of advance tax payment for 1st quarter is 15 june

2nd quarter starts from 1 july - 30 sep. and last date of advance tax payment for 2nd quarter is 15 sep.

3rd quarter starts from1oct. - 31dec. and last date of advance tax payment for 3rd quarter is 15 dec.

4th quarter starts from 1jan. - 31march and last date of advance tax payment for 4th quarter is 15 march.

 

 

interest calculation method

nterest under section 234a (late filling of return from due date to date of filling, interest @ 1% per monthor part there of)

interest under section 234b ( non payment of tax, inerest @ 1% applicable from 1st day of april of the related financial year)

  interest under section 234c ( defferment in payment of  advance tax)

calculation

u/s 234a ( 1560*1%*8)

u/s 234b (1560*1%*12)

u/s 234c

there are 3 due dates for an individual assessee

15th sept. tax payment sholud be 30% of tax liability

15th dec. tax payament should be 60% of tax liability

31st march tax [ayment should be 1005 of tax liability

so calculation u/s. 234 c comes to

468*1%*3months

936*1%*3 months

1560*1% *1 month

 

 

 

kindly read this topic regarding advance tax and interest calculation

topic - /forum/re-advance-tax-calculation-10342.asp

 

you can also check attach file ;)

 


Attached File : 21 20 234b c interest calculator.xls downloaded: 122 times

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