My professional income is only 5 lakhs for the year 2024-2025. However, I sold a property last year and invested all the proceeds in a fixed deposit. The result is that the FD interest turned out to be more than 15 lakhs for 2024-2025. Now, my tax calculation reveals that I have to pay more than 40, 000 in tax plus, of course, there will be some penalty. What to do now? ITR-3 is still not enabled on the site.
You can pay the said amount tentatively before month end. The would be no penalty; but some interest u/s. 234.
Thanks. I will have to pay this as self-assessment tax?
Yes as self assessment tax.
Thank you so much! Will do this immediately.
Good Luck...
Aggarwal Sarawagi and Co
New Delhi
CA
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CMNITY HIRE
New Delhi
Others
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