Need help .. first time in TAX bracket

Mr. Mahen

Pay the aforesaid amount computed by you on or before 31st July 2009...No additional Interest since your Tax liability is less than Rs, 5000.

Ohh wow.. Thanks Ritesh .. Can i myself proceed with paying this tax & file it or i wud require CA... where can i pay this amount ? or where can i find detail information of this procedure??

Mr Mahen

Please download the self asst. challan for payment the tax . Please deposit the tax with interest @ 12% . As u told that tax liablity is rs. 3687.50 so interest is 36.87 per month & you have to pay interest for 16 mnths i.e 589 and total sum of Rs. 4276 . So you pay Rs. 4300 in rounding off. After payment of tax you sould file your return online.........Hope no need for CA in practice..........

Mr. Mahen I wud like to clarify....Interest Liability is imposed u/s 234A,234B & 234C....

Sec. 234 A wud be applicable if you file your return after 31st July 2009.....So file your return on or before 31st July 2009

Sec. 234C deals with the instalments of Advance Tax that needs to be paid during different periods of F.Y.... However such Sec. is not applicable if Income Tax Liabilityis less than Rs. 5000.....So no need to worry for you on that front

That leaves us with Sec 234B...Now here i am bit confused....I am not so sure whether Rs. 5000 limit applies to this sec or not......Suppose it doesn't (which i personally believe but please confirm it), even in such scenario, you need to pay Interest @ 1% p.m for 4 monnts(i.e. from April 2009 to July 2009) on Rs 3687.50 which works out to Rs. 148 as interest.....Thats what you wud need to pay extra alongwith abovesaid amount. But please confirm that.

As far as paying Tax is concerned, you can download Self Assessment Tax form from Income tax site & can pay it on your own Do file your Return too.File appropriate form depending on your source of Income....If you have only Salary Income, File form I which you can download too & file on your own......

No Need to pay Interest U/S 234 B & C Since ur tax liablity is Below Rs. 5000

 Pay income tax without calculating interest because income tax liability is below Rs. 5000

pay the above tax in round off i.e rs.3690 and there is no need to pay interest as your income is less than rs.5000

Thanks to all for instant reply...

 go to www.incometax.gov.in

fill out ITR 1 with d above details

take out self assessment tax challan n pay it.

so simple,no need to go to any CA.

if u delay beyond 31st july,u hv to pay interest also.so rush........

 m sorry

go to www.incometaxindiaefiling.gov.in

download ITR1

n den submit it on same site

 Mr. Mahen

Pay the aforesaid amount computed by you on or before 31st July 2009...No additional Interest since your Tax liability is less than Rs, 5000.