Paying income tax due

Tax queries 516 views 2 replies

Somak De

Lead

29 Points Posted on 17 June 2014

Hi,

I am a salaried professional. In the last financial year I have switched my job, and by mistake did not showed income from previous company to my current company. Becasue of that reason they have deducted less tax. Now after calculating my two form 16, I can see I have around 40K tax as due. I have some doubts on this.

1) how to pay this tax? Based on my research, I have to fill CHALLAN NO./ITNS 280 from NSDL site under self-assesment tax code and pay the tax that is pending. hope this is correct.

2) How to calculate the exact amount to be payed including penaulty? I believe I have to pay 1% per month since december, is that correct? If I pay more? in that case will it be refunded back ?

3) when I submit last years return I need to mention the amount including penulty under tax already paid?

Please let me know about this. Thanks in advance

Replies (2)

inderjeet singh chadha

partner

32 Points Posted on 17 June 2014

go to income tax site and use itr1 or 2 as applicable to you anddownload form and fill in the details you will be getting on it1 or it2 page under 234 a or 234 b or 234 c the interest to be paid and also the tax to be paid on same pge.

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 17 June 2014

1. yes you are correct, you have to pay tax that way only. 2. you dont need to worry about the calculation, go to income tax efiling website. you will find a link for income tax calculator. calculate your tax as well as interest payable and then pay your taxes. 3. while filing your return, you have to show the total amt. of tax paid including interest because there is no separate column for interest or penalty paid.