The employee of Govt. enterprise selected "pro rata basis" uncommuted pension of Rs.1,24,000 for the previous year 2010-11, by opting one of the choices suggested by employer under a scheme in December 2010, and his bank account has been credited with Rs.1,24,000 in mid of the January 2011.
An intimation in the form of notice issued at employer office for providing details of selection of choices by each of individual employee and further respective credit into their bank accounts.
It is for taking a consideration for TDS provision of salary income u/s 192.
But failure to attend above notice, an employee now wants to do payment of tax on Rs.1,24,000 himself and benefit of deduction for LIC premium of Rs.25,000 through this taxable income as Rs1,24,000-Rs25,000 = Rs99,000.
Can he make tax payment as such ? if yes, How?
Please comment in this regard...
CAclubindia
