Penalty to be paid on late payment of Income Tax

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Guest

Hi Experts,

I am a salaried employee and plan to file e-returns. However I realised that I have not declared interest income to my employer for AY 2011-12. While calculating tax, I realize that Ihave to pay an excess tax of Rs.1,077.

I am yet to file the return and will do that before the due date of 31July 2011.

My query is that:

1. Can I directly deposit the due tax of Rs.1077 or should I add any kind of penalty or surcharge while depositing the additional tax? If yes, how is surcharge calculated?

2. If I deposit only the required amount, i.e., Rs.1077, will be receive any notice u/S 221 (1) ?

Thanks in advance.

Abhay

Replies (3)

Arvind Sharma

ACA

1432 Points Posted on 27 May 2011

Dear Abhay,

Section 221 is not applicable in your case...

You are required to pay only that amount of Tax on or before filling ROI....

Sec 221 will attract if you failed to pay the same within above time....

Further, since your tax due is not in excess of Rs. 10,000, you are not liable to pay Advance Tax and thus Int u/s 234B & 234C is not leivable. But if you failed to file our ROI, you will be liable to pay tax due plus Int u/s 234A @ 1% pm for the period commencing from due date of ROI (in your case, will be 31st July) till end of the month in which ROI filed..

So pay tax of Rs. 1077 before filling ROI within due date., and in case of delay in filling within due date, pay Rs. 1077 + Int u/s 234A.

Hope you have got solution of your query.....

Guest

Originally posted by : Arvind
	Dear Abhay, Section 221 is not applicable in your case... You are required to pay only that amount of Tax on or before filling ROI.... Sec 221 will attract if you failed to pay the same within above time.... Further, since your tax due is not in excess of Rs. 10,000, you are not liable to pay Advance Tax and thus Int u/s 234B & 234C is not leivable. But if you failed to file our ROI, you will be liable to pay tax due plus Int u/s 234A @ 1% pm for the period commencing from due date of ROI (in your case, will be 31st July) till end of the month in which ROI filed.. So pay tax of Rs. 1077 before filling ROI within due date., and in case of delay in filling within due date, pay Rs. 1077 + Int u/s 234A. Hope you have got solution of your query.....

Yes, it answers my query. I assume by ROI you mean "IT Return".

Thanks

Kamal Jain

21 Points Posted on 03 July 2012

Dear Experts,

I am new in HR, and my company had not deposited the Proffessional Tax for the period of F.Y 08-09, 09-10, 10-11 and 11-12. So now i have to submitt this amount with penalty and interest. Please suggest me the proper procedure and Penalty and Inteest rate.

Regards

Kamal Jain