Hi All,
I am working in private company. My tax is deducted monthly from my Salary. For Mar 2011 - Mar 2012 my tax was 28000.
I have extra earnings from my blog which is around 70K for Mar 2011 - Mar 2012. Now when i calcuted including my extra earnings total tax to be paid is 39000.
My query is that 28000 is deducted as TDS. Now how should I pay the remaining amount 11K.
Please helpo me in this regard.
Thanks in advance.
Hi Rajendra
It Saurabh Garg Tax consultant, we are offering various service on various tax issues.
you can reach us at cagarg.saurabh @ gmail.com
Phone No +91-9990455520
Regards
CA Saurabh Garg.
Hi Rajendra,
The balance tax could be paid either by declaring the additional income to your current employer, whereby they would deduct the monthly installments for the tax payments in the month of Feb and Mar. If this option is not feasible, then you could remit the taxes to the government through the last installment of advance tax , which is due on Mar 15, 2012. You can use Challan 280 for this payment. Any of the PSU banks will guide you on the procedure.
The last option is to pay the balance taxes before filing the tax return for the tax year 2011-12, through the self assessment tax mode. Challan 280 is again used for the payment.
However, there could be some additional interest payments for default of payment in advance tax or installments of advance tax, which you need to analyse before making the aforesaid tax remittances.
Regards,
CAclubindia
