Hi All,
I'm working as a software engineer in an IT company.
I'm filing ITR form-1 for FY 2019-20.
My company had deducted and submitted TDS of around Rs 7000 on 6/01/2020 to Govt. IT department.
Now, initially while filing the ITR, my tax payable was coming as Rs 0.
After adding interest from saving account, my taxable salary became more than 5 lakh.
Now, it's showing tax payable according to the slab(Rs 12500 + 20% of amount above 5 lakh).
This is fine.
However, it's also adding a total of around Rs 4000 interest against below sections:
Interest u/s 234B
Interest u/s 234C
As per my understanding, salaried professionals shouldn't be considered for advance tax.
Is my understanding correct?
If yes, then why the section 234 interest amount is added?
If no, then how could I have avoided it?
Any responses are appreciated!
Thanks
Rahul
CAclubindia
