Self assessment tax

interest applicable only if gross tax payable is above 10000/-

For FY 2010-11, you can make the SA tax payment till 31st July ,2011 without any interest u/s 234A.

Interest u/s 234A will be applicable only if you have not filed return in time i.e. as per the provisions u/s 139(1).

Here interest u/s 234A will not be applicable.

In your case check  if the assessed tax  i.e. (Actual tax payable -TDS) exceeds Rs.10000/-.

But in your case the SA tax amounts to Rs. 2057/- only you are not required to make the payment of interest amount.

Section 234B & 234C will not be applicable.

Originally posted by : U S Sharma
	interest applicable only if gross tax payable is above 10000/-

Advance tax provisions will be apllicable only if assessed tax i,e (actual tax - TDS) exceeds Rs. 10000/-

I dont understand the meaning of Gross tax here.

Pl correct me if I am wrong.

Originally posted by : ** YOGINI **
	Advance tax provisions will be apllicable only if assessed tax i,e (actual tax - TDS) exceeds Rs. 10000/- I dont understand the meaning of Gross tax here. Pl correct me if I am wrong.

As the query posting person posted only the self assessment tax, did not mentioned TDS details or advance tax details, so if the gross tax payable, (self assessment + advance tax , if any)  (not deducted) is above 10000 then interest is applicable,

Originally posted by : U S Sharma
	interest applicable only if gross tax payable is above 10000/-

There are two confusions here.

1. There are three types of Interest 

-- 234A Interest for late filing of Return of Income

-- 234B Interest for short payment of Advance Tax

-- 234C Interest for delay in payment of Advane Tax

Even if the tax payable is less than Rs. 10000, it may happen that the assessee may have filed the return beyond the due date and also there may be delay in payment of S.A. Tax. So, in this case, S.A. tax may be applicable.

2. What is Gross Tax?

There is no tax like gross tax. The provisions of advance tax and interest thereon are not applicable if the net tax payable adjusted after tds and tcs if any is less than Rs. 10000

Suppose the total tax payable by assessee is Rs. 100000 and Rs. 92000 is in TDS and TCS then the net tax payable after the adjustment of TDS and TCS is Rs. 8000. In this case, even if advance tax and interest thereon provisions are not applicable, the assessee may have to pay interest u/s 234A if there is delay in filing of return and payment of SA Tax beyond 31st July / 30th September as applicable.

Originally posted by : A.Ekka
	hi... i am a central govt. employee. My income tax  (TDS ) fall short to the tune of2057/-. of financial year 2010-11. i have deposited 2057   through challan 280 under self assessment tax  online without interest. but i am confused whether i had to pay interest or not? plz clarify.....

Dear A. Ekka

Please provide the following information

1. Date of Filing return

2. Date of payment of Self Assessment Tax

so that we can clarify on your doubt.

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I have modified my message from here. There was a reading error by me. 

The problem is relating to F.Y. 2010-2011. So if you have paid the tax there is no interest payable as the due date for this year is yet to come, i.e. 31st July. So, no interest u/s 234A.