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Self assessment tax- interest, payment (11c/n11c) ??

Yogesh (.) (25 Points)

27 June 2014

Hi,

I have earned 66,000 as interest from investing with private firm and TDS on the has been deducted by that firm.

Now while filing return I see that clubbing this income/interest with salary income, I owe 7070 as outstanding tax (as some of the clubbed income falls in 30% bracket).

Out of my total tax liability I have paid more than 90%.

Will I have to pay penelty/interest on the remaining? I read somwhere I should not

If yes- How much?

If not- What should be the penelty code while paying additional amount through the bank? - 11C or N11C?

Also how to split 7070 in between tax and E Cess (is 6864+206=7070) correct?

AY is 2014-15.

Thanks in advance

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3 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 27 June 2014

if tax of 7070 has been calculated by any software or through utility used for filing return then it will include the intt. payable on such tax. you just need to pay the amt. and file your return.... while paying tax online, it is not necessary to split amt. into tax and cess. you can fill whole amt. in income tax column and pay tax.

Yogesh (.) (25 Points)
Replied 28 June 2014

@ Tribhuvan: thanksfor the reply. I have used nityas spreadsheet but it dosenot consider late payments and interest in it. Yes it has cess included. Can you send me any templete/utility which can give me tax brekup for late payments. Also which option to use 11C or N11C?