Self assessment tax payment

first of all, due date was never 05th august... now answer to your queries... 1. you can pay taxes online on tin nsdl website through net banking. use challan 280 for payment of tax.... 2 &3. intt under sec 244A/B/C @ 1% p.m. will be payabl. so as you delay in payment of tax, this intt will keep on increasing every month. for exact amt payable as intt, prepare your itr in excel utility and the utility will itself calculate intt payable by you..... 4. in your case, you should file your return in the month of deposit of tax or else tax liability will increase due to change of month and increase in intt payable thereon.

Dear Nischal,

Don't worry if you hv'nt filed the Income tax return on due date.You can file your Income tax return upto 31st March, 2015. But before filing of Income Tax Return the balance tax should be deposited. As you have mentioned to pay the balance amount tax of Rs.2906 /- (11609-8703). The said balance tax to be deposited in Form / Challan ITNS 280 (https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp) In addition to this Interest U/S 234A should also be added to balance tax 1% p.m. of balance tax counting from due date. Say if you want to deposit the tax in current month i.e. August 2014 the intt U/s 234A will be Rs. 2906 * 1% = Rs. 30. Further Interest U/S 234B & 234C will also be applied i.e Rs. 146 & Rs. 81 respectively. The total tax liability will be Rs. 2906+30+81=Rs. 3017 (say Rs. 3020)

Originally posted by : NAVEESH DHAR
	Dear Nischal, Don't worry if you hv'nt filed the Income tax return on due date.You can file your Income tax return upto 31st March, 2015. But before filing of Income Tax Return the balance tax should be deposited. As you have mentioned to pay the balance amount tax of Rs.2906 /- (11609-8703). The said balance tax to be deposited in Form / Challan ITNS 280 (https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp) In addition to this Interest U/S 234A should also be added to balance tax 1% p.m. of balance tax counting from due date. Say if you want to deposit the tax in current month i.e. August 2014 the intt U/s 234A will be Rs. 2906 * 1% = Rs. 30. Further Interest U/S 234B & 234C will also be applied i.e Rs. 146 & Rs. 81 respectively. The total tax liability will be Rs. 2906+30+81=Rs. 3017 (say Rs. 3020)

Dear Naveesh

Thanks for your response.Per your estimated amounts the tax liability calculation will come to 3163 (say 3200). However as i did some research on this i understand that in case of salaried employees, the advance tax liability is to be computed on the income other than salary income and if the advance tax liability is less than 10K then section 234 b and 234 c may not be applicable to me. (not sure abt 234 a). Just to clarify that out of 11609/- my tax from salary is 9353 and 7500 is deducted by my employers. the balance amount tax liability of 2256 is from FD interest out of which 1203 is deducted by banks as TDS

I may be incorrect in the above interpretation hence can you clarify please.

As per section 209, where the income tax payable by an assessee for any financial year (after deducting tax deducted at source) is Rs. 10000/- or more, the tax shall be payable in advance duringthe financial year itself.

However senior citizens have been exempted for payment of advance tax if they are not engaged in business or profession. 

As in your case, the balance tax liability is less than Rs. 10,000/- (after deducted the TDS) only the Interest U/s 234A will be applied i.e. intt @ 1% p.m.

Further, Intt. U/S 234B & C will not be applied which was wrongly mentioned in my Ist reply.