Self-assessment tax query

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Sakitram

189 Points Joined July 2011

Hello,

In my ITR preparation, I had some amount of tax to be paid with interest (Total Interest u/s 234A 234B 234C).
I prepared this ITR by 31/08/2012, and submitted urgently without paying the payable tax amount as Self-assessment tax.
Now, 06/09/2012, I urgently paid that self-assessment tax and also preparing the revised ITR with self assessment payment details.
And then once I click on the "Calculate tax", I see that "Total Interest u/s 234A 234B 234C" is raised by Rs. 437 and still the tax payable is showing that different (ie 437).

I find that it is all due to the month changed from Aug to Sep, and so interest raised.
Now my question is that to pay this balance amount Rs. 437, shall I again pay the self-assessment tax as did earlier and mentioned the break-up as follows.

Tax (basic tax) = 0.00
Surcharge (not applicable)= 0.00
Penalty (not applicable) = 0.00
Education cess (3%) = 0.00
Interest (ie 234B,234C or any other interest) = 437.00
Other = 0.00
Penalty = 0.00
Total = 437.00

And once paid this amount as well, put this payment details as well in ITR form as second entry in self assessment.
Please clarify my doubt whether am I right with this.

Thanks

Replies (6)

Alok Srivastava

Consultant

210 Points Joined March 2011

Hi,

Sakitram, If you paid self assessment tax as on 31/08/2012 and balance tax payble was 0 on that date , and next day tax liab. due to sec. 234A shows then it is system problem you should download fresh ITR from Directorate of Income Tax and upload it.

Interest U/s 234A pay only when any tax liability payble after due date.

Interest u/s 234 A is 1% per month or fraction of the month on tax payble.

And also 234 B will be rise in your case.

Sakitram

189 Points Joined July 2011

@ Alok Srivastava

Here, the problem is that I did not pay that self assessment tax on 31/08/2012. Because that time I did not know that I should pay this tax amount and make tax payable amount is 0 in ITR before doing filing.

Now once I get to know all about this, I just now paid (06/09/2012) with the reference of that ITR-V. And then I tried to revise the ITR to re-submit, then only I found that the Interest is raised further by Rs. 437.

Alok Srivastava

Consultant

210 Points Joined March 2011

Yes sakitram........there is Interest u/s 234A for 1 month @ 1% on tax payble and 1% per month for 6th month on tax payble in Rs. 437.

Sakitram

189 Points Joined July 2011

Thanks.

Now my question is to pay this balance amount Rs. 437 through online as self-assessment the following breakup is correct or not.

Tax (basic tax) = 0.00
Surcharge (not applicable)= 0.00
Penalty (not applicable) = 0.00
Education cess (3%) = 0.00
Interest (ie 234B,234C or any other interest) = 437.00
Other = 0.00
Penalty = 0.00
Total = 437.00

Thanks