Dear sir/madam.
My employer did not deduct any tax until jan-22. In feb-22 I submitted all investment proofs and now employer says you are not in tax bracket. However when i add my fd income to the total salary income i find that I will hv to pay about 15000 as income tax.
Is it required now to pay it as advanced tax before 15 march or can i simply pay it as self assessment tax at the time of filing return some time in jul-22.
amount is small so i don't know if i need to pay now.
Thanks
thanks a lot for your answers. i think then i better pay advance tax before 15 march. While i can ask employer to add fd income but it's approximate. so if there's data mismatch between form16 and actual itr i know it dept raises queries before approving your itr. this way i think i will be able to keep my form 16 clean. hope this is a better option that i pay tax now as advance.
Pay advance tax before 15th March
It is better to pay advance tax to save the interest charges which you will have to pay later on at the time of filing of IT return
| Originally posted by : Eswar Reddy S | ||
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Some time advance tax is not allowed for salaried employee. So better to instruct employer to cut Tds by considering approximate FD interest |  |
That is not correct. The tax department is always going to take your money, in whatever form it is given to them!
But typically employers don't consider the tax you may have paid on your own, and determine the deduction based on the income they have paid you and the investments / expenses you have incurred that reduce the tax burden.
You can always ask them to deduct more if they're agreeable, but usually they won't deduct less.
| Originally posted by : Eswar Reddy S | ||
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If it is possible then request your employer to include FD interest under any other income reported by employee .And instruct them to deduct Tds under salary head for March.It may be adjusted in ITR | |
WHY IT MZY BE ADJUSTED IN ITR?
CAclubindia
