Hi,
Relevant Info:
AY 2012-13.
Due date for filing: 31.08.2012
I filed (thru online): 30.08.2012
Total income tax libility (26): 791248.
TDS: 747,925.
I have not paid any advance tax (in Sept, Dec, March).
On 31.07.2012, I was trying to fillup the tax return online (later on the day I found that return date was extended for a month - so submitted the return on 30.08.2012).
incometaxindia gives an excel sheet to calculate tax. I used that on 31st July, 2012 and found that my total interest payable is Rs. 3334.
Based on that, I paid a self assesment tax (on 31.07.2012) of 46,657 (791248-747925+3334). I mentioned that in my return and filed the return one month later on 30.08.2012. I have checked my 26AS online and self assestment tax is showed there.
On 06.03.2013 I get an email from cpc @ with attachment stating that net amount payabe for me is 50,120.
I have attached (please see attachment) the calculation they have made to arrive that figure.
The discrepancy seems to be calculation of 234b,c and no taking into consideration that I paid self assesment tax.
To see how they have calculated the 234b,c figure - I checked that if the assesment is done on 1st 2013 then that figure match.
Am I right? But I dont undertstand that if I am paying on 31st July 2012 - why do I have to pay interest for the whole year.
Also why dont they consider self assesment tax while calculating net tax payable.
Any help regarding this will be helpful. I think I have paid what I should pay - but Govt dont think I have paid. What to do.
Attached File : 1268495 1307951 attachment q.zip downloaded: 150 times
CAclubindia
