Tax calculation

In form 16 I have

Income - 790230

Tax paid -92747 (all include)

From bank I have interest earned 21020

TDS -2102

So I thik, after combine of above items, it look like I need to pay 3387 extra

Is it correct and how much interest I need to add in it, is it 1 % per month?

 

Thanks for response

-Aryam

 

Replies (4)

Hi Aryam.  Attached is the file in whihc your tax is being calculated.  dont know how you ahve got the tax of 3387.  As per my calculation there is an refund due to you. 

Does the amount of tax 92747 paid as shown above includes also the TDS on bank fd's of 2102. if that is the case then you are required to pay tax

Didn't you make any tax savings for 80C.

Income from Salary (Chapter IV A)

790230

 

 

 

 

 

 

Salary

 

 

790230

 

 

 

 

 

 

 

 

Income from Other Sources (Chapter IV F)

21020

 

 

 

 

 

 

Interest From Bank

 

 

21020

 

 

 

 

 

 

 

 

Gross Total Income

 

 

 

 

811250

 

 

 

 

 

 

Total Income

 

 

 

 

811250

Round off u/s 288 A

 

 

 

 

811250

 

 

 

 

 

Tax Due

 

 

95375

 

Educational Cess

 

 

2861

 

 

 

 

98236

 

T.D.S.

 

 

94849

 

 

 

 

3387

 

Round off u/s 288B

 

 

3390

 

Deposit u/s 140A

 

 

3390

 

Tax Payable

 

 

0

 

No need to pay Interest if you file before 31st July.....yes

Refer to the attached file for tax calculation & tax payment.

You need not pay any interest on the tax amount (untill & unless you are paying tax & filing your return before 31st July,2012).

Also, don't forget to add your 'Interest income from saving bank a/c's' to the 'Income From Other Sources' head.

If you have made any investments, like : U/s.80C (LIC, PPF, PF included as deduction in salary, NSC, etc.), U/s.80D (medicliam), U/s.80G (donations), etc.; you will be eligible for deductions for the invested amount (limits applicable).
This might reduce your tax payment or you may not have to pay tax at all.

Feel free to ask again if there's still doubt.

Thanks for reply

 

790230 is after deduction of 80C ( 1L)

So I will pay 3390 before 31 July, so that no need to pay interest.

Thanks to all, great reply.

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