This is with regard to Income Tax, I have a query regarding multiple Form 16.
One of my friend has worked with two different companies during financial year 2010-11 and both the employers has not done any TDS.
When we consolidate the Form 16 the Total income after all deduction is Rs. 2,83,440 and there is a tax liability of Rs.12344 + Education Cess Rs. 370. Total tax payable Rs. 12714, Now my question is whether one has to pay any interest for non payment of advance tax as the tax amount exceeded Rs. 10000.
If yes please let me know the amount of interest u/s 234 B & C. (brief me the calculation also)
I would request you to help me in this case and give your valuable inputs.
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Replies (3)
the employee is required to infome his employer about his income. then only his employer can MAKE TDS. IN THE GIVEN case interest u/s 234 B & C will attract. interest will be Rs. 1444.
I got Interest u/s 234 B - Rs.509 & 264C - Rs.470, the total being Rs.979. How come Rs.1444? I dunno if i'm wrong.
Thanks Alamelu... your calculation is correct.
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