Can the tax for AY 2012-13 be paid now?

POSTED BY Ravi ON July 7, 2013 11:54 am ONE COMMENT

Hi Friends,

I am in 30% tax bracket. I had opened an FD for 19 months that matured in Sep 2012. At the time of maturity I became aware that bank had deducted and paid TDS to govt for AY 2012-13 and 2013-14 also. Since there was no intimation from the bank about the tax deducted, I forgot to pay the additional 20% tax that I had to pay for AY 2012-13.

My question is : Can I do that now without any penalty? Also which challan should i use for this payment. Pls advise. Thanks

One reply on this article “Can the tax for AY 2012-13 be paid now?”

  1. Ashish Garg says:

    Dear Ravi,

    You can always pay the balance tax for AY 2012-13 now using the online income tax paying portal (incometaxindia.gov.in shall guide you).

    You need to pay the interest and penalty for not paying the remaining tax on time. Try and search the net and you will find a few calculators to let you how much is the penalty and interest you need to pay.

    Use challan 280, self assessment tax

    Ashsih

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