Clarification about Income Tax payment

POSTED BY Adars ON April 29, 2012 5:07 pm COMMENTS (2)

Hi,
I belong to the 30% tax slab.
I switched to a new company in 2012 February.
My salary income from new company (February+ March) doesn’t exceed 1.5 Lakh.
Hence, they didn’t deduct any TDS for February & March 2012.

Queries:
1) How should I pay the appropriate income tax for the above mentioned income (at 30% rate)
2) Which ITR form should I use when I file my tax return online.
thanks in advance,
Adarsh.

2 replies on this article “Clarification about Income Tax payment”

  1. Dear Adarsh, first of all please check out of that 1.5L Rs. amount in new company, what are taxable & what are non taxable. Add the taxable part into your prev. employer’s form 16 statement & calculate your tax liability. Pay online your self assessment tax & then file your return.

    If you require more help, please contact here again or me personally.

    Thanks

    Ashal

  2. The funda for paying income tax is simple

    1. See your total salary in the year (irrespective of which company)

    2. Calculate the income tax based on your taxable salary

    3. There will be some money which must have been deducted as TDS

    4. Pay rest of the amount as tax .

    If you meet a CA or any tax filing person (which I am sure you will do) , just ask him to guide you

    Manish

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