How much Interest do I need to pay on remaining tax?

POSTED BY sajal arora ON August 28, 2012 11:42 am COMMENTS (6)

Hi,

I have to pay my remaining tax from last year (FY11-12). Amount is Rs. 7000. I did not know how to pay remaining tax at that time so just left it and later forgot about it.
I wanted to know how much interest do I need to pay now? + penalty (Rs. 5000).  And, do I need to pay it within this year’s due date (31st aug 2012) or I can pay on later dates?

Regards,

Sajal

 

6 replies on this article “How much Interest do I need to pay on remaining tax?”

  1. sajal arora says:

    Hi Ashal,

    Thanks for the guidance.

    I did try with the excel sheet but it is not counting penalty. Only interest is counted which is only Rs. 930. There is something wrong with the calculation, I presume. I wanted to know if I really had to pay any penalty, if yes, then do I need to manually add the value under some heading.

    It will be a great help if you can help me understand the calculation, so that I can pay the right amount.

    Regards,
    Sajal Arora

    1. Dear Sajal, please pay that 7930 Rs. immediately. You had not answered on the assessment part of your ITR.

      Thanks

      Ashal

      1. Shabbir says:

        What is the penalty if assessment is done and return is found defective?

  2. sajal arora says:

    Hi Ashal,

    I did file last year’s ITR. I knew that I had tax liability but I did not know how to pay at that time and later forgot about it. This year too I had some tax liability and then I remembered about last year’s too. I read many articles on tax liability and got to know about the payment details. Though I paid this year’s liability, but couldn’t quite make out how to calculate interest on last year’s remaining tax.

    As you suggested I’ll first search my last year’s ITR excel sheet and check if it gives me the interest amount.

    I wanted to know if I can file ITR on last year’s remaining tax before or after this year’s due date, 31-Aug-2012.

    Thanks,
    Sajal

    1. Dear Sajal, Please search for last year’s excel sheet. it ‘ll calculate your interest liability also. You can then pay your dues.

      Thanks

      Ashal

  3. Dear Sajal, Had you filed your last FY’s ITR? If yes, how did you overlook this tax liability? In case you opt to pay your due tax now, first make sure, your ITR assessment for last year has been done or not. If it’s done, in all probability it ‘ll show you the amount due to you the basic tax + interest + penalty if any.

    So first of all please check the status of your last year’s ITR?

    Thanks

    Ashal

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