iNCOME tax Payment query

POSTED BY VIGNESH BASKARAN ON March 30, 2013 8:53 am COMMENTS (14)

Dear Ashal/FFP

In case of salaried employee TDS is deducted every month by the company.
Advance tax need to be paid by march 15.
In case there is some more tax need to be paid due to the income from other sources. if he pays before 30 th march .
1. will interest be calculated fr the rest of the amount paid on march 30( march 15 – march 30) ?
2. Should it be paid as advance tax or self assessment tax (tax paid on march 30)
Please help me by answering

14 replies on this article “iNCOME tax Payment query”

  1. Dear Venkat, yes a delay in payment of self assessment tax ‘ll invite penalty.

    Thanks

    Ashal

  2. Dear Vignesh, please feel free to ask as & when you feel any need. This forum belongs to all the people like you. So keep asking. 🙂

    thanks

    Ashal

    1. venkat says:

      Dear Ashal,

      Do we need to pay penalty for this Self-Assessment tax, i.e paid after 31.03.13.

      Thanks,

      Venkat.

  3. VIGNESH BASKARAN says:

    Ok.ashal . that s y i want to confirm.

    Once again Thanks for the guidance.

    I can manage my finance better than what i was in my first year.

    All the credits goes to Jagoinvestor form and importantly You.

    Thanks and regards
    Vignesh

  4. VIGNESH BASKARAN says:

    Ok.ashal . that s y i want to confirm.

    Thanks and regards
    Vignesh

  5. Dear Vignesh, please the due tax as early as possible.

    thanks

    Ashal

  6. Dear Vignesh, after paying tax, are you continuing the FDs or planning to switch over to some other investment?

    thanks

    Ashal

  7. VIGNESH BASKARAN says:

    Dear ashal

    I am in first slab only . total salary received from the employer after the 1 L deduction comes around – 338000

    My total interest from the FD (which father gifted amount ) such tat i need to pay a tax of 12000 (approx).

    Regards
    Vignesh

  8. Dear Vignesh, may i know your tax slab? the date of FD interest accrued to you?

    Thanks

    Ashal

  9. Dear FFC, it’s OK. To Err is human. Some times i do it some times others. 🙂

    thanks

    Ashal

  10. Dear Vignesh, May I know the details of the tax liability? if you are paying your taxes before 31st march, it’s advance tax. Post 31st march it ‘ll be self assessment tax.

    thanks

    Ashal

    1. sorry i got it wrong. Thanks Ashal for pointing out it is SA tax only post 31st Mar.

    2. VIGNESH BASKARAN says:

      Dear ashal and FFP

      thanks for the update.

      I have to pay the tax for the income from other sources (FD int – which comes around 120000).

      I thought of paying the tax.

      As per your reply i got the answer.

      If i pay before 31 st pay it as advance tax

      after 31 st Self assesment tax

      Regards
      Vignesh

  11. My understanding is:

    1. No.
    2. Self-assessment tax.

    From next FY ask your accounts if they can handle/include your other sources and deduct TDS. That way you are free of this.

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