TDS : Surcharge payment to IT dept

POSTED BY Nilesh Tank ON June 24, 2013 12:19 pm COMMENTS (4)

4 replies on this article “TDS : Surcharge payment to IT dept”

  1. Dear Nilesh, if the interest is earned from SB account, the interest above 10K is taxable. If the full interest is arising out of FD investment, the full amount is taxable i.e. 22880.

    thanks

    Ashal

  2. bemoneyaware says:

    If you need to pay tax, then it would be called as Self Assessment Tax and would be paid using Challan 280
    Assessment Year (AY): 2013-14
    For individual Select 0021 : INCOME-TAX (OTHER THAN COMPANIES)
    Type of payment : 300 for SELF ASSESSMENT TAX,

    On the payment page, you need to break up the tax payable into its components, i.e. “Income Tax” and “Education Cess” etc. There is no Surcharge for FY 2012-13 and education cess is 3%.
    For Self Assessment Tax: One needs to pay education cess and also penalties calculated under Sections 234A/B/C and entered separately in “Interest” field. For example: So if total tax payable Rs. 10,000, the Income Tax component is (10,000 / 1.03) i.e. Rs. 9,709, and Education Cess is Rs. 291 (3% of Rs. 9709).
    Details in our article Paying Income Tax : Challan 280

  3. Dear Nilesh, What’s the query?

    thanks

    Ashal

    1. Nilesh Tank says:

      As per TAx Credit Statement 26AS,

      Deduction made u/s 194A is 22880/- and TDS deducted is 2303/-.

      This is only on the basis of 10%.

      Now I have to pay further 10% as I am in the 20% Tax slab + 3% Surcharge.

      The questions are

      1. My other income is 22880/- or 12880/- as there is no tax upto 10000/- on interest income.

      2. Under which section I can pay balance tax. Is it ITNS 280?

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