As a result, companies are required to pay tax periodically on presumptive expected income for the year. When you enter all the details in the ITR utility, it will calculate the tax payable including these penalties. Please pay the money due else your ITR will be considered as Defective.
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Similarly, in case of salaried employees, tax is deducted from salary each month and deposited with the IT Dept. Section C penalty does not apply to unexpected income during a FY, such as income from lottery winnings, races, game shows, or any income that could not have been possibly caclulator in advance.
When you enter all the details in the ITR utility, it will calculate the tax payable including these penalties. Dear sir, I am a salaried person of the Government of Tamilnadu.
The tax was paid only last week Second week of September Not able to carry forward the losses under various heads: This is because of interest they have added which is absurd.
Since I have interest income greater than Rs from my savings or FD accounts I will show this as income from other sources. Now sir tell me whether I have to pay interest under C as amount is less than 10, Receiving my salary by cash in hand.
Calculation of Interest U/S 234 B & C in Excel
Does it show any non-zero values against these sections for you? You can also subscribe without commenting. I am a salaried individual. Life Insurance premium paid. Kindly suggest me what to do and also let me know whether I have to pay interest on section A or not.
Subject Category Recent Discussions. Filing Income tax return is different from getting Form Wonderful explanation Mr Vijay. Anyway, here are answers to your questions:.
Leave a Reply Click here to cancel reply. Could you please help if the excel sheet is buggy or my understanding is incorrect. But all the calculations are provided here, so you can calculate yourself.
As per the Indian Income Tax Act rules, tax on income must be paid periodically during the year, and not in a lumpsum form at the end of the year. Due date of submission of return.
IT Interest Calculator FY 2017-18 AY 2018-19
How is the website able to detect that there is a late payment apply the penalty? Shall the above Tax alongwith prescribed penal interest make recovered in the salary for Feb, going to caclulator claimed during this or next month.
It is advised that for filing of returns the exact calculation may be made as per the provisions contained in the relevant Acts, Rules etc. HelloI 234ac one question about the pay Interest A.
How to Compute Interest Payable Under Section abc
Anyway, here are answers to your questions: For example, if you have an outstanding tax liability of Rs. Sushil Kumar Goyal Through my office income tax is recovered and form 16 served. Sofar I have never filed ITR. Section C mandates periodic payment of tax during the year, culminating in full payment of total tax due by the end of the Financial Year.
The auto calculator of the online return filing is showing Rs under B and C.