Individual Tax Filing - Professionals - Legal - TIK Share
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# Individual Tax Filing

#### Ca SKG

2015-04-14

1. Many Salary Earning Assesse file their Return of Income on or Before due date.

2. Many Non Tax Audit Assessee file their Return of Income on 31st March of the Assessment year

What is the Exact Expenses in the name of Interest etc. will be borned by the sl no. 2 ?

Is their any other penalty or expenses for filing Return of Income so late?

Is the mistake of Assessee or Chartered Accountant who get busy on Last week of March instead of last week of July?

#### Abhilash Uthappa

2015-04-14

Dear Sir,

The following table may help in getting solutions.

 If Income is 5,00,000.00 31st July 31st December 31st March Particulars RS RS RS RS RS RS Total Income 500,000.00 500,000.00 500,000.00 Income tax - (2,50,000. – 5,00,000. @ 10%) 25,000.00 23,000.00 25,000.00 23,000.00 25,000.00 23,000.00 (5,00,000 – 10,00,000 @ 20%) - - - (10,00,000 & above @ 30%) - - - Less: Rebate U/S 87A 2,000.00 2,000.00 2,000.00 Education cess & Surcharge 690.00 690.00 690.00 Interst U/S 243A NA 1,184.50 1,895.20 interst U/S 243B 947.60 2,132.10 2,842.80 interst U/S 243C (as per calculation) 876.53 876.53 876.53 Net Tax Payable 25,514.13 27,883.13 29,304.53 Calculation of Interst U/S 243C Tax payable upto 15th Sept 7,107.00 7,107.00 7,107.00 213.21 213.21 213.21 Tax payable upto 15th Dec 14,214.00 14,214.00 14,214.00 426.42 426.42 426.42 Tax payable upto 15th March 23,690.00 23,690.00 23,690.00 236.90 236.90 236.90

 If Income is 8,00,000.00 31st July 31st December 31st March Particulars RS RS RS RS RS RS Total Income 800,000.00 800,000.00 800,000.00 Income tax - (2,50,000 – 5,00,000 @ 10%) 25,000.00 85,000.00 25,000.00 85,000.00 25,000.00 85,000.00 (5,00,000 – 10,00,000 @ 20%) 60,000.00 60,000.00 60,000.00 (10,00,000 & above @ 30%) - - - Less: Rebate U/S 87A - - - Education cess & Surcharge 2,550.00 2,550.00 2,550.00 Interst U/S 243A NA 4,377.50 7,004.00 interst U/S 243B 3,502.00 7,879.50 10,506.00 interst U/S 243C (as per calculation) 3,239.35 3,239.35 3,239.35 Net Tax Payable 94,291.35 103,046.35 108,299.35 Calculation of Interst U/S 243C Tax payable upto 15th Sept 26,265.00 26,265.00 26,265.00 787.95 787.95 787.95 Tax payable upto 15th Dec 52,530.00 52,530.00 52,530.00 1,575.90 1,575.90 1,575.90 Tax payable upto 15th March 87,550.00 87,550.00 87,550.00 875.50 875.50 875.50

 If Income is 12,00,000.00 31st July 31st December 31st March Particulars RS RS RS RS RS RS Total Income 1,200,000.00 1,200,000.00 1,200,000.00 Income tax - (2,50,000 – 5,00,000 @10%) 25,000.00 185,000.00 25,000.00 185,000.00 25,000.00 185,000.00 (5,00,000 – 10,00,000 @ 20%) 100,000.00 100,000.00 100,000.00 (10,00,000 & above @ 30%) 60,000.00 60,000.00 60,000.00 Less: Rebate U/S 87A - - - Education cess & Surcharge 5,550.00 5,550.00 5,550.00 Interst U/S 243A NA 9,527.50 15,244.00 interst U/S 243B 7,622.00 17,149.50 22,866.00 interst U/S 243C (as per calculation) 7,050.35 7,050.35 7,050.35 Net Tax Payable 205,222.35 224,277.35 235,710.35 Calculation of Interst U/S 243C Tax payable upto 15th Sept 57,165.00 57,165.00 57,165.00 1,714.95 1,714.95 1,714.95 Tax payable upto 15th Dec 114,330.00 114,330.00 114,330.00 3,429.90 3,429.90 3,429.90 Tax payable upto 15th March 190,550.00 190,550.00 190,550.00 1,905.50 1,905.50 1,905.50

#### Mukesh Jain CA

2015-04-18

Interest u/s 234A, B & C have to be paid by the assessee as explained. Further the AO can also issue a notice u/s 142 to file the return of income or provide the suitable explanations wrt the income of the assessee.

#### SANJAY KUMAR GANNA

2015-04-29

IF i file my Return of Income before Due Date I will be Saving almost 18% Tax instead of Filling on 31st March of Ass. Year.

Nice Comparison But table is not drafted Properly

#### Abhilash Uthappa

2015-05-02

Hello Sir

Soory, The file was not drafted properly.

The attached excel sheet will give you the correct comparision.