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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

 

 

Reply

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.

Reply

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

Reply

Abhilash Uthappa

2015-05-02

Hello Sir

Soory, The file was not drafted properly.

The attached excel sheet will give you the correct comparision.

 

 IT-Manual.xlsx 

Reply