Confirming my dues of income tax for FY 2014=15

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  1. M CHANDRASEKARAN

    M CHANDRASEKARAN New Member

    Dear sir

    Please find attached a file which is self-explanatory

    Regards

    Chandrasekaran M
     

    Attached Files:

  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    The computation done by your CA is correct.

    You have to pay interest on late payment of tax.
     
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

    From next year, interest wont be levied as senior citizens are not required to pay advance tax
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    For this year you can pay approx tax and at the time of filing of income tax return, the software will automatically calculate the exact interest to be paid and you can pay the balance amount that time.
     
  5. M CHANDRASEKARAN

    M CHANDRASEKARAN New Member

    Dear Mr Gaurav

    Thank you for the prompt response

    Regards

    Chandrasekaran
     
  6. Rajesh Goyal

    Rajesh Goyal New Member

    Since your DOB is 15.12. 1955, In December 2015 you are 60, therefor you will be in category of Senior Citizen for FY 2014-15 AY 2015-16 as per definition of senior citizen by IT act and as per your statement you don't have any business income, hence you can pay self assessment tax at the time of filing the return and no interest is to be paid. You will also be in the slab of senior citizen. Read the Rule:
    1. From Financial year 2012-13 resident senior citizens, not having any income chargeable under the head “Profits and gains of business or profession”, shall not be liable to pay advance tax and such senior citizens shall be allowed to discharge his tax liability by payment of self assessment tax.
    2. Under the Income-tax Act, 1961, a 'Senior Citizen' has been defined as an individual who attains the age of 60 years at any time during a financial year, while an individual who is 80 years or more is categorised as 'Very Senior

    Any comments mr, Gaurav Kumar?
     
    Last edited: Apr 1, 2015
  7. Rajesh Goyal

    Rajesh Goyal New Member

    As per your attachment:

    Taxable Income upto Aug14. = ₹ 11,21,318
    Taxable Income Sep14-Mar 15 = ₹ 2,26,065
    TOTAL TAXABLE INCOME. = ₹ 13,47,383

    Tax*. = ₹ 2,24,214 (For Sr. Citizen case)
    CESS* = ₹. 6,726
    TOTAL ₹ 2,30, 940 (Due Tax)*

    Tax Paid ₹ 1,66,235 + ₹ 70,000 (+ add TDS deducted by Bank on interest on FD)
    Total Tax Paid = ₹2,36,235 (+ TDS deducted by Bank)

    Additional Tax Paid =₹ 5295 (+ TDS deducted by Bank)

    File your IT return for FY 14-15 (AY 15-16) and get the Refund.

    *(Tax Calculator of IT website used)
     

    Attached Files:

    Last edited: Apr 1, 2015
  8. M CHANDRASEKARAN

    M CHANDRASEKARAN New Member

    Dear Mr Goyal

    At the outset thanks for the reply. But I would like to point out that I am becoming a senior citizen only in FY 2015-16( DOB 15.12.1955) and hence please let me know if the tax calculated by you i.e. Rs 230940/- is correct

    Regards

    Chandrasekaran
     
  9. Rajesh Goyal

    Rajesh Goyal New Member

    Yes, Sorry! correction:
    Tax ₹ 2,29,214 + CESS ₹ 6876 TOTAL Tax Liability ₹ 2,36,090
    Tax paid are same (mind the TDS deducted by bank while calculating balance)
     
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