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  1. Neha Agarwal

    Neha Agarwal Member

    I got Short Deduction Notice Rs:-232453, For FY 12-13
    By Justification details I got this point:-
    Computed Demand as per ITD below:-
    Computed Taxable Income :- 14816260
    TDS Rates(as per Act 30%:-
    Surcharge and Education cess:- 5%
    TDS to be Deducted/restricted
    upto Amount Paid Rs:- 4491186.83
    Short Deduction
    4491186.83 - 4258734:- 232452.83

    Below is computed details by me as per slab rate for FY 2012-13:-

    For FY 2012-13 24Q_Q4..Salary of Director
    Taxable Income is:- 14816260
    Exempt Income 200000:- NIL
    10%on 300000:- 30000
    20%on 500000:- 100000
    30%on 13816260- 4144878
    Total Tax:- 4274878
    Education Cess @ 3% 128246
    Total Tax+Edu:- 4403124
    Tax Already Ddtd: 4258734
    Refund:- 144390
    Please let me know the why demand raised by ITD when tax computed as per slab for FY 2012-213??????
  2. Parul_Gupta

    Parul_Gupta Active Member

    The tax payable (as computed by you) is 4403124

    And the TDS deducted (as mentioned by you) is 4258734

    Therefore, 4403124 - 4258734 = 140390 is the tax payable and not tax refundable.

    Moreover, Interested would also be levied on 140390 for late payment of income tax.
  3. Neha Agarwal

    Neha Agarwal Member

    Ya, Akansha it was by mistake...Tax is payable Rs:- 144390 but wanna know why ITD noticed me to pay Rs:- 232452.83 as short deduction...interest is 18592 which is excluded, below is details asked by ITD to have better understanding:-

    Computed taxable income :- Rs:- 14816260
    TDS Rates as Per Act :- 30%
    Surcharge & Edu Cess as per ITD 1961 :- 5%
    TDS to be Deducted/
    restricted upto Amount Paid/Credited:- 4491186.83
    Short Deduction is Rs:- 232452.83

    I wanna know how ITD has calculated Rs:- 4491186.83 on 14816260 & applicability of Surcharge @ 5% ???

  4. You need to take up your calculation and visit department for clarification on difference in working out short deduction so that you both are on same page.
    Neha Agarwal likes this.
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