Income Tax in case of Job Change

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  1. Vivek Sheel Mittal

    Vivek Sheel Mittal New Member

    I changed job in last november 2013 and my new employer did not take my Form12B and thus started calculating my tax without taking into account any income from the previous employer.

    Now I have a certain tax liability which arises because my income which should have been taxed at 30% rate was instead taxed at 10% and 20% (after 5 lacs and until 10 lacs).

    While filling ITR1, it shows me a interest to be paid of app 15000/= for a tax liablity of app 185000/-. I also notice that unlike other fileds in the ITR1 utility, the tax field are actually editable.

    Do I have to pay this interest on this tax??

    Vivek Sheel Mittal
  2. Parul_Gupta

    Parul_Gupta Active Member

    Dear vivek

    Yes, you would be required to pay Interest for delay in payment of taxes. Had TDS been deducted, you would not hv been required to pay any interest.
    Vivek Sheel Mittal likes this.
  3. Parul_Gupta

    Parul_Gupta Active Member

    This Interest has been computed @1% for every month of delay in payment.
  4. Vivek Sheel Mittal

    Vivek Sheel Mittal New Member

    Thanks Akanksha :(

    Vivek Sheel Mittal
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