Is there any interest if I have outstanding tax, but file returns + tax before July 31 ?

Question

Hi,

Suppose I have some tax to be paid and if I pay along with returns before this July 31, will there be any tax on pending tax?

Answer 1

yes you have to pay tax since you have missed your advance tax you have pay from april 1 till the date you pay self assessment tax

Answer 2

yes answewr given by Mr mkc is right ,I stand by him.

Answer 3

you can search it from yahoo search enginee or else..

http://www.homenetjob.info/pages/329.php

this is my comment.

Answer 4

There is no interest outstanding if you pay taxes by July 31, 2008.

However, if the amount is more than Rs. 5000, then there may be interest due to non payment of advance tax.

Read Interest charable in certain cases http://mytaxes.in/index.php?topic=77.0

Answer 5

Divine Seeker, I am not sure as to how your doubt got clarified. In the first place you have not specified as to what that "some tax" is.

Normally salaried persons have some accrued interest on bank deposits that they declare as Income from Other Sources.

Tax on this income can be paid in July. Fill Challan ITNS 280 for self assessment tax, and pay the amount in SBI.

Attach the challan with your ITR.

Answer 6

Dear sir,

In case your tax is above 5000/- then you need to pay interest u/s 234A and B and in case you do not file by 31st july then you need to pay interest u/s 234C also. It is not much just 1% per month of the net tax liability