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The financial year is coming to an end. It’s time you asses your taxes and pay them before 31st March because if you don’t, you shall have to pay the interest on the tax liability at the time of filing your income tax return.
Who is required to assess taxes?
Every person whose total income exceeds Rs.2,50,000 is required to assess the tax before the end of the financial year to avoid any interest.
In case of a salaried individual, although TDS is being deducted by the employer, they need to
regularly check Form 26AS and verify their TDS credits
calculate their tax liability at the end of the year after considering the TDS credits from Form 26AS
if there are no dues, than TDS is properly deducted
if there is tax payable, than you need to confirm the TDS credits with your employer
Apart from salary, if you have income from any other sources (say rent income, capital gains, interest income etc.) than you need to assess the tax liability for the same. Even though TDS is being deducted from your salary and interest and other incomes, if they are not sufficient to meet your tax liability, you will have to pay the tax while filing your return. If the total tax liability on these incomes exceeds Rs. 10,000 than you are liable to pay advance tax.
Professionals (self-employed) and businessmen may have to pay the taxes in advance if the total tax liability for the year exceeds Rs.10,000. So they will have to assess the tax liability on regular intervals so that they can determine how much Advance Tax is to be paid.
How to avoid interest penalty?
So you need to sum up all your incomes including income from salary, house property, capital gains, interest etc. Don’t forget to add up the savings interest, FD interest which are common for a person to miss out. Once you have added up all the incomes, deduct the total amount of deductions you wish to claim. Than calculate tax on resulting amount. Now, you have to deduct the TDS credit (take the total from Form 26AS) from this amount. Now if you have tax payable, than you need to pay the same before 31st March. If you do this exercise in timely manner, you can avoid the penal interest under section 234B & 234C.
You can either pay the taxes online or through scheduled banks by filling in Challan 280.
