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Interest on additional income tax

Interest on additional income tax


Mr. Ritesh Garg wants to make an application for previous year 1819 us 245C to thesettlement commission. Additional undisclosed income shown in application is Rs 65 for previous year 1819. Return was filed for previous year 1819 and Rs 35 00000was shown as income in the return and Rs 8 88375 was paid in the form of tax. Calculateadditional income tax payable by Mr. Piyush for submitting this application Ignoreinterest on additional income taxa 2329125b 2205378c 888375d 3217500. How to solve this?

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CA Abhijeet Posted on 15,Jun,2020

Dear student,

The correct answer would be 2329125. Let us understand this: The provision regarding this is as follows: If the applicant has furnished a return in respect of the total income of that year then The tax should be calculated on the aggregate of total income returned andthe income disclosed in the application i.e. as if the aggregate represents the total income. The additional amount of income-tax is the amount calculated on such aggregate as reduced by the amount of tax calculated on the total income returned for that year. Its calculation would be as follows: amount = 6500000 + 3500000 = 100 lakhs calculate tax on this, then surcharge @ 10%, and then cess @ 4% then deduct the amount of 888375 rs from that. The answer would be 2329125. We hope the query get resolved. Even if any query persists then kindly let us know so that we can resolve it asap. Best of luck for your studies.

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