Page 21 - Union Budget, 2022
P. 21
Union Budget, 2022
Tax liability as per updated return filed u/s 139(8A):
Particulars Amount (in Rs.)
Profits or Gains from Business or Profession 12,75,470.00
Income from other sources (commission income) 6,45,500.00
Gross total income 19,20,970.00
Less: Deductions 1,50,000.00
Net income 17,70,970.00
Tax liability (computed) 3,43,791.00
Less: TDS considered earlier 50,000.00
Less: Advance tax paid earlier 1,50,000.00
Less: TDS deducted on commission income 32,275.00
Add: Refund claimed earlier and received 43,853.00
Net tax liability (without interest) 1,55,369.00
Interest u/s 234B (for 30 months i.e from 01.04.21 till 10.09.23) 46,611.00
Interest u/s 234C (Refer working note below) 7921.00
Total tax liability as per updated return(rounded off) 2,09,900.00
Tax payment to be made while furnishing updated return:
Particulars Amount (Rs.)
Tax as per computation in updated return 2,09,900.00
Additional tax to be paid (50% of tax above since updated return is furnished after 12 1,04,950.00
months from end of relevant AY i.e. after 31.03.23)
Total tax to be paid (rounded off) 3,14,850.00
Working Note: Sec 234C interest computation:
Note: Advance tax instalments mentioned below are assumptions.
Advance tax payable
Particulars Amount (in Rs.)
Tax liability 3,43,791.00
Less: TDS on earlier return 50,000.00
Less: TDS on commission income 32,275.00
Add: Refund claimed earlier and received 43,853.00
Advance tax payable 3,05,369.00
Due date Advance tax Cumulative Shortfall Months Penal
payable Advance tax paid interest
15th June 45,805.35 25,000.00 20,805.35 3 624.16
15th Sep 1,37,416.05 75,000.00 62,416.05 3 1,872.48
15th Dec 2,29,026.75 1,00,000.00 1,29,026.75 3 3,870.80
15th March 3,05,369.00 1,50,000.00 1,55,369.00 1 1,553.69
Total 7,921.13
Insights from NES
India ranks third globally in average annual net gain forest area between 2010 to 2020, adding approximately
0.38% of the 2010 forest area every year between 2010 to 2020.
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