Why do I have Tax Due?

Why Tax is Due

You are filing up your Tax Return, you input all the information – Salary details from Form 16, Income from Other Sources and details of Income from House Property and submit all the eligible deductions. Your TDS details are all matching up with Form 26AS – but now your return shows a Tax Due Amount.

Here are some of the reasons – Tax may be due from you

  • Possibly you made an error while entering your Income details
  • You changed your employer during the year and between the 2 Form 16s and TDS deductions some of taxable income was not considered.
  • TDS has been deducted on your Income at a lower rate – and when your Gross Taxable Income is calculated, you fall in a higher slab and tax becomes due. This could be due to lower TDS deduction on FD interest income. Or some of the short term capital gains are taxed like regular income, while you may have paid tax on it at a lower rate.
  • You have income from sources other salary for which no TDS is deducted or you did not pay tax on it yourself. For example – this could be due to your interest on your savings bank account.

Let this not worry you 🙂

A CA at clearTax can review your return and help you e-file. CA assisted plans start at Rs 499. We will check your return for mistakes and make sure errors are sorted – you can review the return and then we will e-file. Take a look here at our plans http://cleartax.in/meta/charteredaccountant

We are always happy to help 🙂

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