Interest calculation under Sec234B

[KARTHIKEYAN TR]

I am salaried person. I switched over company in Oct-2015. Due to this, my income tax assessment was not done properly in my previous and new companies. Hence, i need to pay the tax balance of ₹ 49801.

My final tax is ₹ 514218 and TDS tax paid is ₹ 464417 and balance tax is (514218-464417=49801). Going by Sec234b, i have paid more than 90% of final tax before 31st Mar-2015 itself. i.e 464417/514218 is 90.3%. But still in ITR2 & ITR2A forms, i am getting the interest for the remaining amount of ₹ 49801. I have paid the interest and submitted my ITR-V also.

Please confirm me, whether the interest paid is correct or not. If not to pay, please suggest me how to get refund of interest paid. Thanks in advance.

AI Summary

Job Switch Leads to Tax Miscalculation; Dispute Over Interest Charged Under Section 234B on Remaining Tax Balance A salaried individual switched jobs in October 2015, leading to incorrect income tax assessments by both the previous and new employers. The total tax liability was 514,218, with 464,417 already paid as TDS, leaving a balance of 49,801. The individual claims to have paid over 90% of the tax before March 31, 2015, thus questioning the interest charged under Section 234B on the remaining amount. Despite paying the interest and submitting the ITR-V, the individual seeks confirmation on the correctness of the interest payment and guidance on obtaining a refund if it is incorrect.