Tax Payable is a very common occurrence when you change jobs or have interest income. Often depending on the deductor, the information captured may be inaccurate so you need to pay an additional tax amount to cover up for this.
- It is because a lower income slab would've been taken twice. Together, the income may put you in a higher tax slab.
- This could also happen because the 80C deduction is taken twice. It can only be claimed once in the year.
- Banks always deduct TDS on FD interest at 10%. If your income falls in a higher slab, you will need to pay TDS based on that slab. If you pay advance tax on interest income, you won't have to do it at the end of the year.