Monday, July 26, 2010


on Monday, July 26, 2010

Due Date to file Income Tax return for person other than companies and non Audit case is 31.07.2010 .Many person have not paid their Advance tax in time .By the way advance tax for person other than companies is payable if tax due in a financial year is more than 10000 before the TDS amount .Such person have to pay advance tax in three instalments.

  1. 30% of tax assessed =15 September of previous year(for Ay 2010-11 date is 15.09.2009)
  2. 60% of tax assessed=15 December of previous year ( For Ay 2010-11 Date is 15.12.2009
  3. 100% of tax assessed = 31March of previous year (For Ay 2010-11 date is 15.03.2010)
Here  tax Assessed means = Tax due minus Tax deducted at sources

Further for capital gain amount person can pay prospective instalments If you have not paid your tax pro-rata bases in advance as shown above you have to pay interest u/s 234C .Further If you have not paid your full taxes by 31.03.2010 for Ay 2010-11 then you have pay interest under section 234B on balance amount of tax .

 Interest U/s 234A is payable only if you miss the Income tax due date for Ay 2010-11 ie 31.07.2010.And I hope you are not interest in calculation under this section .However the given calculator will calculate interest under this section also where ever applicable.

Interest Rate: Interest Rate is 1% per month or part there of in all the above cases

Fill self assessment  tax on challan 280: after calculation you have to deposit the balance tax plus interest on challan ITNS 280.Challan is available in Pdf/Excel  Format here .Further You can also check how to fill the challan in slide show.

So calculate your Interest Under section 234A,234B , 234C Now 

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  1. Sir,
    I was calculated interest u/s 234B & 234C on income tax as per rules. But still i not confirmed about my calculation. Because I am unable to understand your above calculation. If you have time, please see my calculation in following link.