Tags :advance tax challan , itns 280, interest 234a, interest 234B , interest 234C , advancer tax interest calculator , interest on late deposit of advance tax , advance tax due dates , advance tax cut off amount , advance tax cut off after tds or not . capital gain exemption of advance tax . advance tax on capital gain applicable prospectively .
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 installments.
Further for capital gain amount ,person can pay prospective instalments only.Means you have to pay future advance tax Installment due after earning of capital gain.However this exemption is only considered if you have paid whole of advance tax by 31 march (in same previous year)
And I hope you are not interested in calculation under these section and have paid advance tax on time . However due to inaccurate estimates of income these one of these sections are applicable in most of the cases.
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 installments.
- 30% of tax assessed =15 September of previous year(for Ay 2012-13date is 15.09.2011)
- 60% of tax assessed=15 December of previous year ( For Ay 2012-13 Date is 15.12.2011
- 100% of tax assessed = 15 March of previous year (For Ay 2012-13 date is 15.03.2012)
Here tax Assessed means = Tax due minus Tax deducted at sources.Please note that to check 10000 cut off limit you have to consider full amount of tax due but for interest calculation amount is to be taken is total tax due minus tax deducted/ collected at source(TDS/TCS).
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 31.03.2012 for Ay 2012-13 then you have pay interest under section 234B on balance amount of tax .
Due Date to file Income Tax return in respect of Ay 2012-13 for person other than companies and non Audit case is31.07.2012. (now extended to 31.08.2012)
Interest U/s 234A is payable only if you miss the Income tax due date for Ay 2012-13 ie31.07.2012(now extended to 31.08.2012) so the same has not been added in calculator -1
Calculator -1(this calculator is for AY 2012-13 Financial year 2011-12 and for non corporate assessees )
Calculator -2 To Use this calculator for Ay 2012-13 first change assessment year to AY 2012-13
Then check first qtr date changed to 2011-12 or not if not then change assessment year again
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 31.03.2012 for Ay 2012-13 then you have pay interest under section 234B on balance amount of tax .
Due Date to file Income Tax return in respect of Ay 2012-13 for person other than companies and non Audit case is
Interest U/s 234A is payable only if you miss the Income tax due date for Ay 2012-13 ie
Calculator -1(this calculator is for AY 2012-13 Financial year 2011-12 and for non corporate assessees )
Calculator -2 To Use this calculator for Ay 2012-13 first change assessment year to AY 2012-13
Then check first qtr date changed to 2011-12 or not if not then change assessment year again
Further for capital gain amount ,person can pay prospective instalments only.Means you have to pay future advance tax Installment due after earning of capital gain.However this exemption is only considered if you have paid whole of advance tax by 31 march (in same previous year)
And I hope you are not interested in calculation under these section and have paid advance tax on time . However due to inaccurate estimates of income these one of these sections are applicable in most of the cases.
Interest Rate: Interest Rate is 1% per month or part there of in all the above cases
Investment yogi has prepared a easy to use calculator for Interest calculation u/s 234 A,234B and 234C for ay 2012-13,2011-12,2010-11,Just fill few figure and press submit button .Calculation will be done .This calculator is applicable for non corporate assessees only.
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
Note:
Note:
- This calculator is applicable in case of non -coprorate assessee only.
- As per rule 119A ,amount must be rounded off to lower multiple of 100 Rs .But this has not been incorporated in above calculator for simplification. so interest calculation is on higher side (maximum up to 0-20 Rs in each case depending upon the period/amount )
- If you are planning to pay total tax by 31.03.2012 For Ay 2012-13 then ignore calculation given in the above calculator for 234B. we are incorporating one more field for tax deposit between 15.03.2012 to 31.03.2012.
- Provision for interest calculation in case of capital gain after 15.09.2011 is not provided in this calculator.
i git a person rs 3000000 gift tax calculation
ReplyDeleteNo tax on you , further if Donee is your relative as per income tax act for gift purpose then it is not taxable in his hands also.
DeleteThanks a ton for putting up this calculator !!
ReplyDeleteSIR/MADAM, I EXPRESS SINCERE REGRET FOR YOUR INAPPROPRIATE INTEREST CALCULATION MECHANISM. FOR THE SAKE OF CLARITY, AS CONTENDED UNDER RULE 119A OF I.T.RULE, 1962, FOR INTEREST CALCULATION U/S. 234-A, 234-B, 234-C, 244A ETC, ANY FRACTION OF RS. 100 IS SUPPOSED TO BE IGNORED FOR ITS CALCULATION. BUT SURPRISINGLY, FOR THE ASST. YEAR 2011-12, HAVING DUE DATE 31.07.2011, IF NET TAX PAYABLE IS RS. 177/-(INCLUSIVE OF E.C & SHEC), AND RETURN IS GOING TO BE FILED ON 13.03.2012, INTEREST U/S. 234A MUST HAVE BEEN CALCULATED @ 8%(DELAY PERIOD 01.08.2011 TO 31.03.12) ON RS. 100/-(RS. 177 ROUNDED OFF U/R 119A)WHICH WORKS OUT RS. 8/- ONLY, WHEREAS YOUR MECHANISM IS CALCULATING RS. 16/-.
ReplyDeleteBEFORE AIRING SUCH TYPE OF SENSITIVE ISSUES YOU MUST ADHERE SHEER PRECAUTION TO SAVE THE INNOCENT TAX PAYER, AS THEY WILL BE SERIOUSLY MISLED CONSIDERING YOUR WAY OF CALCULATION AN AUTHENTIC ONE.
CA VINOD ARYA
Dear Sir,
DeleteYou are very much correct ,the same point is my knowledge & detailed procedure is explained here
http://www.simpletaxindia.net/2012/03/interest-section-234a-section-234b.html
but the fact is that the above calculator is prepared by website taxyogi.com
Further by r.off tax to lower in multiple of 100 interest calculation is on higher side only to 10-20 Rs maximum & I think there is no harm in doing so .We are doing such minor error knowingly in usual manner.
For example
Taxable Income must be r.off in multiple of 10 but 99% person are ignoring this
At the end ,we are very thankful that you have shared your views and your views are known to everybody and they can take their own informed decision.This fact is also added in notes given above
Sir,according to your calculator,(Input data- Assmt.Yr.11-12,IT due 12000 Adv tax/TDS 0,Rtnd.filed dt.31.07.11) the int.u/s 234B comes to 1920 is it correct? OR (12000X3%=Rs.360 is correct? Kindly clear my doubt.-moiz.(moizfl4@yahoo.com)
ReplyDeleteThis calculator assumes that tax has not been deposited till date so calculation are being done accordingly . You have not mentioned the date of deposit ,pls mention date so that calculation may be done.
DeleteDear Sir,
ReplyDeleteI've a query as follows:
Person is salaried, company deducts tax at source and he falls under 30% slab.
He has interest income from bank FDs and tax liablity on this crosses 10,000/- mark. Bank is already deducting 10% TDS.
Now, should the person pay remaining 20% tax on FD interest as Advanced tax i.e. before 31 Mar of previous year or as self-assessment during Apr-Jul of Assessment year?
Thanks!
Advance Tax is payable if tax liability is more than 10000 ,in your case person fall under 30% slab so he definitely falls under advance tax liability.
DeleteSo as per rule he must deposit balance amount as advance tax ,otherwise he have to pay interest u/s 234C and 234B .in fact 234C remains applicable even if he pays advance tax now as he has failed to pay installment 1 and 2 .
However he has a option to declare his other income to employer so that tds including other income be deducted by the employer ,if he adopts this option interest u/s 234B and 234C will not be applicable.
If the tax liability due to FD etc (self assessment tax greater than 10000) is paid in July (before 31 july 2012) for a salaried employee, you are saying he falls under Advance tax? Is Self Ass tax not payable by July 2012?
DeleteAs per rule person must pay his all tax before close of financial year itself in advance if total tax liability is more than 10000 .But if has not paid in advance (means before close of financial year)then he have to /shall pay balance tax as self assessment tax in assessment year.So if you have balance tax for fy 2011-12 then pay it as self assessment tax before 31.07.2012 now.
DeleteHow to pay self assessment tax online is given here
http://feedproxy.google.com/~r/SimpletaxIndia/~3/c8zXCEjKyb0/how-to-pay-self-assessment-tax-online.html
Sir , my tax amt is Rs. 10723 /- without including TDS of Rs. 3618 made by my company, just now i realized i should have paid the balance as 7105 /- as advance tax by 15 th mar , can i pay online by 31st mar if yes should i pay along with penalty amount,what is the penalty amount i should pay please advice immediately sir.
ReplyDeleteother option:-
if i invest Rs. 8000 in PPF by 31st march can i avoid advance tax and its penalty and pay the remaining tax amt due as self assessment tax.please advice.
second option is better.
Deletefurther you can deposit advance tax by 31.03.2012 and you should deposit it with interest .
Interest amount will be around 263 RS
Thank you very very much sir !!!
DeleteSir,
ReplyDeleteI have calculated that i have to pay 6000 Rs. as self assessment tax,if i pay the same through epayment on 3rd april ,later if i come to know that i have to pay 1000 Rs more before 31 st july can i make another epayment,are we allowed to make tax epayment more than once. thanks
yes , you can pay as many time as you like , no bar on number of payment of self assessment tax
DeleteSIR, SERVICE TAX CHALLAN OF WORK CONTRACT COMPANY IS CALCULATED ON INVOICE BASIS OR BANK STATEMENT RECEIPT BASIS. PLEASE CLEAR MY CONFUSION.
ReplyDeleteHello Sir, I am a pensioner from Govt of India. Can I get HRA exception? I dont have any house in my name.
ReplyDeleteYes ,you can claim deduction under section 80GG check details here
Deletehttp://www.simpletaxindia.net/2009/01/hra-exemption-to-pensioners-meaning-of.html
Notwtihstanding comments of various people.... your calculations are most useful.
ReplyDeletePls keep it up
Hi,
ReplyDeleteFrom April 2011 to March 2012 I worked for 3 companies.
For first two companies tax deducted at source by employer
But for third company, I joined on Mar-2012 and tax not deducted, now I need to file tax, so do I need to pay only tax for income from third company or also need to pay interest on that.
Ex:
1st company income : 2,00,000
2nd company income : 3,00,000
Deductions are 1,00,000 --> so remaining income is 4,00,000
Tax paid from first two companies : (4,00,000 - 1,80,000) * (10%)
= 22,000
Education cess (3%) = 660
Total tax paid till now = 22,660
Entire the above tax deducted at source by employer. (So no issues !).
-------------------------------------------------
3rd company income : 1,20,000
Here no tax deducted.
So for this (@ 10% rate) = 12,000 (Tax) + 360 (Education cess 3%)
= 12,360 Rupees.
Now (Before 31st July 2012) filing my IT return, so do I need to pay any interest or not, if yes whats the interest need to be paid??
Please help me out.
Total Income =200000+300000+120000=620000
Deleteless deduction savings=100000
net taxable income =520000
tax due =36000+1080=37060
less tds =22660
net payable=14400
interest =1109
net tax payable =15509
Thanks for your clarification, can you please elaborate how the interest calculated for remaining income tax according to different interest sections (234 A,b,c).
DeleteAs I know 234A applicable only if you file return after due date.
and not sure much about 234b,c . so can you explain how interest calculated according to those two sections??
Installment % Due Amount Due Amount paid Balance Interest
Delete15.09.11 30 4320 0 4300 129
15.12.11 60 8640 0 8600 258
15.03.12 100 14400 0 14400 144
Interest payable Under 234C 531
interest under section 234B 1 % for 4 months on 14400=576
234a=nil
234b=576
234c=531
total =576+531=1107
earlier I have told you appox 1109.
Thank you, Raju
DeleteNow I thought of paying this tax online using internet banking,
I went to below link.
https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp
and selected "CHALLAN NO./ITNS 280"
Checked radio button for "(0021)INCOME-TAX (OTHER THAN COMPANIES)"
Type of payment "(300) Self Assessment"
but once went to bank..
It asked below details to fill..
Tax
Surcharge
Education Cess
Interest
Penalty
Others
So how can I fill all these details, please help me.
It asked to fill
you may fill tax 14400
Deleteinterest 1109
leave blank surcharge,education cess,penalty,others
Am a salaried employee as I mentioned above and paying tax..
Deleteso is below challan and tax options or correct or not tell me please..
"CHALLAN NO./ITNS 280"
Checked radio button for "(0021)INCOME-TAX (OTHER THAN COMPANIES)"
Type of payment "(300) Self Assessment"
Sir,
DeletePlease explain how the no of months is being calculated in the below example.For first installment the interest is 129(43 * 3 months). But from April 2011 to September 2011, the duration is 6 months. Please help me in understanding the calculation of months for all 3 installments.
"Installment % Due Amount Due Amount paid Balance Interest
15.09.11 30 4320 0 4300 129
15.12.11 60 8640 0 8600 258
15.03.12 100 14400 0 14400 144
Interest payable Under 234C 531
interest under section 234B 1 % for 4 months on 14400=576
234a=nil
234b=576
234c=531
total =576+531=1107
earlier I have told you appox 1109."
First installment is due on 15.09 and second is due on 15.12 so interest has been calculated for 3 months ,then interest has been calculated for 15.12 to 15.03 3months then 15.03 to 31.03 one month all at 1% per month or part thereof
Delete234B
interest for apr,may,june, july four months
i gifted 1Lac INR to my borther. Can i get tax relaxation on that amt
ReplyDeleteno relaxation as such but gift tax is not applicable .You can not deduct 1 lakh from your income as it is application of income only so no deduction available. but gift tax is not applicable and amount will not be added in your brother's income also.
DeleteHi,
ReplyDeleteI have paid advance tax in march 13 2012, without adding interest u/s 234B & C.
Now how can I pay the interest?
Thanks
In challan 280 fill only interest column
DeleteSir,
ReplyDeleteI've a query as follows:
I am govt. salaried, company deducted tax at source and I am in 30% slab.
I has interest income from bank FDs and tax liablity on this crosses 10,000/- mark. Bank is already deducting 10% TDS.
Now, I want to pay 20% (these amount to around 30K) as self assessment tax. Will this attract interest if I file return on time and pay the remaining tax before that? If yes, then how to calculate that interest? Pl help
If you are using ITR-1 efiling software then fill all the available data and click calculate tax ,interest will be calculated .
DeleteOr use a simple formula calculate 7.7 % on balance tax to be deposited .
or use online calculator given above
Dear Raja Babu,
DeleteI received 3 lac consultancy fees in the amount of INR 1.5 lac each in Oct.2011 and Jan. 2012. in the financial year 2011-12. There was no TDS deducted. I also did not pay any advance tax on due dates of Sept.15, Dec. 15, and March 15.
Also, I settled my employee fund account where the TDS was deducted on the amount of INR 94124. So my total income is 394,124 plus interest income of 2110.
If I follow your explanation for the Anonymous Dated July 10th, I have to pay INR 20,034 (including cess and surcharge) plus interest under section 234 B in the amount of INR 813 and interest under the section 234 C in the Challan 280 form by July 31, 2012.
However, if I use Investor Yogi excel sheet to calculate my Interest payable, I get some refund because it is also deducting my TDS in the amount of 26, 312.
Which method is correct? Do, I need to deduct my TDS from the total income? Can I simply assess interest payable for Challan 280 form on the amount of INR 3 lac only which I received as a consultancy fee. And, then when I file my tax for the assessment year 2012-13, deduct TDS in the ITR2. Please, please comment. Many thanks.
Dear Manisha
DeleteYou have not provided the tds deducted on 94124 Rs.Please provide details about tds . so please provide full details.
Further you can deduct expenses which has been incurred by you to earn the professional income .
Dear Raja Babu,
ReplyDeleteThe TDS deducted on the employee portion of the contribution (94124) is INR 26,312. The same is also shown in the Form 16. I have mentioned it in the second paragraph.
Also, I am deducting approx 13,846 in deductions for medi-claim and PPF.
For expenses on earned income, can i use my telephone bills, and computer expenses. if so in which form. I did not keep any petrol receipts.
Please, indicate which method is correct. Do, I need to deduct TDS while estimating tax for the form Challan 280. Can I simply show the consulting fee in the form 280. Please input. Many thanks
Yes , you can deduct travelling exp, phone exp, stationery exp, helper exp etc etc.
DeleteYour tax will be as under
Total income =150000+150000+94124+2110=396234
less =80c,80d=13846
net income =396234-13846=382388
tax=20239+607(cess)=20846
less tds=26312
refund=26312-20846=5466
so no need to deposit any tax in form 280, just fill itr-4 and get refund of 5466. Take help of professional.
While filing the IT returns, I see that I have to pay interst under 234B and 234C which amounts to 3000 INR. Im not able to understand from where this intrest has come. every year I have filed the returns correctly.
ReplyDelete- Manu
asessee has to pay tax during financial year it self ,when 100% is not deposited then interest will be charged ,,Detail already shown above.
Deletesec 234b is not applicable if 90% of tax asssessed on returned income is deposited by the end of f.y.?
ReplyDeleteThis is as per act ,what is wrong in it.Though in above calculators this rule has not considered
DeleteMy C/f LTC loss of Rs 22,003.00 on debt fund from prev yr has been disallowed since I submitted the returns on 25 Mar 2012 for AY 2011 - 12. The tax at 20.60% works out to Rs 4533.00. The debt funds in which LTCG was made were redeemed on 06/10/2010.I received the ITO letter on 01/09/2013.
ReplyDeletePlease let me know how much interest has to be added for paying balance tax.
Dear shri Raja Babu
ReplyDeleteGrateful if you could answer my above query dt 21 September 2012 on interest payment soon.
Thanks and regards
Hello,
ReplyDeleteI am a corporate employee and I have to pay tax INR6807 for year 2012-2013. Today I went to income tax office to pay but they said you can pay it online as well. Also, when I said them that I have uploaded my ITR form on website without paying then they said you should not do this without paying the tax and now you are in defaulter list :-(. So, I wanted to know how to fill it online and how much interest I have to pay for this. Also, after paying how can I confirm if still I am in defaulters list.
Thanks,
Amit Kumar
not a very serious thing, and there is no default list as such. Deposit tax online and revise your income tax return now.As far as interest is concerned you itr return form provided by income tax department automatically calculate interest u/s 234ABC.
Deletethanks Raja,
ReplyDeleteI paid the tax for INR6807 with INR410 interest but it did not calculated automatically, correct me here if I am wrong. Also, challan receipt got generated and that is with me. Let me know if I have to post it somewhere for verification. Just after paying the tax when I query with my BSR Code and BSR Code it shows "No records found for the above query". Let me know if I have to do any thing else here.
Thanks,
Amit Kumar
check you form 26AS online
Deleteoops.....Just now realized that I calculated the wrong interest. I calculated from August month instead of April month. Now what to do ? :-(
ReplyDeleteThanks,
Amit Kumar
Just wait for Notice from department
Deleteyou can also download excel based income tax interest calaculator from:
ReplyDeletehttp://abcaus.in
Dear Tax experts,
ReplyDeleteI am a salaried professional. I have received a demand notice of Rs.1813 for AY2011-12 which I am yet to pay (as on 08-Apr-2013). I am trying to pay online, but unable to arrive at the figures for Basic tax,Edu.cess,Surcharge,penalty,interest and 'others' fields.
Details:
Aggregate Income tax liability:Rs.52909
Prepaid taxes :TDS of Rs.51096 (by employer)
Demand notice says a Tax Payable of Rs.1813.
Can anybody help me with this?
ITR-1 for this Ay2011-12 for submitted on time and ITR-V was received from I-T dept. This outstanding amount was mentioned on it but somehow was not paid on time by me.
Now if I make the payment online, will I need to submit the revised ITR-1?
I tried calculations using various calculators available online including the one on this website, but could not find the full break up.
Thanks in advance
KS