Tuesday, March 13, 2012

Interest calculator 234ABC Advance Tax challan excel pdf free software


on Tuesday, March 13, 2012

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.

  1. 30% of tax assessed =15 September of previous year(for Ay 2012-13date is 15.09.2011)
  2. 60% of tax assessed=15 December of previous year ( For  Ay 2012-13  Date is 15.12.2011
  3. 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 is 31.07.2012. (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  ie 31.07.2012(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

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: 
  1. This calculator is applicable in case of non -coprorate assessee only.
  2. 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 )
  3. 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. 
  4. Provision for interest calculation in case of capital gain after 15.09.2011 is not provided in this calculator.

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  1. i git a person rs 3000000 gift tax calculation

    ReplyDelete
    Replies
    1. No 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.

      Delete
  2. Thanks a ton for putting up this calculator !!

    ReplyDelete
  3. SIR/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/-.

    BEFORE 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

    ReplyDelete
    Replies
    1. Dear Sir,

      You 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

      Delete
  4. 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.([email protected])

    ReplyDelete
    Replies
    1. This 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.

      Delete
  5. Dear Sir,
    I'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!

    ReplyDelete
    Replies
    1. 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.
      So 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.

      Delete
    2. 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?

      Delete
    3. As 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.

      How 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

      Delete
  6. 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.

    other 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.

    ReplyDelete
    Replies
    1. second option is better.
      further you can deposit advance tax by 31.03.2012 and you should deposit it with interest .

      Interest amount will be around 263 RS

      Delete
    2. Thank you very very much sir !!!

      Delete
  7. Sir,

    I 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

    ReplyDelete
    Replies
    1. yes , you can pay as many time as you like , no bar on number of payment of self assessment tax

      Delete
  8. SIR, SERVICE TAX CHALLAN OF WORK CONTRACT COMPANY IS CALCULATED ON INVOICE BASIS OR BANK STATEMENT RECEIPT BASIS. PLEASE CLEAR MY CONFUSION.

    ReplyDelete
  9. Hello Sir, I am a pensioner from Govt of India. Can I get HRA exception? I dont have any house in my name.

    ReplyDelete
    Replies
    1. Yes ,you can claim deduction under section 80GG check details here

      http://www.simpletaxindia.net/2009/01/hra-exemption-to-pensioners-meaning-of.html

      Delete
  10. Notwtihstanding comments of various people.... your calculations are most useful.
    Pls keep it up

    ReplyDelete
  11. Hi,
    From 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.

    ReplyDelete
    Replies
    1. Total Income =200000+300000+120000=620000
      less deduction savings=100000
      net taxable income =520000
      tax due =36000+1080=37060
      less tds =22660
      net payable=14400
      interest =1109
      net tax payable =15509

      Delete
    2. 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).

      As 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??

      Delete
    3. 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.

      Delete
    4. Thank you, Raju

      Now 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

      Delete
    5. you may fill tax 14400
      interest 1109
      leave blank surcharge,education cess,penalty,others

      Delete
    6. Am a salaried employee as I mentioned above and paying tax..
      so 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"

      Delete
    7. Sir,

      Please 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."

      Delete
    8. 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

      234B
      interest for apr,may,june, july four months

      Delete
  12. i gifted 1Lac INR to my borther. Can i get tax relaxation on that amt

    ReplyDelete
    Replies
    1. no 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.

      Delete
  13. Hi,

    I have paid advance tax in march 13 2012, without adding interest u/s 234B & C.
    Now how can I pay the interest?

    Thanks

    ReplyDelete
    Replies
    1. In challan 280 fill only interest column

      Delete
  14. Sir,

    I'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

    ReplyDelete
    Replies
    1. If you are using ITR-1 efiling software then fill all the available data and click calculate tax ,interest will be calculated .

      Or use a simple formula calculate 7.7 % on balance tax to be deposited .

      or use online calculator given above

      Delete
    2. Dear Raja Babu,
      I 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.

      Delete
    3. Dear Manisha

      You 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 .

      Delete
  15. Dear Raja Babu,
    The 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

    ReplyDelete
    Replies
    1. Yes , you can deduct travelling exp, phone exp, stationery exp, helper exp etc etc.

      Your 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.

      Delete
  16. 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.

    - Manu

    ReplyDelete
    Replies
    1. asessee has to pay tax during financial year it self ,when 100% is not deposited then interest will be charged ,,Detail already shown above.

      Delete
  17. sec 234b is not applicable if 90% of tax asssessed on returned income is deposited by the end of f.y.?

    ReplyDelete
    Replies
    1. This is as per act ,what is wrong in it.Though in above calculators this rule has not considered

      Delete
  18. My 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.
    Please let me know how much interest has to be added for paying balance tax.

    ReplyDelete
  19. Dear shri Raja Babu

    Grateful if you could answer my above query dt 21 September 2012 on interest payment soon.
    Thanks and regards

    ReplyDelete
  20. Hello,

    I 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

    ReplyDelete
    Replies
    1. 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.

      Delete
  21. thanks Raja,

    I 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

    ReplyDelete
  22. oops.....Just now realized that I calculated the wrong interest. I calculated from August month instead of April month. Now what to do ? :-(

    Thanks,
    Amit Kumar

    ReplyDelete
    Replies
    1. Just wait for Notice from department

      Delete
  23. you can also download excel based income tax interest calaculator from:
    http://abcaus.in

    ReplyDelete
  24. Dear Tax experts,
    I 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


    ReplyDelete
  25. dear sir, please clarify that if the tds has been filed by the employer after 31 march 2013, then should i fill the tds deducted column of the calculator 2?

    ReplyDelete
    Replies
    1. No , tds is to be shown in tds column ,date is not relevant

      Delete
  26. dear sir, please clarify that after calculating the interest how should we divide the interest amount into tax and education cess?

    ReplyDelete
    Replies
    1. interest is to be shown in interest column not in tax or cess

      Delete
  27. sir, for the interest income (rs. 51553)& tds-- 5072
    what will be tax liability for ay 2013-14.
    will it attract any penalty if paid as self assessment tax before due date i.e. 05 aug 2013

    ReplyDelete