Interest calculator 234ABC Advance Tax challan excel pdf free software


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

  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.