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)
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 )
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.
- 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.