Interest on advance tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2010
I have a total tax liability of Rs.38823 for FY 2009-10 out of which Rs.1569 is yet to be paid. This arising due to fixed-deposit-interest-income. (The bank already deducted 10% at source, I have to pay the remaining.) My question is do I have to pay 1% interest per month on this liability?
Here are the details,
Total income tax .... 38823
TDS by employer .... 35772
TDS by bank .... 1482
Tax payable .... 1569
Interest on tax payable .... ????
Thanks,
Here are the details,
Total income tax .... 38823
TDS by employer .... 35772
TDS by bank .... 1482
Tax payable .... 1569
Interest on tax payable .... ????
Thanks,
29 May 2010
YOU ARE NOT REQUIRED TO PAY INTEREST.
30 May 2010
Agreed. No interest to be paid. Advance tax liability arises if the amount of tax payable after TDS exceeds Rs 5000.
In your case, its less than Rs.5000 (Rs.1569 only), so no interest.
In your case, its less than Rs.5000 (Rs.1569 only), so no interest.
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