Advance tax for FD

Tax queries 231 views 14 replies

Dear experts , CA Club

Can someone please advise when and how to pay advance tax ( by any salaried person ) for FD interest income to avoid interest u/s 234 A,B,C  , when 10% TDS is already deducted by banks during maturity of FDs ? 

Replies (14)
How much income do you earned and whether you are senior citizen or not.
Pls post detailed information of the assesse?

I'm salaried class and irrespective of how much I earn from FD , the taxable income is falling into various tax slabs . Possible for you to analyse and suggest now please ?

What all details you might need here pl ? 

Roughly speaking, pay the same amount as TDS deducted if you are under 20% slab. Otherwise double if under 30% slab.

Thanks sir  , one part of my question ( how much tax  ) is clarified. 

Can you please share when to pay the same and do we have any provision to  pay in online within govt IT portal or thru any other means ?

Regards 

Payment of Advance Tax::

First calculate your total tax liability, eduction of all the after deducting the TDS...

  • First Installment- by 15th June every year you have to pay 15% of tax liability.
  • Second Installment- by 15th September you have to pay 45% of tax liability.
  • Third Installment- by 15th December you have to pay 75% of your tax liability.
  • The fourth Installment- by 15th March you have to pay 100% of tax liability.

Advance tax can be paid online as well as offline. 
To Pay online-

  • Login to the income tax website www.incometaxindia.com
  • Click on the e-payment of Taxes tab
  • Now under the Service tab, select the e-payment option
  • To pay advance tax, select Challan 280
  • Fill in the required details
  • Choose the Netbanking option to pay online
  • After successful payment, a challan certificate will be displayed which will contain the information number, payment details and bank name via which e-payment was made.
  • This certificate is proof of the payment that has been paid.

To Pay Advance Tax Offline

You have to visit the designated bank branch and fill out the challan form and then pay the taxes

First calculate your tax, then deposit upto
15 percent, 45 percent ,75 percent & 100 percent before 15th of June, September, December & March respectively.
Advance tax first fd is not segregated.

What a clarified response, thanks for this sir . Much appreciated 👍

Sir , can I pay 100% by March then ? Instead of paying instalments in June , September, December and March ?

 

 

 

 

 

 

 

 

Couldn't have asked for more clarity . Many thanks 👍

You can pay 100% advance in June itself rather than March, if you do not wish to pay in 4 installments and avoid interest also...

Good Luck...

Yes you can pay 100% in March but in that case you need to pay interest for missing 3 installments


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register