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ADVANCE TAX FOR INTEREST RECEIVED

Others 203 views 2 replies

SIR,

IF I WILL RECEIVE INTEREST ON 31-3-2020 RS. 10 LAKH AND TDS DEDUCTED 10% (80C INVESTMENT NIL)

HOW I CALCULATE ADVANCE TAX .

Replies (2)
In your case advance tax Wii be :-

1st Instalment June 19 Rs 2550
2nd Instalment Sep 19. Rs. 7650-2550
3rd Instalment. Dec 19 Rs. 12750-7650
4th instalment Mar 2020. Rs. 17000-12750
Total Advance Tax Rs. 17000

1. If interest is Rs. 10 lakhs and TDS is already deducted on Rs. 10 lakhs @ 10%. Total Tax liability comes to Rs. 1,17,000 out of which TDS already deducted @ 10% of Rs. 1 lakhs and for the balance Rs. 17,000 advance tax will be payable as under,
i) Before June 15th - 15% of Rs. 17,000 - Rs.2,550
ii) Before September 15th - 45% of Rs. 17,000 - Rs. 5,100 (7,650-2,550)
iii) Before December 15th - 75% of Rs. 17,000 - Rs. 5,100 (12,750-7,650)
iv) Before March 15th - 100 % of Rs. 17,000 - Rs. 4,250 (17,000-12,750) 
Total amount payable as advance tax as per sec 207 - Rs. 17,000
Please correct me if the above solution has an alterantive view. 


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