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 .
Menu
ADVANCE TAX FOR INTEREST RECEIVED
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
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.
Recent Topics :
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
Related Topics :
CAclubindia
