Student
3986 Points
Joined July 2018
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.