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incometaxquery (Software Engineer)     28 September 2020

Advance Tax - Income tax penalty

I wish to understand that if I miss to pay advance tax by the date of 15 Sept OR underpaid, then does it give any benefit to pay in Oct OR should it make sense to only pay now in December just before next advance tax date of Dec 15th?

I wish to keep penalty calculatons (234A, B or C whatever it is) to a lower value as much as possible

 4 Replies

Raj C Doshi

Raj C Doshi (Practising CA)     28 September 2020

There's no benefit if paid in October. It makes sense to pay in December only.
Sagar Patel

Sagar Patel (Tax and Business Consultant)     28 September 2020

Yes, it's advisable to pay only in December as there is no benefit if you pay it in October, Interest liability remain same in both the cases...
vinayak landge

vinayak landge (B.Com)     28 September 2020

Agreed with raj

Jayendra (student)     28 September 2020

If its about Sept installment than Pay now as interest @ 1% p.m. will be charged on that until you make payment. paying in December will cost you 2-3% more

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