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Advance Tax - Income tax penalty


incometaxquery (Software Engineer)     28 September 2020

incometaxquery
Software Engineer 
 53 points

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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

avater

Raj C Doshi (Practising CA)     28 September 2020

Raj C Doshi
Practising CA 
 289 likes  4107 points

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

avater

Sagar Patel (Tax and Business Consultant)     28 September 2020

Sagar Patel
Tax and Business Consultant 
 983 likes  11081 points

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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 (B.Com)     28 September 2020

vinayak landge
B.Com 
 11 likes  131 points

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Agreed with raj

Jayendra (student)     28 September 2020

Jayendra
student 
 18 likes  196 points

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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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