Interest calculation

DearWhen my taxable income of Ass Year 2015-16 is ₹ 4,23,240 and tax yet to be paid. Then how much tax payable till date including interest. How i calculate interest amount.

Replies (5)

I suggest you fill ITR1 in all respects. Click Calculate tax. you  will get the Tax with interest under 234A,B and C pay around 100 or 150 more. Refunds below 100 will not given.

You should do what mr kiran had told. Only thing is you will have to fill the IT sheet [advance/self assesment column ] with some ficticious fig. 

1] Taxable Income is 423420  ,

2] Tax payable is (423420- 250000) *0.1 =17342

3] less max rebate of Rs 2000 under 87A  so  17342 -2000 =15342  

4] add 3% edu cess so 15342*0.03  =460

5]  Total tax payable w/o int  = 15802 

6] Add int of 1.5% per month since amt greater than 10000.

7] Add some fig in adv rax/ self assesment tax  say  17500

8] click Calculate tax - if less increase the fig in self assesment tax sheet untill you get refund of rs 150-200.

I hope i am correct

It's AY 15-16 therefore PY 14-15 and last date of return is 31 Aug. Why interest has to be paid sir?

Advance tax for person other than companies is payable if tax due in a financial year is more than 10000 before the TDS amount .Such person have to pay advance tax in three installments.
 

  1. 30% of tax assessed =15 September of previous year(for Ay 2015-16date is 15.09.2014)
  2. 60% of tax assessed=15 December of previous year ( For  Ay 2015-16  Date is 15.12.2014
  3. 100% of tax assessed = 15 March of previous year (For  Ay 2015-16  date is 15.03.2015)
Here  tax Assessed means = Tax due minus Tax deducted at sources.Please note that to check 10000 cut off limit you have to consider full amount of tax due but for interest calculation amount is to be taken is total tax due minus tax deducted/ collected at source(TDS/TCS).


If you have not paid your tax pro-rata bases in advance as shown above you have to pay interest u/s 234C .

Further If you have not paid your full taxes by 31.03.2015 for  Ay 2015-16  then you have pay interest under section 234B on balance amount of tax .
 
Interest U/s 234A is payable only if you miss the Income tax due date for  Ay 2015-16   of 31.08.2015  
 
Thakur Singh is that clear enough.
 
Thanks to everyone.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
12 November 2026
Auditor

Oz Taxation

Vijayawada

Graduate (Any)

View Details
Company
28 October 2026
Assistant Director/ Associate Director-Finance & Accounting

Krea University

Chennai

CA

View Details
Company
Featured 07 November 2026
Paid Assisstant

DPV & Associates

Chennai

CA Inter

View Details
Company
30 October 2026
Asst Manager Accounts

Goodwin Pumps India Pvt Ltd

Chengalpattu

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
Featured ARTICLESHIP 31 October 2026
CA Articleship

apricus india

Navi Mumbai

CA Inter

View Details
Company
14 November 2026
Manager - Indirect Tax (GST)

Westbridge Consulting LLP

New Delhi

CA

View Details
Company
10 November 2026
Direct Tax Manager

CAAQ CONSULTANCY PVT LTD

New Delhi

CA Final

View Details