Interest on advance tax

This discussion addresses the interest and potential late fees incurred by failing to pay advance tax by the June 15th deadline. While there's no late fee, interest at 1% per month is applicable. The exact interest amount for the April-June quarter can only be precisely calculated at the end of the financial year once your total income and tax liability are finalised. A rough estimate suggests paying approximately 3% extra on the instalment amount to cover potential interest.