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interest on tax

Prabhakar Nath Sharma (92 Points)

04 July 2018

wether interest payable on tax on house property income and bank interest income

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3 Replies

Sarath Rajendran (Nil) (2791 Points)
Replied 04 July 2018

Interest charged by the IT Department is on Whole tax amount

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Prabhakar Nath Sharma (92 Points)
Replied 04 July 2018

when we have to pay advance tax for interest on saving account and on rental income ..whiling filing ITR or else pl clarify

Sarath Rajendran (Nil) (2791 Points)
Replied 04 July 2018

Advance tax is not paid at the time of return filing. ( If you expect your tax liabilty is more than 10,000 rupees for a year you are liable to pay advance tax)

Advance tax calculated on your anticipated income for the previous year in advance and break the tax figures as per the following ways.

Refer this link to https://taxindiaupdates.in/advance-tax-liability-for-the-a-y-2016-17/

On or before 15th Jun	Not less than 15% of advance tax.
On or before 15th Sep	Not less than 45% of advance tax as reduced by the amount paid in the earlier installment.
On or before 15Th Dec	Not less than 75% of advance tax as reduced by the amount paid in the earlier installments.
On or before 15Th Mar	The whole amount (100%) of advance tax as reduced by the amount paid in the earlier installments.