Income tax payment before 31 march 2016

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 Hi,

Last date for Advance Tax payment for FY 2015-16 AY 2016-17 was 15th March upto which i paid Adv tax upto Rs 7500/-.

Now i have received additional income (Not considered earlier) due to which there is Tax payable of Approx Rs 800/-

Will there be any interest/penalty applicable, if i pay balance tax before 31st March 2016

Please advise.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 March 2016 If in a financial year your total tax liability does not exceed Rs 10,000 you are not required to pay Advance Tax. So there will be no interest levied on you.

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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30 March 2016 Yes Agree with sir, if tax is less then Rs. 10,000 then no need to pay advance tax

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Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 Dear Sir,

Thanks for your reply

I also have income from salary on which TDS is deducted by employer every month

Total Tax liablity after considering Income from Salary & Income from other sources is more than 10000/-. But tax on income from other sources alone will not exceed Rs 10000/-

Whether i will be still be exempt from liablity of paying advance tax & interest/penalty etc

Thanks in advance.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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30 March 2016 No. if both combined then sec 234B and C will apply but only interest no penalty.

Amol S Joglekar

Amol S Joglekar (Expert)
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30 March 2016 "where the advance tax paid by such assessee under the provisions of section 210 is less than ninety per cent of the assessed tax"..... do you fall in this? then only 234B becomes applicable

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Amol S Joglekar

Amol S Joglekar (Expert)
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30 March 2016 the advance tax paid by the assessee on his current income on or before the 15th day of September is less than thirty per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than sixty per cent of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent per month for a period of three months on the amount of the shortfall from thirty per cent or, as the case may be, sixty per cent of the tax due on the returned income........ Then only 234C will come into play. Please check if you fall under the said clause.

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 Dear Sir

My total tax liablity is approx 22320 out of which tds is tds on salary upto march is 14000 & advance tax rs 7500 . Approx 97% tax paid

Balance payable tax approx 825

pls guide me

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Amol S Joglekar

Amol S Joglekar (Expert)
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30 March 2016 Pay the tax of 825, what is the problem?

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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30 March 2016 Amol sir he is thinking about interest and penalty. Dear just Pay 825/- and relieve yourself from confusion.

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Amol S Joglekar

Amol S Joglekar (Expert)
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30 March 2016 that is what i said, pay 825 and rest

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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30 March 2016 I must say You are very good Helping hand...!!! Amolsir :)

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Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 Dear Sirs

thanks ... my only concern was to know balance liablity with interest/penalty , if applicable, as i am paying balance tax after 15 mar

Amol S Joglekar

Amol S Joglekar (Expert)
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31 March 2016 234C : Total tax liability 22,320
30% of 22,320 i.e. 6696 say 6700 on or before 15/09/2015
60% of 22,320 i.e. 13392 say13400 on or before 15/12/2015
You need to check your tax payment accordingly.