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Advance tax for FD

CuriousMind (NA) (133 Points)

22 August 2022

Dear experts , CA Club

Can someone please advise when and how to pay advance tax ( by any salaried person ) for FD interest income to avoid interest u/s 234 A,B,C , when 10% TDS is already deducted by banks during maturity of FDs ?

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14 Replies

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 22 August 2022

How much income do you earned and whether you are senior citizen or not.

1 Like

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sabyasachi mukherjee (27117 Points)
Replied 22 August 2022

Pls post detailed information of the assesse?

1 Like

CuriousMind (NA) (133 Points)
Replied 22 August 2022

I'm salaried class and irrespective of how much I earn from FD , the taxable income is falling into various tax slabs . Possible for you to analyse and suggest now please ?

CuriousMind (NA) (133 Points)
Replied 22 August 2022

What all details you might need here pl ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166946 Points)
Replied 22 August 2022

Roughly speaking, pay the same amount as TDS deducted if you are under 20% slab. Otherwise double if under 30% slab.

3 Like

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CuriousMind (NA) (133 Points)
Replied 22 August 2022

Thanks sir , one part of my question ( how much tax ) is clarified.

Can you please share when to pay the same and do we have any provision to pay in online within govt IT portal or thru any other means ?

Regards

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166946 Points)
Replied 22 August 2022

Payment of Advance Tax::

First calculate your total tax liability, eduction of all the after deducting the TDS...

First Installment- by 15th June every year you have to pay 15% of tax liability.
Second Installment- by 15th September you have to pay 45% of tax liability.
Third Installment- by 15th December you have to pay 75% of your tax liability.
The fourth Installment- by 15th March you have to pay 100% of tax liability.

2 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166946 Points)
Replied 22 August 2022

Advance tax can be paid online as well as offline.
To Pay online-

Login to the income tax website www.incometaxindia.com
Click on the e-payment of Taxes tab
Now under the Service tab, select the e-payment option
To pay advance tax, select Challan 280
Fill in the required details
Choose the Netbanking option to pay online
After successful payment, a challan certificate will be displayed which will contain the information number, payment details and bank name via which e-payment was made.
This certificate is proof of the payment that has been paid.

To Pay Advance Tax Offline

You have to visit the designated bank branch and fill out the challan form and then pay the taxes

2 Like

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 22 August 2022

First calculate your tax, then deposit upto
15 percent, 45 percent ,75 percent & 100 percent before 15th of June, September, December & March respectively.