Skip to main content

Advance Tax/Self Assesment Tax and Interest u/s 234B and 234C


Read more about Tax filing @ http://tips4ufromsony.blogspot.com/2011/07/income-tax-process-and-e-filing.html .

If you are a salaried person there is tax deduction at source (TDS), which takes care of the tax payments for your salary. At the same time, there will be additional liabilities for income like interest on deposits, bonds and even capital gains which might require you to pay Advance Tax. Advance tax has to be paid in several installments in September, December and March. Self-assessment tax is the difference between the tax paid and the tax payable.You can figure out the self-assessment tax amount when you make the final income tax calculation. There is no specific date for paying this tax but it has to be done before you file your income tax return so that no further amount of tax remains to be paid.

While computing advance tax, income-tax on the current income has to be first determined and the tax on such income has to be determined. As per section 208, advance tax shall be payable in every case where the amount of tax payable by the assessee during that year is in excess of Rs. 5,000. As per section 211, advance tax is payable by companies in four instalments and by non-corporate assessees in three instalments. In cases of corporate assessees, advance tax is payable as under:

Due date of instalment Amount payable
On or before 15/6 Not less than 15%
On or before 15/9 Not less than 45%
On or before 15/12 Not less than 75%
On or before 15/3 The whole amount or 100%

If an assessee fails to pay the amount as above or if the amount paid falls short of the amount payable as under, he would be liable to interest @ 1% p.m. for a period of 3 months with respect to the first three instalments and for one month for the fourth instalment.

In the case of a non-corporate assessees, advance tax is payable in three instalments as given below:

Due date of instalment Amount payable
On or before 15/9 Not less than 30%
On or before 15/12 Not less than 60%
On or before 15/3 The whole amount or 100%

If an assessee either fails to pay the whole of advance tax or where the advance tax paid by him is less than 90% of the assessed tax, he shall be liable to interest @ 1% per month (@ 1.25% up to 7-9-2003) or part of the month from the 1st April of the assessment year to the date of determination of total income u/s. 143(1) and where regular assessment is made, to the date of such regular assessment. No interest is payable if the advance tax paid is 90% or more of the assessed tax.

Find more @ http://www.vipca.net/interest-defaults-payement-advancetax-interest-payable.php
Labels:

Comments

Post a Comment

Popular posts from this blog

ATG Product Catalog schema ER diagram

Check out the O rder schema ER-Diagram @   http://tips4ufromsony.blogspot.in/2012/02/atg-order-schema-er-diagram.html Check out the User Profile  schema ER-Diagram @ http://tips4ufromsony.blogspot.in/2012/03/atg-user-profile-schema-er-diagram.html If you would like to know the relationship between different Product Catalog tables, please find below screen shots of  Product Catalog schema ER Diagrams.
3 comments
Read more

Intimation u/s 143(1) of the Income Tax act

Have you got your Income Tax filing e-receipt ? After a successful assessment of tax returns, income tax department issues Intimation u/s 143(1). Normally these intimations will be received through email to the Email address provided when filing income tax returns online. If “NET AMOUNT REFUNDABLE /NET AMOUNT DEMAND”  is less than Rs 100, you can treat this Intimation u/s 143(1) as completion of income tax returns assessment under Income Tax Act. It can be useful for the proof of Income/ Completion of income tax returns assessment. In case of demand , we need to pay the entire Demand within 30 days of receipt of this intimation.The payment can be made using the printed challan enclosed in the mail or you can go for online tax payment. The Tax Payment challan is enclosed if the Tax Payable exceeds Rs. 100. If you go for online tax payment, follow the instructions listed @   http://tips4ufromsony.blogspot.com/2011/03/online-income-tax-payment-using.html  a...
2 comments
Read more

ATG Search - search engine tuning settings

In this blog, I am going to list the best tuning settings for ATG Search engine. The AESoapConfig.xml, AESoapWaspConfig.xml  and AEConfig.xml are the xmls referred below and you can find it @  <ATG_DIR>\<Searchx.x>\SearchEngine\<operating_system>\bin\ folder. (1)  Make sure that the AESoapConfig.xml's rwTimeout is less than or equal to routing's readTimeoutMs. You could find the routing's readTimeoutMs @ atg\search\routing\SearchEngineService component.               rwTimeout is the  length of time in seconds to wait before a read or write operation times out on an active connection. The number can be decreased to improve performance. However, a value that is too low could cause slow connections to be prematurely closed. (2)  Adjust the number of engine threads to match the number of CPUs available to the engine. Note that the minimal value for maxThreads and maxSpar...
Post a Comment
Read more

ATG Search architectural flow : Search and Index

I would like to explain the high level ATG Search implementation architecture ( for an online store) through the above diagram. In this diagram 1.x denotes the search functionality and 2.x denotes the indexing functionality. I have given JBoss as the application server. Physical Boxes and Application Servers in the diagram ( as recommended by ATG )  : Estore ( Commerce ) Box --> The box with the estore/site ear (with the site JSPs and Java codes). Search Engine Box --> The box with the search engine application running. Indexing Engine Box --> The box with the indexing engine application running. CA (Content Administration) Box --> The box with the ATG CA ear ( where we could take CA -BCC - Search Administration and configure the search projects) . Search Indexer Box --> The box with the ATG Search Index ear ( to fetch the index data from repository). Note that the engine performing indexing will need access ...
7 comments
Read more

ATG search installation and search engine log files

Here I would like to explain how your ATG search folder structure looks like after you do the ATG search installation and also about the search engine log files. To get the ATG search, you need to install the ATGSearch<version>Windows.exe after you do the ATG installation. When you install ATG search, the generated folders include an OS dependant folder. In the below screen shot, you could see the "i686-win32-vc71" folder and this is generated since the ATG search ins installed in a windows machine. The ATG search engine is actually an exe file inside this "i686-win32-vc71" folder. Below screen shot give you an idea about the "atgsearch.exe", which is the search engine application. This search engine application (atgsearch.exe) is started by a remote launcher call from the BCC search administration UI.  The log files like "atgsearch_20120106112413_568.log" are the search engine log files where you could see the engine ...
2 comments
Read more