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

Labels:

Comments

Post a Comment

Popular posts from this blog

ATG - more about Forms and Form Handlers

An ATG form is defined by the dsp:form tag, which typically encloses DSP tags that specify form elements, such as dsp:input that provide direct access to Nucleus component properties. Find below a sample dsp:form tag.    <dsp:form action="/testPages/showPersonProperties.jsp" method="post" target="_top">      <p>Name: <dsp:input bean="/samples/Person.name" type="text"/>      <p>Age: <dsp:input bean="/samples/Person.age" type="text" value="30"/>      <p><dsp:input type="submit" bean="/samples/Person.submit"/> value="Click to submit"/>    </dsp:form>   When the user submits the form, the /samples/Person.name property is set to the value entered in the input field.Unlike standard HTML, which requires the name attribute for most input tags; the name attribute is optional for DSP form element tags. If an input tag omits the n...
11 comments
Read more

Eclipse plug-in to create Class and Sequence diagrams

ModelGoon is an Eclipse plug-in avaiable for UML diagram generation from Java code. It can be used to generate Package Dependencies Diagram, Class Diagram, Interaction Diagram and Sequence Diagram. You coud get it from http://marketplace.eclipse.org/content/modelgoon-uml4java Read more about it and see some vedios about how to create the class and sequence diagram @ http://www.modelgoon.org/?tag=eclipse-plugin Find some snapshots below which gives an idea about the diagram generation.
8 comments
Read more

ATG - how to create and deploy a new atg module

ATG products are packaged as a number of separate application modules. Application modules exist in the ATG installation as a set of directories defined by a manifest file. To create a new module, follow the below steps : Create a module directory within your ATG installation.  Create a META-INF directory within the module directory. Note that this directory must be named META-INF.  Create a manifest file named MANIFEST.MF and include it in the META-INF directory for the module. The manifest contains the meta-data describing the module. A module located at <ATG2007.1dir>/MyModule is named MyModule and a module located at <ATG2007.1dir>/CustomModules/MyModule is named CustomModules.MyModule. Within the subdirectory that holds the module, any number of files may reside in any desired order. These files are the module resources (EAR files for J2EE applications, WAR files for web applications, EJB-JAR files for Enterprise JavaBeans, JAR files of Java class...
4 comments
Read more

ATG - how to use the Transaction Manager

Basic concepts of Java transaction In its simplest definition, a transaction is a set of actions that is treated as an atomic unit; either all actions take place (the transaction commits), or none of them take place (the transaction rolls back). Managing transactions is one of the primary tasks of an application server. The application server keeps track of transactions, remembering which transaction is associated with which request, and what transactional resources (such as JDBC or JMS connection) are involved. Each active transaction is represented by a transaction object, which implements the interface javax.transaction.Transaction. A transaction is usually associated with a thread and only one transaction can be associated with a thread at any one time. A central service, called the Transaction Manager, is responsible for keeping track of all these transactions. The Transaction Manager is implemented through the Java Transaction API (JTA). Transaction and Dynamo ap...
3 comments
Read more

ATG User Profile schema ER diagram

Check out the Product Catalog  schema ER-Diagram @  http://tips4ufromsony.blogspot.in/2012/01/atg-product-catalog-schema-er-diagram.html Check out the O rder schema ER-Diagram @   http://tips4ufromsony.blogspot.in/2012/02/atg-order-schema-er-diagram.html If you would like to know the relationship between different User Profile schema tables, please find below screen shot of  Profile schema ER Diagrams.  
Post a Comment
Read more