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- Thread starter TechnoFino
- Start date
- Replies 164
- Views 8K
NikhilG
TF Ace
The thing is I don't know my exact tax requirement before I file my itr. My company deducted my tds but still I had to pay 1.15 lakh tax at the time of filing itr. This attracted around 10k of tax
Chiraggyl
TF Premier
I got to know about this in august as well, While filling my ITR..
But this is weird.. they are calculating percent based on tax liable on 31st March even expecting to pay 100% taxes till 15th March...
Also, What if someone is getting large amount bonus of 10L on 31st March, which will have tax around around 3L... He can pay 3L straight forward on 31st March.. But still he has to pay quarterly interest on 15%, 45% and 75% of 3Lakhs...
I think they should compute based on amount earned and tax paid each quarter.. instead of computing based on full tax liability and dividing using some random percentage figures of 15, 45 so on...
To all those who are confused with advance tax:
Advance Tax is paid on estimated income from all sources.
Ex: Salary: Rs.10,00,000
Interest Income: Rs.7,50,000
(Interest Income can be calculated beforehand on the ledger balance available on April 1 and recalculated if you made another FD in between. Most of banks show total estimated income till March 31st, when you went to apply 15G online).
Now total income: Rs.1750000- 75000 (Standard Deduction).
From AY26-27,
Tax Liability 0-4 = Nil
4-8 = 20000 (5%)
8-12= 40000 (10%)
12-16= 60000 (15%)
Rest 75000= 15000 (20%)
Total Liability: Rs.135000+ 4%= 140400.
Now by June 15 you have to pay 15% of this 135000 which is Rs.21060.
If your salary TDS and FD TDS is equal or more than this amount, you don't have to pay anything. But if say salary+fd tds deducted is 15000 then pay rest amount by June 15.
By Sep 15, pay 42120 more so that 45% of 140400 is paid.
Now if people have STCG or LTCG then it depends on profit booking dates.
If you have booked LTCG or STCG before June 15 then add the gains to your income and calculate estimated tax.
LTCG will be calcuated at 12.5% + 4% cess and LTCG at 20%+4% cess.
Pay accordingly.
Similarlly your STCG or LTCG in Q2 Q3 Q4 should bee paid as and when you sold anything.
Having crypto profits, add 31.20% of it and calculate 15%/45%/75%/100% of it.
Advance Tax is paid on estimated income from all sources.
Ex: Salary: Rs.10,00,000
Interest Income: Rs.7,50,000
(Interest Income can be calculated beforehand on the ledger balance available on April 1 and recalculated if you made another FD in between. Most of banks show total estimated income till March 31st, when you went to apply 15G online).
Now total income: Rs.1750000- 75000 (Standard Deduction).
From AY26-27,
Tax Liability 0-4 = Nil
4-8 = 20000 (5%)
8-12= 40000 (10%)
12-16= 60000 (15%)
Rest 75000= 15000 (20%)
Total Liability: Rs.135000+ 4%= 140400.
Now by June 15 you have to pay 15% of this 135000 which is Rs.21060.
If your salary TDS and FD TDS is equal or more than this amount, you don't have to pay anything. But if say salary+fd tds deducted is 15000 then pay rest amount by June 15.
By Sep 15, pay 42120 more so that 45% of 140400 is paid.
Now if people have STCG or LTCG then it depends on profit booking dates.
If you have booked LTCG or STCG before June 15 then add the gains to your income and calculate estimated tax.
LTCG will be calcuated at 12.5% + 4% cess and LTCG at 20%+4% cess.
Pay accordingly.
Similarlly your STCG or LTCG in Q2 Q3 Q4 should bee paid as and when you sold anything.
Having crypto profits, add 31.20% of it and calculate 15%/45%/75%/100% of it.
You are getting it wrong.
They already know when things are paid using 26AS and calculate accoridngly. Amount paid in March won't be put under 15%, 45%, 75% thing. Also when 10L is paid it will have TDS already deducted. If not then it won't bear interest if paid after March 15th.
From 26AS and AIS system already knows date of payment.
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