Query on Advanced Tax
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I declared more exemptions to my employer in April 2023. And now during tax submission to my employer, they had to deduct extra tax since I submitted less proofs. I also have 44AD business income
My TDS amount to 77% (of net tax liability including 44AD).
I am planning to pay 11% (of net tax liability including 44AD) amount before 15 March.
Net Tax deposited before 15 March 2024 is 88% (of net tax liability including 44AD) and employer deduction will be 12% (of net tax liability 44AD) in March 2024 month. Total tax deposited = 100% after employer will do it.
I have a confusion, will I have to pay late interest in my case. I am not thinking to pay more before 15 March since I will have to take refund later.
Any tax experts 😌.
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March month tds would be deposited in April. So you will have to pay interest. Not sure how big your taxable income is, but would suggest depositing amount from your side and take refund later. It's only a matter of 2% (no interest if atleast 90% is paid as tds)
Disclaimer - Not a financial advice, do take opinion from a qualified expert
TDS - deposited in april doesnt matter.
Need to see the quarterly payments but it would be negligible i feel. Pay approx 25% quarterly and you would be good enough. Better not to break heads for small amounts.
Make sure tax liability while filing returns should be less than 10000 so that no adv tax provision apply and no penalty will be charged,
If trying to claim refund while filing returns, then no excess tax liability, no interest and penalty
Also if age is greater than 60 for senior citizens then no advance tax under some circumstances
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Yes... As far as my understanding... Total tax for the year / 4 ... See if it was paid before each quarter end 25th... if not all late payment will be charged with interest during itr