Online late payment - Advance Tax (for personal income from other sources)

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  1. Jayanth Acharya

    Jayanth Acharya New Member

    Have to pay about Rs.12,000/- of 'Advance Tax', and around 1500/- in form of interests (u/s 234B & 234C), applicable to last FY, i.e. 2013-14, which I believe is considered against AY 2014-15.

    The online tax payment mechanism (https://incometaxindiaefiling.gov.in) is not letting me create a challan for AY 2014-15, but only for AY 2015-16, which effectively means that the Advance Tax paid, would be considered towards FY 2014-15 (in fact, the challan flashes a warning to that effect).

    Note that I am using Challan No./ITNS 280, and selecting 'Tax Applicable' as (0021), i.e. Income-Tax (other than companies). I hope this is the correct procedure.

    I believe there is no separate head under which 'Interest' component is to be reported, but as a component of 'Income Tax' only, right ?
     
  2. Neha Sharma

    Neha Sharma Active Member

    Dear @Jayanth Acharya

    Advance Tax is required to be paid before the end of the year i.e. 31st Mar 2014.

    In your case, as you are paying tax after 31st Mar 2014, you would be required to select "Self Assessment Tax" and it will work...

    Moreover, the Interest can be reported as a separate component at the time of payment on the bank website... On the last step i.e. payment - you can select how much amount is interest and how much amount is tax..
     
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