Query on advance tax for individual salaried employee

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  1. Anon

    Anon New Member

    Hi,

    How do we calculate estimated interest from FDs/RDs that we create during the year? If I pay the advance tax before 31st March, will there be any penalties levied?
     
  2. ZED

    ZED Well-Known Member

    Advance tax provisions are applicable if income tax payable is 10,000 or more.

    Instead of taking the matter into depts, I will simply say that in such cases assessee should obtain Income certificate from the depositee and declare the income as per the Income certificate.

    There shall be no penalties but interest u/s 234B and/or 234C might be applicable.
     
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