How does one calculate advance tax?

[navdeep22]

guys i have total savings bank interest + fd interest = Rs. 20219

i think i needed to pay advance tax on these?

if yes ,I did not knew that i had to pay advacane tax and now , and now they are chargin "Interest for deferment of advance tax = 2600" rs , how is it calcualted exactly?

Now TCS is offseting the total tax on 20219 but why didn't it offset earlier? and charges interest 🤔

 

[raghumahajan]

if you have other incomes too, and total income exceeding the threshold limit, then savings bank interest + fd interest added to that and makes it taxable.
Eg: You have taxable income 15Lakh and interest income is 50K, then taxable income is 15.5Lakh. Making total more. Also, if your total tax come after calculation is Rs x and you have paid less than 90% of it, then you will be charged penalty.
Moreover, If your total tax liability after accounting for TDS (Tax Deducted at Source) is expected to be Rs. 10,000 or more for the financial year, you are required to pay advance tax.

 

[navdeep22]

if you have other incomes too, and total income exceeding the threshold limit, then savings bank interest + fd interest added to that and makes it taxable.
Eg: You have taxable income 15Lakh and interest income is 50K, then taxable income is 15.5Lakh. Making total more. Also, if your total tax come after calculation is Rs x and you have paid less than 90% of it, then you will be charged penalty.
Moreover, If your total tax liability after accounting for TDS (Tax Deducted at Source) is expected to be Rs. 10,000 or more for the financial year, you are required to pay advance tax.

Thanks, my salary income is much much higher than than 20k bank interest and i am sure none of these would have been breached

 

[navdeep22]

what about after 15 march, or 31st march. If i fall short of tax on 20000 bank interest's tax ?