Have you paid your Taxes yet? Know your Income Tax Liability
The Income Tax Interest Calculator is quite popular among those who are liable to pay interest penalty on their income tax. It is also popularly known as Interest Payable Calculator. Such Income Tax Interest Calculators are used by major tax filing portals, personal finance companies. InvestmentYogi provides a very simple calculator for calculating the total interest payable on the tax for the particular assessment year.
Why should you use this calculator?
If you have delayed payment of tax or fell short of the actual tax to be paid, you would be liable to pay an interest penalty. This calculator will help you in knowing that penalty amount.
How to use this calculator?
The entries to make are:
Assessment Year – Choose the assessment year for which you want to know the tax liability. Ex: AY 2014-15, AY 2013-14, etc. AY 2014-15 is also known as FY 2013-14.
Tax Assessed – Enter your total tax liability for the assessment year. In case you are not sure of the same, you can calculate it by clicking on the link provided below this field.
TDS if any – Enter the tds (tax deducted at source) details provided by your employer, bank, etc.
Due Date – Enter the due date for filing returns every year. By default, this value is 31st july every year.
Filing Date – This is the tax filing date on which you are going to file your returns. By default, this value is today’s date.
Advance Tax – Enter the advance tax paid (if any) for the quarters stated in the three fields i.e. 15th September, 15th December and 15th March.
Once you enter these values and click on calculate, the result would be stating the following – interest u/s 234A, 234B, 234C, total advance tax paid, total interest payable and refund (if any).
When should you use this Calculator?
This calculator is to be used when you are unsure of the tax interest penalty to be levied by the tax department or when you want to confirm the same.
Can it be used in any other situation?
This is specifically used when looking for calculating the income tax interest penalty to be paid. It is also useful when there is a refund involved and you are eager to know how much it would be.
Frequently asked questions about Income Tax
Some frequently asked questions related to Income tax have been answered in the following articles:
Income tax penalty for late filing – This article describes the different situations in which income tax penalty would be applicable and if applicable, how much.
TDS deducted by Employer but not deposited – It states the situation when tds has been deducted by the employer from the employees’ salary but it has not been deposited with the govt. The article also gives remedies for such a situation.