We compute your estimated annual liability and schedule four instalments correctly, keeping Section 234B and 234C interest charges off your assessment.
Any taxpayer whose total tax liability for the year exceeds Rs 10,000 after accounting for TDS is required to pay advance tax in four instalments: 15 percent by June 15, 45 percent by September 15, 75 percent by December 15, and 100 percent by March 15. Missing or underpaying any instalment triggers simple interest at 1 percent per month under Section 234C, and failing to pay the full year's tax by March 31 adds further interest under Section 234B.
For salaried professionals in Bandra Kurla Complex who also earn rental income, capital gains, or freelance income, the TDS deducted by the employer often does not cover the full liability. For business owners and partners, the quarterly estimate must account for seasonal revenue swings. Suhas Patil & Co reviews your income pattern at each instalment date and recalibrates the payment so you neither overpay and block working capital nor underpay and attract interest.
Advance tax is not only a large-business concern. A salaried employee who sold equity shares during the year, a doctor earning professional fees, a landlord receiving commercial rent, or a partner in a firm drawing profit share all have advance tax obligations that their employer's TDS does not cover. We identify these gaps early in the financial year and set a payment calendar so the obligation is spread across instalments rather than landing as a lump sum in March.
We handle every step from estimating your liability to preparing the payment challan at each instalment date.
Any individual or business with a net tax liability exceeding Rs 10,000 in a financial year must pay advance tax. Senior citizens above 60 years who do not have business income are exempt.
Section 234C charges simple interest at 1 percent per month on the shortfall for each instalment. Section 234B applies if the total advance tax paid is less than 90 percent of the assessed tax, charging 1 percent per month from April 1 to the date of assessment.
Yes. Each instalment is an estimate. If your income changes significantly, the subsequent instalments can be revised upward or downward. We review your position at each due date and adjust accordingly.
Yes. TDS deducted by your employer or any other deductor is credited against your total tax liability. Only the balance after TDS credit needs to be paid as advance tax.
Capital gains that arise after the September 15 instalment can be covered in the remaining instalments without attracting 234C interest, provided the earlier instalments were paid correctly on the income known at that time. We factor this in when computing each instalment.
Our team in Bandra Kurla Complex will review your income for the year and prepare a payment schedule that keeps interest charges to zero.
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