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Advance Tax on Fixed Deposit Interest in India

Personal Finance & Money Asked on October 22, 2020

Lets say a person makes 30,00,000 INR in a year. So he falls under 30% tax slab.

Lets say he also earns 1,20,000 INR from Savings Account Interest and FD Interest. This means, an additional tax of 30% i.e 36,000 INR needs to be paid.

Would the person need to file in Advance Tax before every quarter (15%, 45%, 75% and 100%)?

One Answer

If the total tax due at the time of self assessment is less than 10,000; advance taxes need not be paid.

So in your example you need to pay advance tax. Generally you can pay this before 15th March.

The Percentage is for total tax due. With TDS, it would get adjusted. It's more of an issue if the taxes are in range of few lacs

Answered by Dheer on October 22, 2020

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