Free calculators for CAs
Interest, late fees and capital gains worked out the way CPC, TRACES and the GST portal work them out: months counted as calendar months touched, amounts rounded down to ₹100 before interest, the notified caps on GST late fees. No sign-up; nothing is saved.
How these are worked out
How is interest under section 234B calculated?
If advance tax paid is less than 90% of the tax after TDS (the assessed tax), interest is 1% a month on the shortfall, rounded down to ₹100, from 1 April of the assessment year to the date the return is filed or self-assessment tax is paid. Part of a month counts as a full month. No 234B arises if the tax after TDS is below ₹10,000, or for a resident senior citizen with no business income.
How is interest under section 234C calculated?
Advance tax is due as 15%, 45%, 75% and 100% of the tax by 15 June, 15 September, 15 December and 15 March. For each instalment short, interest is 1% a month for 3 months (1 month for March) on the shortfall. No interest for June and September if at least 12% and 36% were paid. Presumptive taxpayers under 44AD / 44ADA pay once by 15 March.
What is the late fee under section 234F?
₹5,000 for a return filed after the due date, or ₹1,000 if total income does not exceed ₹5 lakh. It is paid before the belated return is filed.
How is TDS interest under section 201(1A) calculated?
1% a month from the date tax was deductible to the date it was deducted, and 1.5% a month from the date of deduction to the date of deposit when deposited after the due date (the 7th of the next month; 30 April for March). Months are counted as calendar months touched, as TRACES does.
What is the late fee for a TDS return under section 234E?
₹200 a day from the day after the due date until the statement is filed, but never more than the tax deducted. Due dates: 31 July, 31 October, 31 January and 31 May for the four quarters.
What is the GSTR-3B late fee and its cap?
₹50 a day (₹25 CGST + ₹25 SGST), or ₹20 a day for a nil return, capped at ₹500 for nil returns and otherwise at ₹2,000, ₹5,000 or ₹10,000 for last year's turnover up to ₹1.5 crore, ₹5 crore and above. GSTR-1 follows the same caps. Interest on tax paid late in cash is 18% a year under section 50.
How does the 31 January 2018 grandfathering work for equity LTCG?
For listed shares and equity funds bought on or before 31 January 2018, the cost is the higher of the actual cost and the lower of the value on 31 January 2018 and the sale price. Long-term gains above ₹1.25 lakh a year are taxed at 12.5%; short-term gains at 20%.
Can I still use indexation on property?
For land or buildings bought before 23 July 2024 and sold by a resident individual or HUF, tax is the lower of 12.5% without indexation and 20% with indexation. Other long-term gains are taxed at 12.5% without indexation.
In CABookkeeper the same figures fill your clients' returns, the tax audit draft and the compliance desk. Watch the tour or start free.