Use advance tax calculator on I-T portal to find tax payable
I have contractual jobs and companies deduct 10% TDS on payments. I have not paid any advance tax for FY26. Can I pay the tax when filing my income tax return (ITR)? —Rajat Kumar
TDS deducted by companies can be claimed as a credit while filing your ITR . However, if after claiming this credit there is any additional tax liability and it exceeds Rs 10,000, then interest under Sections 234B and 234C will be applicable for delay or shortfall in payment of advance tax. While you can still pay the remaining tax at the time of filing your return (as self-assessment tax), the interest would have already been triggered. Therefore, estimate your total income and tax liability, adjust for the TDS credit available, and pay any balance tax to avoid additional levy of interest. You can use the advance tax calculator on the income tax portal to ascertain the amount of tax payable.
How much tax do I have to pay on Rs 5 lakh annual performance bonus? — R A Sumesh
How much tax do I have to pay on Rs 5 lakh annual performance bonus? — R A Sumesh
My wife is repaying a home loan for the past five years. Now we are planning to take a joint loan to buy another property. Can she claim income tax benefit for the second loan also? —Prakash Kumar Chand
Yes, your wife can claim tax benefits on a second home loan as well. She can continue to claim principal repayment under Schedule XV (within the Rs 1.5 lakh limit) and interest under Section 22(2) for the second property too. However, the total interest deduction for a self-occupied property is capped at `2 lakh per year. In a joint loan, both co-borrowers can claim benefits in proportion to their ownership and repayment.
Publication – Financial Express
By Neeraj Agarwala
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