Advance tax is payable if the gross tax liability for a year is equal to or more than Rs. 10000/- . If the assessee who is liable to pay advance tax has failed to pay or the advance tax paid is less than 90% of the tax payable then simple interest is payable under section 234B @ 1% p.m.

Advance tax is required to be paid in quarterly installments,. Three for non companies and four installments for companies. If the advance tax installments are not paid as required simple interest is payable under section 234C @ 1% .

With this excel based income tax interest calculator interest payable under all the three sections can be calculated for companies or non companies for Assessment Year 2014-15 and Assessment Year 2015-16.

Users have to only fill the amount of income tax liability and the dates and amount of tax already deposited or tax deducted at source (TDS) and it immediately calculates accurate amount of interest payable under section 234A, 234B and 234C of Income Tax Act, 1961.

It is very simple and user friendly with inbuilt help section and text of the relevant sections have been provided in a pop up box for ready reference.