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Advance tax due date for individual

Niraj (NA) (31 Points)

01 August 2016

Hello, I am salaried person, TDS deducted from employer.

I have rent income from residential home which tax liability will cross Rs. 10,000 What is due date for self assessment advance tax? Can I pay before 15th Mar in one shot? Or should I need to pay as per new finance law-2016 of 15%,45%,75% and 100% ?

Also Income is not sure as contract may or may not renew which confirm in Oct-16. Thank you, Regards,

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5 Replies

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 01 August 2016

Self aastment tax and Advance tax are 2 different things, yes you need to pay advance tax in 4 installments so as to avoid the interest. Add rental income to your salary and calculate tax as per slabs, whatever tds will be done by employer, rest you pay over it or declare to employer so they can decuct.

Niraj (NA) (31 Points)
Replied 01 August 2016

Should I pay it as (100)ADVANCE TAX or (300)SELF ASSESSMENT TAX

Thank you.

CMA Poornima Madhava (CMA) (13097 Points)
Replied 01 August 2016

You pay it as advance tax.

Difference between advance tax and SAT:

Advance tax: Paid during the year in which income is earned (For example: You may advance tax during FY16-17 for income proposed to be earned during FY 16-17).
Self assessment tax: Paid after the FY to which the income relates (For example, pay self assessement tax during FY 17-18 [before actual assessment] for income earned during the year FY 16-17).

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CMA Poornima Madhava (CMA) (13097 Points)
Replied 01 August 2016

You pay it as advance tax.

Difference between advance tax and SAT:

Advance tax: Paid during the year in which income is earned (For example: You may advance tax during FY16-17 for income proposed to be earned during FY 16-17).
Self assessment tax: Paid after the FY to which the income relates (For example, pay self assessement tax during FY 17-18 [before actual assessment] for income earned during the year FY 16-17).