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Last date for AdvanceTax Payment in March

RAKESH JAIN (RETIRED COMPUTER PROFESSIONAL) (369 Points)

29 December 2009

I remember reading some where that Advance Tax in March can be paid till 31st March (not necssary to pay till 15th March)? Kindly suggests. Thanks, RAKESH

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13 Replies

Amir (Learner) (4016 Points)
Replied 29 December 2009

My Friend, Tax paid Till 31st March of the previous year WILL BE TERMED AS ADVANCE TAX...

DIFFERENCE IS SEC 234 C WHICH SAYS THAT 100% OF ADVANCE TAX LIABILITY SHOULD BE PAID TILL 15th MARCH

THIS MEANS IN RESPECT OF LAST QUARTER : -

1) Interest u/s 234 C WILL NOT BE LEVID - ON ADVANCE TAX PAID TILL 15th MARCH

2) Interest u/s 234 C WILL BE ATTRACTED - ON ADVANCE TAX PAID BETWEEN 15th MARCH - 31st MARCH

@ CA. $ahar$h @ (Student) (338 Points)
Replied 30 December 2009

completely agreed with amir.

Sunil Liladhar Kotak (Manager (F & A)) (2025 Points)
Replied 30 December 2009

completely agreed with amir.

sunil

Sunil Liladhar Kotak (Manager (F & A)) (2025 Points)
Replied 30 December 2009

However there is a special clause for Income from capital gains & Casual income.

for this pls check out First Proviso to section 234C(1)

sunil

Anup rathi (CA FINAL) (268 Points)
Replied 30 December 2009

Agreed with amir

R!tu Ber! (Chartered Accountant) (405 Points)
Replied 30 December 2009

thanks amir for the expert opinion

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3443 Points)
Replied 30 December 2009

Agreed, with Amir

:-)

suraj yadav (Sr. Accounts Executive) (63 Points)
Replied 30 December 2009

Agreed with amir.

anuj dhingra (Accounts Executive) (152 Points)
Replied 30 December 2009

HEY Rakesh

Please Find the Attached File, definately this will Help U lot.

Attached File : 5 advance tax.xls downloaded: 190 times

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 30 December 2009

Originally posted by : Amir
	My Friend, Tax paid Till 31st March of the previous year WILL BE TERMED AS ADVANCE TAX... DIFFERENCE IS SEC 234 C WHICH SAYS THAT 100% OF ADVANCE TAX LIABILITY SHOULD BE PAID TILL 15th MARCH THIS MEANS IN RESPECT OF LAST QUARTER : - 1) Interest u/s 234 C WILL NOT BE LEVID - ON ADVANCE TAX PAID TILL 15th MARCH 2) Interest u/s 234 C WILL BE ATTRACTED - ON ADVANCE TAX PAID BETWEEN 15th MARCH - 31st MARCH

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 30 December 2009

you have to pay advance tax upto 15th March........... to stop get burdened with Interest u/s 234C.......... as it would be levied on payment made from 15th to 31st March..........