advance income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2010 some body tell me wt is the due date of advance income tax for the next asst. year and is fbt abolished from 9-10 f.y year .

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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25 June 2010 For Comanies - 15th June
For Individuals - 15th September

Abuzar Azmi

Abuzar Azmi (Expert)
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25 June 2010 Yes I also agree.Your FBT question is not clear. Pls revise your statement properly.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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25 June 2010 yES, FBT IS ABLOSIHED FROM FY 2009-10.

FOR ADVANCE TAX

Advance tax is paid by the all persons, both corporate assessee (company assessee) and non-corporate assessee (other than non-corporate assessee). The advance tax is to be paid in the following installments on the following dates:

•For Non-Corporate Assessee
◦On or before 15 September - not less than 30% of tax payable
◦On or before 15 December - not less than 60% of tax payable
◦On or before 15 March - not less than 100% of tax payable
•For Corporate Assessee
◦On or before 15 June - not less than15% of tax payable
◦On or before 15 September - not less than 45% of tax payable
◦On or before 15 December - not less than 75% of tax payable
◦On or before 15 March - not less than 100% of tax payable
Since, the actual tax and actual income can be computed only after completion of the year therefore, the income is estimated at different due dates mentioned above.The tax on such estimated income is computed and percentage of the tax as mentioned above is payable by the assessee at different due dates.

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