Advance Income Tax

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CPA Parveen Sharma (Querist)
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24 November 2009 Hi Expert, can sombody tell me...who is liable to pay advance tax ? and what is the due date to pay advance tax for the company ? thanks, Parveen Sharma

Amit

Amit (Expert)
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24 November 2009 After 1.04.09 , If the tax liability comes more than Rs.10000, Advance tax should have been paid.
The due dates for co. are:-
upto 15th June = 15% of the tax lias
upto 15th Sep = 45% of the tax lias
upto 15th Dec = 75% of the Tax lias
upto 15th March = 100% of the Tax Lias

preeti

preeti (Expert)
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24 November 2009 An assessee is liable to pay advance tax if the tax payable is Rs. 10000 or more.

Due dates for payment of advance tax is as follows:

In the case of corporate assessee
On or before 15th June of the previous year.
Upto 15% of advance tax payable

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On or before 15th Sept. of the previous year.
Upto 45% of advance tax payable

On or before 15th Dec. of the previous year.
Upto 75% of advance tax payable

On or before 15th March of the previous year.
Upto 100% of advance tax payable

shakuntala chhangani

shakuntala chhangani (Expert)
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24 November 2009 Hi Praveen, It is obligatory to pay advance tax in all the cases where advance tax payable is Rs. 10,000 or more
Due dates :
In PY corporate assessee others
(% of Adv TAx) (% of Adv TAx)
upto 15th June 15% -
upto 15th Sep 45% 30%
upto 15th Dec 75% 60%
upto 15th Mar 100% 100%
any payment of advance tax made before 31st March shall be treated as advance tax paid during the previous year. Regards, CA Shakuntala Chhangani

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