Advance tax

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Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 Sir plz i want to knw whn advance tax is required to be paid?? Thank in advance

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 August 2013 Advance Tax is based on pay as you earn concept.

Every assessee shall be liable to pay advance income-tax during any financial year in respect of his total income of the financial year, if the amount of advance income-tax payable exceeds ten thousand rupees.

Advance Tax is paid in installments. The amount payable is to be calculated in the following manner:

For Corporates:

By 15th June - 15%
By 15th Sept - 45%
15th Dec - 75%
15th March - 100%

For Non-Corporate:

By 15th June - NIL
By 15th Sept - 30%
15th Dec - 60%
15th March - 100%

The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column.

Ganeshbabu K

Ganeshbabu K (Expert)
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04 August 2013 Advance tax provisions not applicable to senior citizens if they dont have income from business and profession by virture of section 207(2)

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