Advance tax
This query is : Resolved
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
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.
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
(Expert)
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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