Advance tax
This query is : Resolved
14 March 2014
in which situation advace tax is paid & what is the date of advace tax?
15 March 2014
Every assessee has to estimate his total income for the year and tax liability thereon.
From the tax computed above, reduce TDS. If the balance amount exceeds Rs. 10,000 then the assessee is liable to pay advance tax.
Due dates of payment of advance tax:
Company:
On or before the 15th June - fifteen per cent of such advance tax.
On or before the 15th September - forty-five per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment.
On or before the 15th December - seventy-five per cent of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments.
On or before the 15th March - 100% of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments
OTHER ASSESSEES:
On or before the 15th September Not less than thirty per cent of such advance tax.
On or before the 15th December Not less than sixty per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment.
On or before the 15th March The whole amount of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments
From the tax computed above, reduce TDS. If the balance amount exceeds Rs. 10,000 then the assessee is liable to pay advance tax.
Due dates of payment of advance tax:
Company:
On or before the 15th June - fifteen per cent of such advance tax.
On or before the 15th September - forty-five per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment.
On or before the 15th December - seventy-five per cent of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments.
On or before the 15th March - 100% of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments
OTHER ASSESSEES:
On or before the 15th September Not less than thirty per cent of such advance tax.
On or before the 15th December Not less than sixty per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment.
On or before the 15th March The whole amount of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments
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