Advance tax
This query is : Resolved
30 March 2014
sir please tell when an assessee is liable to pay advance tax?
sec 208 only makes it obligatory to pay advance tax in every case where the advance tax payable is rs 10000 or more but it doe not tell when advance is payable...
sec 208 only makes it obligatory to pay advance tax in every case where the advance tax payable is rs 10000 or more but it doe not tell when advance is payable...
30 March 2014
The time and date of payments of advance tax is fixed and it is to be paid in quaterly installemtns
Company Individual & HUF
15th June 20% NIL
15th September 45% 30%
15th December 75% 60%
15th March 100% 100%
If individual and HUF then payment due on 15th June is not applicable
Company Individual & HUF
15th June 20% NIL
15th September 45% 30%
15th December 75% 60%
15th March 100% 100%
If individual and HUF then payment due on 15th June is not applicable
30 March 2014
sir please tell when liability to pay advance tax arises?
30 March 2014
As has already been explained that as soon as you feel that you are liable to pay advance tax then on the specified dated on the basis of specified percentages as mentioned above you have pay your due advance tax.
30 March 2014
Payment of Advance Taxes of Income Tax - Individual/Firms:
1st Payment of 30% - 15th September
2nd Payment of 60% - 15th December
3rd Payment of 100% - 15th March
Payment of Advance Taxes of Income Tax - Companies:
1st Payment of 25% - 15th June
2nd Payment of 50% - 15th September
3rd Payment of 75% - 15th December
4th Payment of 100% - 15th March
# No advance tax is payable if the total income tax liability after reducing the tax deducted at source is less than Rs. 10000/-.
# Senior citizen who does not have any income chargeable under the head “profits and gains of business and profession" are not required to pay any advance tax.
# If Advance Tax is not paid in full for installments falling due on 15th June (for Corporates only), 15th September and 15th December, interest at the rate of 1% on the short amount for 3 months is to be payable.
# If Advance Tax is not paid in full for installments falling due on 15th March, interest at the rate of 1% on the short amount for 1 month is to be paid.
# If the payment of the last instalment in March is delayed by even a day, interest is to be paid on the entire instalment amount.
# If you do not pay advance tax at all or if the aggregate paid by March 31 is less than 90 per cent of the total tax payable, you will have to pay an interest of 1 per cent per month on the deficit amount from April 1 of the following year till the date you file your return.
1st Payment of 30% - 15th September
2nd Payment of 60% - 15th December
3rd Payment of 100% - 15th March
Payment of Advance Taxes of Income Tax - Companies:
1st Payment of 25% - 15th June
2nd Payment of 50% - 15th September
3rd Payment of 75% - 15th December
4th Payment of 100% - 15th March
# No advance tax is payable if the total income tax liability after reducing the tax deducted at source is less than Rs. 10000/-.
# Senior citizen who does not have any income chargeable under the head “profits and gains of business and profession" are not required to pay any advance tax.
# If Advance Tax is not paid in full for installments falling due on 15th June (for Corporates only), 15th September and 15th December, interest at the rate of 1% on the short amount for 3 months is to be payable.
# If Advance Tax is not paid in full for installments falling due on 15th March, interest at the rate of 1% on the short amount for 1 month is to be paid.
# If the payment of the last instalment in March is delayed by even a day, interest is to be paid on the entire instalment amount.
# If you do not pay advance tax at all or if the aggregate paid by March 31 is less than 90 per cent of the total tax payable, you will have to pay an interest of 1 per cent per month on the deficit amount from April 1 of the following year till the date you file your return.
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