Advance tax
This query is : Resolved
18 May 2014
Advance Tax is based on pay as you earn concept. It acts as constant source of revenue for Govt and also reduces the tax burden at the end of the year on assessee since the payment is made in instalments.
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 instalments. The amount payable is to be calculated in the following manner:
For Corporates:
By 15th June - 15%
By 15th Sept - 45%
By 15th Dec - 75%
By 15th March - 100%
For Non-Corporate:
By 15th June - NIL
By 15th Sept - 30%
By 15th Dec - 60%
By 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 instalments. The amount payable is to be calculated in the following manner:
For Corporates:
By 15th June - 15%
By 15th Sept - 45%
By 15th Dec - 75%
By 15th March - 100%
For Non-Corporate:
By 15th June - NIL
By 15th Sept - 30%
By 15th Dec - 60%
By 15th March - 100%
The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column.
18 May 2014
Resident senior citizen, not having any income chargeable under the head “Profits and gains of business or profession”, shall not be liable to pay advance tax w.e.f 01/04/2012
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