ADVANCE TAX

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2011 DEAR ALL SIR I WANT TO KNOW THAT THE ADVANCE TAX IS TO BE PAID ON 15 SEPTEMBER ON TOTAL INCOME ON DATED 31 MARCH OR ONLY TILL 15 SEPTEMBER
PLZ. GIVE ME RIGHT ANSWER

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 April 2011 Under the Income Tax Act, the total tax liability has to be paid in instalments as advance tax on or before specified due dates. Credit is given to the assessee in respect of advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax before the income tax return is filed. If the advance tax is paid in excess, it will be refunded to him.

The advance tax is to be paid in the following installments on the following dates:

* For Non-Corporate Assessee
o On or before 15 September – not less than 30% of tax payable for the year
o On or before 15 December – not less than 60% of tax payable for the year
o On or before 15 March – not less than 100% of tax payable for the year
* For Corporate Assessee
o On or before 15 June – not less than15% of tax payable for the year
o On or before 15 September – not less than 45% of tax payable for the year
o On or before 15 December – not less than 75% of tax payable for the year
o On or before 15 March – not less than 100% of tax payable for the year

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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09 April 2011 The tax payable for the year has to be estimated based on income for the whole year and then requisite percentage of the tax arrived is payable as advance tax on or before specified dates.

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