Advance Tax
This query is : Resolved
12 May 2011
What is the limit & Due dates of installments of Advance Tax for Individual & Companies???
12 May 2011
all the companies, who are liable to pay the same, in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table I below:
On or before the 15th June --- Not less than fifteen per cent. of such advance tax.
On or before the 15th September--- Not less than 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 --- Not less than 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 --- The whole amount 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 June --- Not less than fifteen per cent. of such advance tax.
On or before the 15th September--- Not less than 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 --- Not less than 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 --- 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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12 May 2011
all the assessees (other than companies), who are liable to pay the same, in three instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table II below:
Due date of instalment Amount payable
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:
Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act.
See below link of Incometax Website---
https://www.incometaxindia.gov.in/acts/income%20tax%20act/211.asp
Due date of instalment Amount payable
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:
Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act.
See below link of Incometax Website---
https://www.incometaxindia.gov.in/acts/income%20tax%20act/211.asp
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12 May 2011
A person is liable to pay Advance tax for a financial year if his tax liablity during a financial year exceeds Rs. 10000(wef from 01.04.2009), earlier this limit was Rs 5000/*
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