advance tax

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Kumar Nayudu (Querist)
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16 May 2011 hai sir this is kumar.matta pursuing company secretary.i have one doubt sir.why shall we pay advance tax (if person or company or any boi or aop.)and how much shall pay to income tax dept?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 May 2011 Advance tax is payable where the amount of tax payable after considering the TDS exceeds Rs 10000/-.

The provisions of advance tax are based on the theme of pay as you earn. Government receives the tax during the "current year"
only. If the provisions of Advance Tax are not in the Act, the tax payment by the assessee gets delayed and the Govt will have to wait for the tax receipts till an assessee files his return.
Company Assessee has to pay Advance Tax in 4 installments whereas others can pay in 3 installments on the dates prescribed under Table I and Table II respectively in Section 211 itself.

(On or before the due Date..... % of Tax Payable)
Company
(15-06-2011....15%) (15-09-2011.....45%) (15-12-2011....75%) (15-03-2012....100%)
Others
(15-06-2011....00) (15-09-2011.....30%) (15-12-2011....60%) (15-03-2012....100%)

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