Due date
This query is : Resolved
23 March 2014
for advance tax refer https://www.charteredclub.com/advance-tax/
if u r liable for paying advance tax and dont follow the timelines mentioned at aforementioned link, you shall be liable for payment of interest under 234B and 234C.
if you are not liable to for advance tax, pay tax atleast before filing the tax return.
if u r liable for paying advance tax and dont follow the timelines mentioned at aforementioned link, you shall be liable for payment of interest under 234B and 234C.
if you are not liable to for advance tax, pay tax atleast before filing the tax return.
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23 March 2014
please read the sections - 207 to 211 of the Income-tax Act 1961
23 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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23 March 2014
Ya ya I read this means due date of income tax is 15 March becoz after 15 march interest is charged us 234c and 234b
23 March 2014
Yes you can say that provided your Tax liability is more than Rs 10000/- i.e., advance tax provision applicable.
23 March 2014
But sir how should the assesse come to know his tax liability in the beginning of the year ?
23 March 2014
Its based on the sources of income that an assessee have. For details regarding Adv Tax link provided herein above by our learned expert may kindly be seen.
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