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Querist : Anonymous (Querist)

04 September 2014 what is last date for deposit of Advance tax for any financial year.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

05 September 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.

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