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Advance Tax
the f.y. & a.y. for advance tax payer will be same?
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which assessee must pay advance tax?
how to calculate advance tax?what are the rates of advance tax?
fy and ay cannot be same..
Assess whose tax liability after deducting TDS is greater than rs 10000 must pay advance tax in the previous year itself to avoid interest under section 234C
https://cleartax.in/s/advance-tax
If your total tax liability is Rs 10,000 or more in a financial year you have to pay advance tax. Advance tax applies to all tax payers, salaried, freelancers, and businesses. Senior citizens, who are 60 years or older, and do not run a business, are exempt from paying advance tax.
Presumptive Businesses– Taxpayers who opt for presumptive scheme where business income is assumed at 8% of turnover of less than ₹2 crore are exempt from advance tax for FY2017-18.
FY 2017-18 & FY 2016-17
For both individual and corporate taxpayers
| Due Date | Advance Tax Payable |
|---|---|
| On or before 15th June | 15% of advance tax |
| On or before 15th September | 45% of advance tax |
| On or before 15th December | 75% of advance tax |
| On or before 15th March | 100% of advance tax |
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