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Advance tax

SUMIT BADYAL (709 Points)

16 March 2021

hi, can we deposit advance tax after the last date? the last date is 15 March 2021.

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CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 16 March 2021

Penalty will be imposed if advance tax after due date
u/s 234C interest u/s 1% of month or part of month

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SUMIT BADYAL (709 Points)
Replied 16 March 2021

When we make a payment of advanced tax for the year 2020-2021 assessment year will be 20-21 or 21-22

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CMA Poornima Madhava (CMA) (13112 Points)
Replied 16 March 2021

If advance tax is paid in respect of income for FY20-21, select AY 21-22 in the form while making payment. Ensure to select advance tax option too.

SUMIT BADYAL (709 Points)
Replied 16 March 2021

Ok thanks a lot

sabyasachi mukherjee (27795 Points)
Replied 17 March 2021

Sumit there are some rules pertaining to advance tax.
1. advance tax payable for a financial year is less than Rs. 10000 no advance tax is payable.
Such tax can be paid on self assessment before filing the return.
A person who has received order u/sec 210 (3) in form no.28 to pay an amount by way of advance tax should deposit such amount in installments as specified in the order.