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Advance tax payment on sunday

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Sachin Kumar

M.Com

28 Points Posted on 20 March 2015

Dear All,

Can you please tell me panelty or interest if incurred to deposit advance tax on sunday as the due date is on sunday.

Is it liable to pay interest because Advance Tax paid on sunday was refelcted on the next date i.e Monday. For exp. The due date was on sunday of 15th March & it was deposited on the same day but Challan tender date is being shown 16.03.2015.

Replies (1)

Deepak Gupta

CA Student

8353 Points Posted on 20 March 2015

You are not liable to pay any interest.
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In case of e-payment of taxes, payments made up to 8.00 pm will be treated as received on the same day and those received thereafter be treated as received on next working day.
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- Notification No. RBI/2007-08/275, dated 03.04.2008
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If the last day for payment of any installments of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the mandatory interest leviable under sections 234B and 234C of the Income-tax Act, 1961 would not be charged.
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- Circular No. 676, dated 14.01.1994