Advance Tax
Dipam Guha Thakurata (148 Points)
10 November 2017
the f.y. & a.y. for advance tax payer will be same?
Dipam Guha Thakurata (148 Points)
10 November 2017
Dipam Guha Thakurata
(148 Points)
Replied 10 November 2017
Rahul Chhabadia
(168 Points)
Replied 11 November 2017
JIJO YOHANNAN
(Student CA Final )
(89 Points)
Replied 11 November 2017
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.
JIJO YOHANNAN
(Student CA Final )
(89 Points)
Replied 11 November 2017
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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