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Regarding advance tax

18 June 2020

can we pay advance tax Now for the financial Year 2019/20 (AY 20/21) if possible please inform regarding advance tax time limits for the above mentioned FY

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5 Replies

KRISSHNAN KP (4215 Points)
Replied 18 June 2020

Now it is not possible

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Bhavin Shah (Chartered Accountant) (821 Points)
Replied 21 June 2020

Any tax payment on or before March 31 of the financial year is treated as advance tax and taxes paid after March 31 is treated as self assessment tax

alim dada (134 Points)
Replied 21 June 2020

But in winman software show advance tax can pay till June 30th for the fy 19/20

Bhavin Shah (Chartered Accountant) (821 Points)
Replied 21 June 2020

As per the Ordinance passed by the GOI, the dues falling between Mar 20, 2020 and June 29, 2020 have been extended upto June 30, 2020 or such other date as may be notified...

As regards, payment of taxes (viz. TDS, TCS, Advance tax, etc) is concerned, although the due dates have been extended, the same shall be subject to interest at a reduced rate...

So any payment of taxes not done as per original due dates but before the extended due date as per the ordinance shall be subject to interest payment