Advance tax Liability-A.Y. 2017-18



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the Finance Act 2016 (No. 28 of 2016) #pdf

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6/30/2016Advance¬†Tax¬†Liability¬†for¬†the¬†A.Y.¬†2017¬≠18¬†¬≠¬†TaxIndiaUpdates http://taxindiaupdates.in/advance¬≠tax¬≠liability¬≠for¬≠the¬≠a¬≠y¬≠2016¬≠17/1/2 Advance¬†Tax¬†Liability¬†for¬†the¬†A.Y.¬†2017¬≠18 Advance¬†Tax¬†provisions¬†has¬†been¬†amended¬†by¬†the¬†Finance¬†Act¬†2016¬†(No.¬†28¬†of¬†2016)¬†which¬†is effective¬†from¬†01¬≠06¬≠2016¬†for¬†Assessment¬†Year¬†2017¬≠18.¬†Following¬†are¬†major¬†amendments¬†related¬†to Advance¬†Tax¬†Liability¬†for¬†A.¬†Y.¬†2017¬≠18: (a)¬†¬†Section¬†211(1)¬†is¬†amended¬†to¬†provide¬†that¬†advance¬†tax¬†will¬†be¬†paid¬†in¬†four¬†installments¬†of 15%,¬†45%,¬†75%¬†and¬†100%¬†of¬†tax¬†payable¬†on¬†the¬†current¬†income¬†by¬†15¬†June,¬†15¬†September, 15December¬†and¬†15¬†March,¬†respectively¬†in¬†case¬†of¬†all¬†assesses.¬†Earlier¬†upto¬†AY¬†2016¬≠17¬†the assessee¬†other¬†than¬†corporate¬†assessee¬†paid¬†Advance¬†Tax¬†in¬†three¬†Installment.¬†Now¬†all¬†assessee except¬†assessee¬†covered¬†u/s¬†44AD¬†is¬†treated¬†at¬†par¬†for¬†Advance¬†Tax¬†provisions. (b)¬†¬†Assessees¬†covered¬†u/s¬†44AD¬†are¬†to¬†pay¬†advance¬†tax¬†of¬†the¬†whole¬†amount¬†in¬†one¬†instalment on¬†or¬†before¬†the¬†15th¬†March¬†of¬†the¬†financial¬†year¬†consequent¬†upon¬†raising¬†of¬†the¬†turnover¬†limit from¬†Rs.1¬†crore¬†to¬†Rs.¬†2¬†crore. Based¬†on¬†above¬†amendments¬†the¬†advance¬†tax¬†related¬†provision¬†under¬†income¬†tax¬†law¬†is¬†as¬†under: Advance¬†tax¬†(Section¬†208,¬†209¬†&¬†211) Advance¬†tax¬†is¬†payable¬†on¬†all¬†income¬†during¬†the¬†financial¬†year¬†in¬†every¬†case¬†where¬†the¬†amount¬†of such¬†tax¬†payable¬†by¬†an¬†assessee¬†during¬†that¬†year¬†is¬†Rs.¬†10,000¬†or¬†more.¬†Following¬†is¬†chart showing¬†Advance¬†Tax¬†Liability¬†for¬†the¬†A.Y.¬†2017¬≠18: Advance¬†Tax¬†Liability¬†for¬†All¬†Assessee¬†(other¬†than¬†covered¬†under¬†section¬†44AD¬†of¬†the¬†I.T.¬†Act 1961) Due¬†DateInstallment¬†Payable ¬†On¬†or¬†before¬†15¬†Jun, 2016¬†Not¬†less¬†than¬†15%¬†of¬†advance¬†tax. ¬†On¬†or¬†before¬†15¬†¬†Sep, 2016 ¬†Not¬†less¬†than¬†45%¬†of¬†advance¬†tax¬†as reduced¬†by¬†the¬†amount¬†paid¬†in¬†the¬†earlier installment. ¬†On¬†or¬†before¬†15¬†Dec, 2016 ¬†Not¬†less¬†than¬†75%¬†of¬†advance¬†tax¬†as reduced¬†by¬†the¬†amount¬†paid¬†in¬†the¬†earlier installments. ¬†On¬†or¬†before¬†15¬†Mar, 2017 ¬†The¬†whole¬†amount¬†(100%)¬†of¬†advance tax¬†as¬†reduced¬†by¬†the¬†amount¬†paid¬†in¬†the earlier¬†installments. Advance¬†Tax¬†Liability¬†for¬†Assessee¬†covered¬†under¬†section¬†44AD¬†of¬†the¬†I.T.¬†Act¬†1961 Due¬†DateInstallment¬†Payable On¬†or¬†before¬†15¬†Jun, 2016‚ÄĒ On¬†or¬†before¬†15¬†¬†Sep, 2016‚ÄĒ On¬†or¬†before¬†15¬†Dec, 2016‚ÄĒ On¬†or¬†before¬†15¬†Mar, 2017 ¬†The¬†whole¬†amount¬†(100%)¬†of¬†advance tax¬†as¬†reduced¬†by¬†the¬†amount¬†paid¬†in¬†the earlier¬†installments. thth thth th th Th Th th th Th Th 6/30/2016Advance¬†Tax¬†Liability¬†for¬†the¬†A.Y.¬†2017¬≠18¬†¬≠¬†TaxIndiaUpdates http://taxindiaupdates.in/advance¬≠tax¬≠liability¬≠for¬≠the¬≠a¬≠y¬≠2016¬≠17/2/2 Note: 1.¬†Resident¬†individuals¬†who¬†are¬†over¬†60¬†years¬†of¬†age¬†and¬†do¬†not¬†have¬†income¬†chargeable¬†under the¬†head¬†‚ÄėProfits¬†and¬†Gains¬†of¬†Business¬†or¬†Profession‚Äô¬†are¬†not¬†required¬†to¬†pay¬†advance¬†tax. 2.¬†Any¬†amount¬†paid¬†by¬†way¬†of¬†advance¬†tax¬†on¬†or¬†before¬†31st¬†March¬†shall¬†also¬†be¬†treated¬†as advance¬†tax¬†paid¬†during¬†financial¬†year¬†ending¬†on¬†that¬†day 3.¬†Deduction¬†under¬†Chapter¬†VIA¬†are¬†allowable¬†while¬†computing¬†liability¬†of¬†advance¬†tax. 4.¬†TDS¬†is¬†to¬†be¬†reduced¬†from¬†total¬†tax¬†liability¬†of¬†assessee¬†and¬†then¬†specified¬†percentage¬†be calculated¬†of¬†advance¬†tax.



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