FAQ on Advance Tax

Chapters / List

1. Is there any compliance if an assessee revises its estimate of income for advance tax?

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2. Can estimate of income be revised for the purpose of advance tax?

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3. What will be the due date for the payment of advance tax if the same is payable by virtue of an order from the Assessing Officer/ Income Tax Officer?

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4. Who is not required to pay Advance tax?

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5. Can I claim the deduction of Advance tax payments against my profits?

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6. What to do if I forgot to bifurcate the amount of tax, surcharge and Cess while making the online payment?

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7. How do advance tax paid get reflected in Form 26AS ?

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8. What should be kept in mind while making payment of tax?

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9. How to compute advance tax on capital gains income?

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10. In case of advance tax, when is assessee considered as assessee-in-default?

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11. What should we do if the bank is closed on the last day for payment of advance tax?

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12. Does credit of TDS allowed while calculating advance tax?

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13. Who is responsible to file Form 28A?

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14. What is Form 28A?

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15. What should I do on receiving the notice from income-tax department for the payment of advance tax, if my actual income is more than what is determined by the tax officer?

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16. Which tax rates are to be used for computing advance tax liability?

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17. When Assessing Officer is liable to determine the Advance tax liability?

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18. What is the procedure for computing advance tax?

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19. What is the due date for payment of Advance tax and Self Assessment tax?

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20. Who is liable to pay Advance tax?

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21. Can payment of advance tax be made through any bank account?

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