9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Installments of Advance Tax and Due Dates - Section 211 - Income Tax - Ready Reckoner - Income TaxExtract Installments of Advance Tax and Due Dates- Section 211 Advance tax is payable in a case where the amount of tax payable in respect of such financial year is ₹ 10,000 or more. It is applicable to all persons whether Individual, HUF, firms, LLP, Company, AOP, BOI. Non-residents are also required to deposit advance tax. Due Date of Installments Amount Payable On or before 15 th June Not less than 15% of the advance tax liability. On or before 15 th September Not less than 45% of the advance tax liability as reduced by the amount, if any, paid in earlier instalment. On or before 15 th December Not less than 75% of the advance tax liability as reduced by the amount, if any, paid in earlier instalment. On or before 15 th March The whole amount of the advance tax liability as reduced by the amount, if any, paid in the earlier instalments. Exception: Resident individuals who are over 60 years of age (Senior Citizen) and do not have income chargeable under the head Profits and Gains of Business or Profession are not required to pay advance tax. In the case of the assessee which are filing tax return at presumptive basis under section 44AD or Section 44ADA or tax on higher income than specified percentage of 6%, 8% or 50% as the case may be, due date to pay the entire amount of advance tax in one instalment is 15 th March of the financial year. Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act. If the advance tax is payable on the basis of order/amended order passed by the Assessing Officer which is served after any of the due dates specified above, the appropriate amount or the whole of the amount of the advance tax, as the case may be, specified in such order, shall be payable on or before each of such of those dates as fall after the date of service of the order. [ Section 211(2) ]
|
