Due dates for Advance Tax

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Due dates for Advance Tax

Advance Tax

Due dates for Advance Tax

  • In case of all assessee except covered u/s 44 AD / 44ADA :
On or before 15th June Not less than 15% of advance tax liability
On or before 15th September Not less than 45% of advance tax liability less amount already paid in earlier installment.
On or before 15th December Not less than 75% of advance tax liability less amount already paid in earlier installment.
On or before 15th March 100% of advance tax liability less amount already paid in earlier installment.

 

  • In case of all assessee covered u/s 44 AD / 44ADA :

On or before 15th March, 100% tax liability should be paid.

 

 

 

 

 

 

 

 

Consequences if not paid advance tax before due date.

  • Liable for interest @ 1% per month u/s 234 C, if paid the amount of advance tax given below till the date for assessee other than covered u/s 44 AD / 44ADA.
On or before 15th June Less than 12% of advance tax liability
On or before 15th September Less than 36% of advance tax liability less amount already paid in earlier installment.
On or before 15th December Less than 75% of advance tax liability less amount already paid in earlier installment.
On or before 15th March 100% of advance tax liability less amount already paid in earlier installment.

 

  • Liable for interest @ 1% per month u/s 234 C, if not paid the amount of advance tax till 15th March  for assessee covered u/s 44 AD / 44ADA.

 

  • Liable for interest @ 1% per month u/s 234 B :
  1. When a taxpayer is liable to pay Advance Tax but he fails to do so, or
  2. When a taxpayer has paid Advance Tax but the amount paid is less than 90% of the Assessed Tax

 

Note:

  1. No interest is levied on taxpayer if shortfall in payment of Advance Tax occurs due to capital gains or winning from lottery, etc.
  2. Further for interest calculation u/s 234C if advance tax paid is less than 12% or 36% than only interest is applicable but advance tax should be paid 15% and 45% for 15th June and 15th September.

(E.g. if advance tax paid up to 15th June is 13% of advance tax liability than no interest is leviable u/s 234C even if it is less than 15% of advance tax liability.)

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