• | No Advance Tax need to be paid, if the total tax payable for the year is less than Rs.10000/-. |
• | When employer deducts tax from Salary, an employee need not pay Advance Tax. |
• | A Senior Citizen (above 60 years), not having any income under business or profession need not pay Advance Tax. |
• | Non payment or short payment of Advance Tax will attract interest. |
Payment of Advance Tax on the estimated Taxable Income by all Assessees (Other than companies)
Installment | Percentage | Due Date |
First | 30% | 15th September |
Second | 30% | 15th December |
Final | 40% | 15th March |
Example :
If an Assessee’s estimated tax payable for the full year is Rs.30000/-, he has to pay an Advance Tax of Rs.9000/- each in 1st and 2nd installment and Rs.12000/- in final installment.
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