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Advance Tax Payment: Due Dates For Payment of Advance Tax


What is Advance Income Tax?

Advance Income Tax refers to paying the part of your yearly taxes in advance. It is obligatory to pay advance tax in every case where the advance tax payable is Rs.10,000 or more. Advance tax should be paid in the year in which the income is received.

Income Liable for Advance Tax:

Under the scheme of advance tax payment of tax, every income (including capital gains, winnings from lotteries, crossword puzzles, etc.) is liable for payment of advance tax.

Advance Tax Due Dates ay 2017-18:

Advance tax due dates, applicable from the assessment year 2017-18, are given below:

Due date of payment of advance tax

For any assessee (except an eligible assesse given in Column 3)

An assessee who declares his business/professional income in accordance with the provisions of section 44AD(1) or section 44ADA(1)

On or before June 15 of the previous year

Up to 15 per cent of advance tax payable

-

On or before September 15 of the previous year

Up to 45 per cent of advance tax payable

-

On or before December 15 of the previous year

Up to 75 per cent of advance tax payable

-

On or before March 15 of the previous year

Up to 100 per cent of advance tax payable

Up to 100 per cent of advance tax payable


An assessee who had opted for the scheme of computing business income under section 44AD on presumptive basis at the rate of 8 per cent of turnover, is exempted from payment of advance tax related to such business for the assessment years 2011-12 to 2016-17.

You can also read: What is Income Tax?

One should also keep in view the following points:

• Any payment of advance tax made on or before March 31 shall also be treated as advance tax paid during financial year.

• If the last day for payment of any instalment of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the mandatory interest leviable under sections 234B and 234C would not be charged.

• After March 31, 2008, all corporate assessees and other assessees will have to make electronic payment of tax through internet banking facility offered by authorized banks. Alternatively, these taxpayers can make electronic payment of tax through internet by way of credit or debit cards. It is not necessary for the assessee to make payment of taxes from his own account in an authorized bank. However, the challan for making such payment must clearly indicate the Permanent Account Number (PAN) of the assessee on whose behalf of the payment is made.


Disclaimer: This information is updated till 05 October 2017.

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