25 June 2010
yES, FBT IS ABLOSIHED FROM FY 2009-10.
FOR ADVANCE TAX
Advance tax is paid by the all persons, both corporate assessee (company assessee) and non-corporate assessee (other than non-corporate assessee). The advance tax is to be paid in the following installments on the following dates:
•For Non-Corporate Assessee ◦On or before 15 September - not less than 30% of tax payable ◦On or before 15 December - not less than 60% of tax payable ◦On or before 15 March - not less than 100% of tax payable •For Corporate Assessee ◦On or before 15 June - not less than15% of tax payable ◦On or before 15 September - not less than 45% of tax payable ◦On or before 15 December - not less than 75% of tax payable ◦On or before 15 March - not less than 100% of tax payable Since, the actual tax and actual income can be computed only after completion of the year therefore, the income is estimated at different due dates mentioned above.The tax on such estimated income is computed and percentage of the tax as mentioned above is payable by the assessee at different due dates.
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