Advance tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2012 DEAR EXPERTS

PLS TELL ME IN BRIEF ABOUT ADVANCE TAX

1) WHO CAN LIABLE FOR PAID ADVANCE TAX
2) BENEFITS OF PAID ADVANCE TAX
3) DATE OF PAID A.TAX AND HOW TO PAY?

THANKS

SUMIT KUMAR MEHARIA

SUMIT KUMAR MEHARIA (Expert)
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09 March 2012 1. Wherever Tax Liability after TDS exceed Rs. 10,000/- in a year

2. Not Levying of Interest u/s 234C or Penalty

3. For Individual- 15th Sep, 15th Dec and 15th March

4. For other than Individual- 15th June, 15th Sep, 15th Dec and 15th March

Ravi Jhamb

Ravi Jhamb (Expert)
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09 March 2012 i agree with expert. i brief with example

E.g a Company earn profit 500,000 and tax rate for company 30%. Then company tax liability 150000.00. i cross the limit of 10000/- then they will pay the tax in four installment in above date.

For Individual income 500,000
0-180000 nil
180000-5 Lakh 320000

Tax liability 320000*10% = 32000

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jaimin shah

jaimin shah (Expert)
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09 March 2012 Continue with Mr. Ravi's example:

that 32000 should be payable in three instalment. 39% of 32000 in 15th sept, 30% of 32000 by 15th dec and 40% of 32000 by 15th march otherwise 234c will be applicable.