Advance tax

Mahesh (Retired) (42 Points)

04 January 2015  

Can advance tax be paid only on 15 of Sep, Dec and March. Can one pay adv tax every month to save on penal interest.

I have to pay total tax of Rs 100000. I could pay Rs 20000 only on 15 Sep 2014 while I should have paid Rs 30000 i.e., 30% of Rs 100000.

On dec 15, I could make payment totalling to Rs 40000. It should have been Rs 60000 (60% of Rs 100000).

Now can I pay Rs 20000 each in January, February and March. If yes, how penal interest will be charged?

Kindly clarify.

Thanks.